TD Cash Credit Card Review: Excellent Earner if You Can Get It

TD Cash Credit Card Benefits

The TD Cash offers a strong initial value for no annual fee.

Customizable Cash Back Categories

The TD Cash lets you choose a category every quarter to earn an unlimited 3% and 2% cash back from a solid list of everyday spending categories:

• Dining
• Entertainment
• Gas
• Grocery Stores
• Travel

This allows you to customize when and how you’ll earn your top rewards. It also works well with other cards by potentially filling in gaps in your overall reward-earning structure. I consider the best value in choosing entertainment and gas as your chosen categories. Those bonus categories aren’t found on as many cards, and earning more than 3% back can be tough. But, the best way to use the 3% category is for whichever category you spend the most in that doesn’t earn higher rewards with another card.

Welcome Offer Provides Substantial Return

Big welcome offers aren’t common with no-annual-fee cards, so having an easy-to-earn bonus is one of the TD Cash Card’s helpful benefits. You’ll earn $200 cash back when you spend $1,000 on purchases within the first 90 days of account opening. That’s an impressive 20% return on your spending.

If you’re interested in this card, I recommend applying for it when you have large upcoming purchases. This will allow you to earn the bonus quickly and enjoy a nice discount on your expenses.

Flexible Intro APR Offer

You’ll also have the flexibility of a 0% intro APR* on balance transfers and purchases for the first 15 billing cycles after account opening. After that, 18.99% – 28.99% variable APR based on your credit worthiness. This gives you the freedom to consolidate higher-interest debt with a balance transfer or finance expenses over a lengthy period. Compared to other no-annual-fee rewards credit cards, the intro period is among the longest you can find.

I recommend using the card’s intro APR to finance purchases, since you can also earn rewards and the welcome bonus, giving you a triple stack of rewards benefits.

Cell Phone, Travel and Purchase Coverage

As a TD Cash cardholder, you have access to built-in protections, including:

• Cell phone protection: Pay your wireless bill with the card to receive up to $500 per claim (with a $50 deductible) in coverage toward cell phone damage, theft or involuntary and accidental parting, with a maximum of two claims per 12-month period.
• Lost luggage reimbursement: If you paid your fare with the card and your luggage is lost or stolen, you’re eligible for up to $3,000 in reimbursement per covered trip.
• Travel accident insurance: As a cardholder, you qualify for up to $250,000 in travel accident insurance for eligible losses on a covered trip.
• Travel and emergency assistance services: If you run into issues on a trip, a travel and emergency assistance hotline is available to help arrange things like legal and medical referrals, translation services, and emergency transportation assistance. The hotline is free, but all third-party costs are your responsibility.
• Purchase security: If an eligible item you bought with the card is damaged or stolen within 90 days of purchase, you can be reimbursed up to $500 per item and up to $50,000 per account.

TD Cash Credit Card Drawbacks

This card can require more effort to maximize — if you’re even eligible to apply.

Only Available on the East Coast

The biggest drawback of the TD Cash Card is its lack of availability to much of the country. Applications are restricted to 15 states (and the District of Columbia) on the East Coast: Connecticut, Delaware, District of Columbia, Florida, Maine, Maryland, Massachusetts, New Hampshire, New Jersey, New York, North Carolina, Pennsylvania, Rhode Island, South Carolina, Vermont and Virginia.

Minimum Reward Redemptions

You can redeem reward points from the TD Cash in the following ways:

• Cash back
• Gift cards
• Merchandise
• Travel

I recommend redeeming for cash back, gift cards or travel, since you’ll receive 1 cent per point in value (other options may be less than that). However, you must have a minimum of 2,500 points (worth $25) to redeem for a statement credit or direct deposit, meaning you may not have immediate access to your rewards. If you’re looking to use your rewards for travel, many other travel credit cards offer better value.

Requires Planning to Maximize

To get the most out of the TD Cash Card, you need to strategically incorporate it into your existing card portfolio and choose your categories accordingly. For example, you wouldn’t select groceries as your 3% category if another card you have earned the same amount. Also, if you know you have upcoming travel expenses, you’ll have to remember to switch your category before making your reservations.

I would use this card to fill any categories where I wasn’t earning at least 2% back from another card, and switch accordingly if I had one-off purchases in categories like entertainment or travel.

Who Is the TD Cash Credit Card Best For?

The TD Cash Card is an ideal choice for people living on the East Coast who want a customizable cash-back card. The top categories offer unlimited earning potential and a solid choice of everyday spending options.

Whether you use the card to fill in gaps in your rewards earning or as a standalone card to cover a significant portion of your typical spending needs, a little planning goes a long way in helping you earn substantial cash back.

Is the TD Cash Credit Card Right for You?

The TD Cash Card is right for you if you can maximize the top categories or need a decent intro APR offer. Here are some reasons to consider the card:

• 3% and 2% cash back in your chosen top two spend categories each quarter
• 0% intro APR* on balance transfers and purchases for the first 15 billing cycles after account opening. After that, 18.99% – 28.99% variable APR based on your credit worthiness.
• Welcome offer doesn’t require significant spending to earn
• Cell phone, purchase and travel protections for no annual fee

Alternatives to the TD Cash Credit Card

The TD Cash Credit Card has a high cash-back earning potential when used strategically. Here are two alternatives to consider based on your spending needs.

• Bank of America® Customized Cash Rewards credit card: The no-annual-fee Customized Cash Rewards card offers a similar intro APR offer and welcome bonus to the TD Cash Card. Both cards come with 3% and 2% categories, but Bank of America caps earnings in the top categories to $2,500 in combined spending per quarter, after which you’ll earn 1% back. Also, you don’t choose your 2% category (groceries and wholesale clubs). It offers mostly different options for the 3% category, with online shopping being the most lucrative, covering a wide variety of purchases. You’ll get an extra 3% for the first year in your chosen category, and Bank of America Preferred Rewards customers can boost earnings by as much as 75%.
• U.S. Bank Cash+® Visa Signature® Card: The U.S. Bank Cash+ Visa Signature Card is another solid no-annual-fee option, offering a similar intro APR and welcome offer to the TD Cash. You’ll have three everyday category options to choose from for your 2% category. You’ll also have the option each quarter to select two of 12 categories to earn 5% back (up to $2,000 in combined spending, then 1%). These options are a bit more unique, with some rare categories like fitness centers and home utilities. Like the TD Cash Card, the Cash+ Visa Signature Card is best used to fill rewards gaps or to earn higher rewards on targeted category spending. Although the rewards are capped per quarter, you’ll get a higher rate in many categories that the TD Cash doesn’t cover.