The TD Cash Back Visa Card is a personal credit card targeted toward middle-income earners in Canada. With a bonus cash-back rate of at least 10% on your first $2,000 spent within the first three months, the card is excellent for accumulating cash-back rewards in the first few months of ownership.
The card also offers a rebate on the first-year annual fee if you meet the qualification requirements, making it easy to recoup the yearly cost of $139 for the first year. It also has several travel perks, making it an excellent option for travel.
Even though the TD Cash Back Visa is a decent card, it's far from being the best credit card for Canadians. The Cobalt card, for example, is a better option as it can get you 10%+ in MR points on everyday purchases that are also relevant for travel, like food and drink. The difference is that this card will give you that return for as long as you keep it in your wallet, not just for the first few months.
What Is The TD Cash Back Visa Card?
TD Cash Back Visa Card is a cash-back credit card introduced by TD Bank Group, a world-leading online financial services company in Canada, to cater to mid to high-income earners in Canada. The card is known for its significant cash-back earning rates on eligible purchases made within the first three months. It also provides other great benefits, such as access to Visa 24/7 concierge services and emergency road assistance services via The Deluxe TD auto club membership.
TD Cash Back Visa Card Features
- Earn 10% cash back rewards on all purchases for the first three months for up to $2,000 when you apply on or before May 28, 2023.
- Earn 6% cash back on all purchases for the next $3,500 spent within the next three months.
- Annual fee: $139 per year (first-year annual fee rebate available if you qualify)
- Additional cardholder fee: $50 annual fee for each additional cardholder, with a first-year fee rebate for the first additional cardholder if you qualify
- Interest rate: 20.99% on purchases & 22.99% for cash advances
- Earn cash-back rewards per dollar spent
- 3% cash back for every $1 spent on groceries, gas, and regularly recurring bill payments
- 1% cash back dollars on every other purchase
- Earn 50% more cash-back points at Starbucks upon linking your TD Cash Back Visa card with your Starbucks Rewards account
- Access to Visa benefits: These benefits include:
- The Visa Luxury Hotel Collection has seven exclusive benefits, including a complimentary breakfast.
- The Visa Dining Series
- Visa 24/7 Concierge Services
- The Visa Troon Golf Benefit, which provides discounts at 95 resorts and courses worldwide
- The Visa Entertainment Access provides you access to selected events across Canada.
- Access to Visa Secure, which safeguards cardholders when shopping online from monetary loss resulting from fraudulent card use
- Travel insurance coverage: including out-of-province emergency medical Insurance, delayed and lost baggage insurance.
- Rental Car Collision/Loss Damage: For car rental periods of 48 days or less and for cars with an MSRP of up to $65,000
- Car rental discounts on Avis Rent-A-Car and Budget Rent-a-Car with minimum discount values ranging from 5% – 10% in Canada and internationally
- Free Mobile Mobile Device Insurance with up to $1,000 coverage for loss, theft, or accidental damage of eligible mobile devices.
- Purchase security for eligible new items stolen or damaged within 90 days of purchase, and extended warranty protection for double the warranty period or up to 12 additional months
- Free Deluxe TD Auto Club Membership, including emergency travel assistance services
To be eligible for the card, you:
- Must be a permanent Canadian resident
- Must have attained the majority age in the Canadian province of residence
- Must earn a minimum annual personal income of $60,000 or household income of $100,000
Pros & Cons
- The TD Cash Back Visa Card saves you additional travel insurance costs with its out-of-province medical emergency medical insurance and delayed and lost baggage insurance.
- Up to 10% Cash back rewards on all purchases within the first three months.
- First-year annual fee rebate when you activate your card and make your first purchase within the first three months after account opening
- Car rental discounts on Avis Rent-A-Car and Budget Rent-a-Car
- Access to mobile device insurance of up to $1,000 per occurrence
- Purchase security and extended warranty protection for up to one additional year
- High annual fees of $139 per annum, plus $50 for each additional cardholder.
- High minimum income requirements of $60,000 – $100,000.
- The maximum cash-back reward rate reduces to 3% after the first three months.
The TD Cash Back Visa Card's annual fee is $139, which is slightly higher than the average yearly fee of $120 for cards with similar benefits, such as the American Express Cash Back Card.
TD Cash Back Visa Card is a personal credit card targeted toward middle-income earners in Canada. With a bonus cash-back rate of at least 10% on your first $2,000 spent within the first three months, the card is excellent for accumulating cash-back rewards in the first few months of ownership. The card also offers a rebate on the first-year annual fee if you meet the qualification requirements, making it easy to recoup the yearly cost of $139 for the first year. It also has several travel perks, making it an excellent travel option.
TD Cash Back Visa Card FAQs
What Information is Required to Apply for the TD Cash Back Visa Card?
The following information is required to open a TD. Cash Back Visa Card:
- Full legal name
- Date of birth
- Contact info and email address
- Home address
- Employment status and income source(s)
- Gross annual income
- Residential status
What are the Insurance Perks & Coverage on the TD Cash Back Visa Card?
- Out-of-province emergency medical Insurance: The TD Cash Back Visa Card provides coverage of up to $2,000,000 per insured person per trip for the first ten consecutive days for those less than 65 years old and four straight days for those 65 years or older as of the trip departure date.
- Delayed & Lost Baggage Insurance Certificate: Provides coverage of up to $1,000 per insured person for essentials when baggage is delayed for greater than six hours, lost or stolen with a common carrier.
- Car rental collision/loss damage insurance: The TD Cash Back Visa Card provides insurance coverage for rental car damage or theft for rental periods of at most forty-eight (48) consecutive days and with a manufacturer's suggested retail price of $65,000 or less.
- Mobile device insurance: The TD Cash Back Visa Card provides coverage of up to $1,000 per occurrence for lost, stolen or accidentally damaged mobile devices. The coverage usually takes effect 30 days from and ends two years from the purchase date of your mobile device and is applicable anywhere in the world as long as you:
- Charge at least 75% of the total purchase Cost to Your card and activate Your Mobile Device with a provider; or
- Charge the up-front cost to your card, finance the balance of the total cost through a plan, and charge all monthly wireless bill payments to your account
- TD Cash Back Visa Card Purchase Coverage:
- Purchase security: Ensures items purchased with your card against theft and damage for up to 90 days from the purchase date
- Extended warranty coverage: Extends the original manufacturer's warranty period by up to one additional year.
While it's not the most comprehensive travel insurance in the credit card scene (the Platinum card throws in trip cancellation/interruption insurance, for example), it's still a very good insurance plan for a card that cost less than $150.
What are other Perks & Coverage on the TD Cash Back Visa Card?
- Access to Visa benefits: The TD. Cash Back Visa Card provides exclusive access to dining, entertainment, and hotel privileges reserved for Visa Cardholders. Such privileges include:
- Visa Dining Series: A series of dining events with top chefs at the best restaurants and wineries across the country
- Visa Wine Country: A series of complimentary wine tastings at over 95 participating wineries in British Columbia, Ontario, and Sonoma Valley. This benefit also includes discounts on wine purchases and private vineyard tours.
- Visa Luxury Hotel Collection: Access to seven exclusive benefits when you book a stay at one of the over 900 Visa Luxury Hotel Collections. These benefits may include the following:
- Automatic room upgrade, when available.
- Complimentary breakfast for two.
Pro Tip: You can also get amazing hotel benefits by signing up for the American Express Marriott Bonvoy credit card.
- Access to Visa Troon Golf Benefit: This benefit provides 10% off green fees & merchandise at participating Troon Rewards golf courses across the US & around the world.
- 24/7 Visa Concierge services: The TD. Cash Back Visa Card offers you access to 24/7 concierge services which could be helpful with getting restaurant recommendations, making dinner reservations at a trendy restaurant, or planning your travel itinerary.
- Visa Entertainment Access: Obtain exclusive year-round access to curated events across Canada, including the Toronto International Film Festival
- Free TD Auto Club Membership: Deluxe auto club membership is included for free with the TD Cash Back Visa * Card. The benefit provides you with 24 hours a day Emergency Road Services in case a personal emergency occurs when you are out on the road. The emergency road services include toll-free access to assist when travelling also.
- Car rental discounts on Avis Rent-A-Car and Budget Rent-a-Car with a minimum discount value of 10% off the lowest base rates in Canada and the US and a minimum discount of 5% internationally
How do I Maximize my TD Cash Back Visa Card?
You can maximize your TD Cash Back Visa card by:
- Paying your bills promptly to avoid penalties on late bill payments
- Setting up recurring bill payments to take advantage of the cash-back rewards on recurring payments.
- Linking your account to your Starbucks account
- Paying for car rentals using your card to take advantage of discounts
- Utilizing the Visa benefits provided by the card
Is there a limit to the rewards you can accumulate with the TD Cash Back Visa Card?
No, there is no limit to the reward points you can accumulate with the TD. Cash Back Visa Card.
However, after the first three months, its maximum cash-back earning rate reduces to about 3% when you spend on specific categories such as grocery, gas, and recurring bill payments.
How can you Redeem your TD Cash Back Visa Card Back Rewards?
You can redeem your TD Cash Back Visa Card rewards for a minimum of $25 online or through the TD Mobile App.
How can you Qualify for the TD Cash Back Visa Card Back Annual Fee Rebate?
You can qualify for the first-year annual fee rebate by activating your card and making your first purchase within the first three months after opening your account.
Is the TD Cash Back Visa Card Worth it?
Despite its medium-to-high annual fee of $139, the TD Cash Back Visa Card could be worth it if you maximize its perks and cash bonus rewards. The same can be said about other rewards cards like the Gold card from American Express.
Do my TD Cash Back Visa Card Rewards Expire?
No, the TD Cash Back Visa Card reward points do not expire if the TD Cash Back Visa Card account remains open with the bank and is in good standing.