TD Cash Back Visa Review

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The TD Cash Back Visa Card is an entry-level cash back card. Despite its lack of many benefits, it’s a popular card among TD clients because it offers easy-to-understand cash back and no annual fee. In addition, there’s no minimum income requirement to qualify for this card, so new immigrants and students are naturally attracted to the card. Read my TD Cash Back Visa review now for more details.

Welcome bonus and earn rate

The TD Cash Back Visa gives you 1% cash back on eligible grocery purchases, gas purchases, and recurring bill payments. All other purchases earn you 0.5% cash back. While that may not be the most exciting earning rate, it’s similar to other no fee cash back credit cards in Canada.

One thing to note is that this card typically doesn’t come with a welcome bonus. That’s a bit disappointing as other no fee cards typically offer something like 10% cash back up to $100 or $200 cash back earned in the first three months. This isn’t a dealbreaker, but it’s something to be aware of.

TD Cash Back Visa

  • $0 annual fee
  • 1% cash back on groceries, gas, and recurring payments
  • 0.5%% cash back on all other purchases
  • 50% more Stars at Starbucks

Benefits and perks

As a no fee credit card, the TD Cash Back Visa doesn’t come with many benefits. That said, there are a few TD and purchase perks you get that can be useful.

Earn more at Starbucks

If you link your TD Cash Back Visa Card to your Starbucks Rewards account, you’ll earn 50% more Stars when making a purchase and paying with your TD Cash Back Visa Card. Anyone that’s new to Starbucks rewards will earn 200 Bonus Stars when they make a purchase within 7 days of joining and pay with their linked TD credit card. You can link your card via TD EasyWeb or the TD app.

Save with Avis Rent and Budget Rent A Car

When you use your TD Cash Back Visa Card at Avis Rent A Car and Budget Rent A Car locations in Canada and the U.S., you’ll get at least 10% off the lowest available base rate. For international locations, you’ll get at least 5% off.

Purchase protection

  • Purchase security – 90 days
  • Extended warranty – Up to one additional year

Purchases that are fully charged to your TD Cash Back Visa Card are automatically qualified for purchase security. That’s where your goods are covered from loss, theft, and damage for 90 days from the time of purchase. With the extended warranty, your manufacturer’s warranty is doubled up to one additional year.

Security features

  • Visa zero liability
  • Chip & PIN technology
  • Instant alerts

With Visa zero liability, you’re not liable for any unauthorized transactions charged to your card. Chip & PIN technology makes it harder for thieves to clone your credit card. Finally, the optional instant alerts can send you a notification right to your phone whenever suspicious activity is detected. This allows you to lock your card immediately if your card has been compromised.

When your TD cash back is paid out

Once you’ve earned at least $25 in cash back rewards with your TD Cash Back Visa Card, you can cash it out as a statement credit via TD EasyWeb or the TD mobile app. This is a reasonable way to get your rewards, as some other cash back cards only pay out once a year. Your cash back will never expire as long as your account is in good standing.

TD Cash Back Visa eligibility 

  • You must be a Canadian citizen or permanent resident
  • You must be at least the age of majority in your province or territory of residence

What you’ll notice is that the TD Cash Back Visa has no minimum income requirement. It also has no minimum credit score requirement, but you likely want yours to be at least 660 before applying. 

How the TD Cash Back Visa compares

There’s no shortage of no fee cash back credit cards in Canada, so the TD Cash Back Visa has a lot of competition. When considering other cards, pay attention to the earning rate and benefits offered.

TD Cash Back Visa vs.Tangerine Money-Back Credit Card

The Tangerine Money-Back Credit Card is one of the most popular no fee cash back credit cards. With this card, you get to choose up to three categories where you’ll earn 2% cash back, while all other categories earn you 0.5% cash back. Since grocery, gas, and recurring bills are all eligible categories, this card has a better overall earning rate compared to the TD card. That said, the TD card does give some extra perks, such as 50% more stars at Starbucks and discounts on car rentals.

TD Cash Back Visa vs. Scotia Momentum No-Fee Visa 

The Scotia Momentum No-Fee Visa gives you 1% cash back on gas purchases, grocery purchases, drugstore purchases and recurring payments. All other purchases earn you 0.5% cash back. That’s similar to the TD card, but you do get an increased earning rate on drugstore purchases. Many people like this card because it also typically comes with a balance transfer option where you get a promotional interest rate of .99% for six months. That said, the Scotiabank card does have a minimum personal income requirement of $12,000 to be considered.

TD Cash Back Visa vs. SimplyCash Card from American Express

Another card worth considering is the SimplyCash Card from American Express. The earning rate is 2% cash back on groceries (up to $300 cash back earned annually), 2% cash back on gas, and 1.25% on all other purchases. This earning rate is great, but note that American Express isn’t accepted at some retailers such as Costco and Loblaws. On a positive note, the welcome bonus is typically worth up to $100 in statement credits, and you also get access to American Express Experiences. That’s impressive for a card with no annual fee.

Final thoughts

My TD Cash Back Visa card is mixed. While it’s a perfectly fine entry-level cash back card, but there are other cash back cards available that offer a higher earning rate or better benefits. That said, this card is ideal for people in the following situations:

  • You don’t want to pay an annual fee – There are no monthly or annual fees to worry about with this card.
  • You want to earn cash back – The cash back rewards are easy to redeem since you only need $25 in rewards to claim a statement credit.
  • You already bank with TD – If you’re a TD client, getting approved for this card is typically easier.

While no one expects much from a basic no fee cash back credit card, I do think many people will wish this card offered more. However, since this card has no minimum income requirement to be approved, it’ll still appeal to many people.

About Barry Choi

Barry Choi is a Toronto-based personal finance and travel expert who frequently makes media appearances. His blog Money We Have is one of Canada’s most trusted sources when it comes to money and travel. You can find him on Twitter:@barrychoi

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