TD Cash Credit Card review

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The TD Cash Credit Card is a very rewarding cash back card. Patrons of TD Bank will appreciate the $150 sign-up bonus on the TD Cash Credit Card, as well as the card’s generous bonus on grocery and restaurant purchases.

As a balance transfer card, the TD Cash Credit Card is less enticing. Its balance transfer fee is one of the most expensive on the market and it doesn’t offer an interest-free APR on purchases.

A great bonus for frequent diners and shoppers

Foodies and fans of eating out on a frequent basis will find the TD Cash Credit Card especially rewarding: The card offers unlimited 2% and 3% cash back on your top two spending categories: dining, entertainment, gas, grocery and travel (these spending categories can be switched up to four times a year), as well as 1% back on all other purchases. For a limited time, you can also earn 5% cash back on eligible gas station purchases for six months (or up to $6,000 – whichever comes first).

The card also offers a $150 bonus to new cardholders who manage to spend $1,000 in the first 90 days of card membership. Along with the card’s generous bonus on food purchases, most cardholders stand to earn a considerable amount of cash back in the first year with the TD Cash Credit Card.

Redemption limitations

While there are tons of options to redeem your cash back, the minimum redemption is $25. And if you want to redeem your cash back for travel, the minimum amounts are even higher: $250 for a round trip flight and $150 for a hotel room.

Mediocre balance transfer offer

The interest-free balance transfer offer on the TD Cash Credit Card only lasts for 15 billing cycles, so you might want to hold off on transferring a lot of debt to this card. If you transfer more than a few thousand dollars, for example, you can have a hard time paying off your debt by the end of the promotion – especially if you plan on using the card for new purchases. Even a $3,000 balance transfer would require a minimum $200 payment each billing cycle. Plus, you’ll have to pay a 3 percent fee on balance transfers. Because the TD card doesn’t offer a zero percent APR on purchases, you’ll also want to pay off your new balance in full to avoid undermining your transfer.

The TD Cash Credit Card is also strict about how much you can transfer. Cardholders are only allowed to transfer a minimum of $250.

High APR

Like most rewards credit cards, the APR on the TD Cash Credit Card is fairly steep, especially if you have less-than-perfect credit. The lowest APR cardholders can qualify for is 19.74 percent, which is just a bit higher than the average balance transfer card, but lower than some competitors. If you have excellent credit and plan to continue carrying a balance, you might be better off choosing a less expensive card. At 29.74 percent, the card’s maximum interest rate is also on the high side for a balance transfer card.

Why get the TD Cash Credit Card?

• You spend a lot on various spending categories, such as groceries and dining purchases.
• You want a decent cash back card and hate annual fees.
• You only have a small amount of debt to transfer and can repay the debt in less than a year.
• You want Visa Signature benefits that come at no cost to you. You prefer a multitude of redemption options, including deals that can be found on the TD website.

How to use the TD Cash Credit Card:

• Use your card for all your everyday purchases in order to cash in on the card’s sign-up bonus.
• Don’t forget to spend $1,000 in the first 90 days in order to get the sign-up bonus.
• To avoid undermining your interest-free balance transfer, pay off all your new purchases in full.
• Be sure to use this card’s purchase security feature on big-ticket items such as cellphones, laptops, etc., especially if you take those items on trips.

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