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Most know TD Bank as a great option to manage your investments and hold a retirement fund. But they are also offering a wide array of credit cards, especially of the cash back variety. Our experts are breaking down the good and bad of the TD Cash Credit Card to help you make the most informed decision.
TD Cash Credit Card Benefits to You
- Two Intro Offers – Unlike some other cash back cards, the TD Cash Credit Card offers two good intro offers. The first is 0% Intro APR on any balance transfers for the first 15 months. If you’re looking to save on interest and pay your debt off faster, this is a great offer. The second offer is 0% intro APR on purchase for up to the first six months. Plus, right now, TD is offering $150 cash back when you spend $500 in your first 90 days. That’s like getting 30% cash back!
- 3% Dining Cash Back – This is one of the highest cash back rewards on dining available right now. You’ll earn 3% cash back on all dining out and delivery services when you use the TD Cash Back Card. If you’re looking to support local businesses or are just tired of cooking at home, then the 3% cash back on dining is a great reward.
TD Cash Credit Card Drawbacks
- Limited Cash Back Categories – Beyond the 3% cash back on dining, the TD Cash Credit Card doesn’t offer much in cash back bonuses. With the card, you’ll earn 2% on groceries, but there are other cards currently offering 3x that (see below), and it is 1% cash back on everything else, a low offer compared to other cards.
- Above Average APR – The TD Cash Credit Card offers a variable interest rate between 12.99% - 22.99%. Although this doesn’t sound that bad, the average interest rate on cards similar to this is 13.01%. So the chances are you’ll be paying more interest with this card are high.
- Excellent Credit Required – Unlike some other cash back cards we like more, this card requires an excellent credit score for approval. If you’re on the journey of building your credit (back) up or unsure about where your credit may stand, you might want to look elsewhere.
Compare to Some of Our Favorite Credit Cards
As we mentioned above, if you are looking to maximize your cash back on your grocery spending, then we would suggest the American Express Blue Cash Everyday (3% Cash Back at U.S. supermarkets (on up to $6,000 per year in purchases, then 1%). 2% Cash Back at U.S. gas stations and at select U.S. department stores, 1% back on other purchases) or the American Express Blue Cash Preferred card (6% Cash Back at U.S. supermarkets on up to $6,000 per year in purchases (then 1%). 6% Cash Back on select U.S. streaming subscriptions. 3% Cash Back on transit including taxis/rideshare, parking, tolls, trains, buses and more. 3% Cash Back at U.S. gas stations. 1% Cash Back on other purchases. ) both of which are higher than the TD Cash Credit Card.
Or if you are looking for more general flexibility in your cash back rewards while still paying 0% interest for up to the first year, the Bank of America Cash Back card is a great option. You’ll receive up to 0% Intro APR for 15 billing cycles for purchases plus you can pick your 3% cash back in the category of your choice, 2% at grocery stores and wholesale clubs for the first $2,500 in combined choice category/grocery store/wholesale club quarterly purchases, 1% on every purchase category.
Our Final Opinion on Which Card is Best for You
With the intro offers on both balance transfers and purchase interest, the TD Cash Credit Card is an excellent option if you’re looking to pay down your debt and/or make a large purchase. And with the 3% cash back on dining, it will be a great card to use on all your dinners out and delivery service orders.
However, if you’re looking for more flexibility, more cash back on groceries, we recommend cards with better cash back rewards and still offering 0% interest for up to your first year.