Review: TD Bank Credit Cards

TD Bank offers 4 main credit cards to consumers, all of which are OK but not the most competitive cards on the markets. Our overview / review of the TD Bank credit cards is below:

  • The TD Ameritrade Client Rewards Visa is a competitive cash back card that sort of hides itself, because the name suggests that it is only for TD Ameritrade brokerage customers — it is not. Here’s how it works: you get 1.5 points per dollar on card purchases, which translates into 1.5% if you choose to get your rewards as cash back. (You can also use the points for merchandise or gift cards.) Now, there is a bonus for being a TD Ameritrade customer — you can get a 10% bonus on your rewards if you deposit them into a TD Ameritrade account, which means you would get a total cash back reward of 1.65%, which is fairly competitive in today’s market. Bonus offer: Get $100 if you spend at least 4500 with the card in the first 90 days of having it. No annual fee. No foreign transaction fees on purchases outside of the United States. Compare this card to the best cash back credit cards.

  • The TD Cash Credit Card offers a different cash back formula than the card above, giving you 3% cash back on dining, 2% cash back at grocery stores, and 1% cash back on everything else. Bonus opportunity: Get $200 if you spend at least $500 with the card in the first 90 days of having it. Overall, a decent cash back card, though none of the enhanced cash back categories is top of the market. Compare this card to the best cash back credit cards.
  • The TD Bank First Class Visa Signature is a rewards credit card with an $89 annual fee, though that fee is waived for the first year. It offers “miles” that really act the same as any other reward points, meaning that you can redeem the miles as statement credits or get gift cards or merchandise with them, but they are not used for travel rewards. Here’s how it works: You get 3 “miles” per dollar on dining and travel purchases, and 1 mile per dollar on all other purchases. You also get 15,000 bonus miles after you use the card for the first time, and 10,000 more if you use the card for at $3000 in purchases in the first 6 months. While the bonuses in the first year are attractive, it’s very difficult to see why you would hold on to this card once that annual fee kicks in.
  • The TD Cash Secured Card is for people who are new to credit or who have a bad credit history and want to build or rebuild a good credit score. How it works: you put money into a TD Bank savings account to act as collateral, then you are given this credit card with a credit line equal to the amount of the deposit in the savings account. You use it just like any other credit card, and if you always make your payments on time, it can help you build a better credit history. Note that your credit card bill is NOT paid from the money you deposited into the savings account — that money would only be touched if you fail to pay your credit card bill. In terms of features, the card does have a $29 annual fee but also offers cash back using the same formula as the TD Cash Card described above — 3% cash back on dining, 2% on groceries, and 1% everywhere else. Interest rate is 24.74%, so you’ll want to pay your bills in full each month. (You can only apply for this card inside a TD Bank branch.)