TD Double Up Credit Card Review: Decent Cash Rewards for East Coasters

TD Double Up Benefits

Simple 2% Cash Back Rewards

As far as rewards go, 2% is the gold standard for the best cash-back credit cards these days. If you’re getting at least that much, you’re doing pretty good. With the TD Double Up Credit Card, you’ll also know exactly how much of a return to expect, because there are no categories or caps to keep track of, like many other credit cards have.

That’s a big benefit if you have varied expenses spread across many categories or value simplicity. You can redeem your rewards for statement credits to pay down your balance, gift cards or travel purchases, where each point is worth 1 cent.

Intro APR on Balance Transfers

Along with the cash welcome offer, you’ll also get a 0% introductory APR on balance transfers for the first 15 billing cycles after account opening. After that a 18.99%, 23.99% or 28.99% variable APR based on your creditworthiness. A 18.99%, 23.99% or 28.99% variable APR based on your creditworthiness applies to purchases.

That’s a decent amount of time — over a year — to pay off debt you might be carrying on other credit cards. Plus, the intro balance transfer fee is either $5 or 3% of the amount of each transfer, whichever is greater, during the intro offer. That’s about as low as you’ll find, and could give you a while to make some financial progress.

Note, though, that new purchases aren’t included as part of the 0% intro APR, so only consider this if you want to consolidate balances from other cards onto this one.

Cell Phone Insurance

While it’s only up to $500 per claim (up to $1,000 per 12-month period) applied to the replacement or repair cost, minus a $50 deductible, that could come in handy if something happens to your cell phone. To activate the coverage, you just have to pay for your monthly cell service with the card.

Note that coverage is secondary to any other insurance you might already have, like renters or homeowners insurance, but it’s still a nifty benefit for a card that costs nothing to keep. Other TD Double Up Credit Card benefits include lost luggage reimbursement, 24/7 Visa concierge, purchase security and extended warranty protection.

TD Double Up Drawbacks

Limited Availability

TD Bank is predominantly on the East Coast in the following states and territories:

• Connecticut
• Delaware
• Florida
• Maine
• Maryland
• Massachusetts
• New Hampshire
• New Jersey
• New York
• North Carolina
• Pennsylvania
• Rhode Island
• South Carolina
• Vermont
• Virginia
• Washington, D.C.

That covers several major population centers like Boston, Miami, New York and Philadelphia, but you’re out of luck if your state doesn’t touch the Atlantic (exceptions: Pennsylvania and Vermont have branches, Georgia does not).

Not that it’s such a big deal. There are many 2% cash back credit cards available, so unless you already bank with TD, the TD Double Up Credit Card is a fish in a barrel, meaning you don’t have to go far (or live in one of these places) to find one.

Foreign Transaction Fees

While we’re on the topic of geography, the TD Double Up Credit Card isn’t a contender for foreign travel companion. That’s because you’ll pay a 3% foreign transaction fee when shopping abroad or paying in a foreign currency. These pesky fees can add up quickly if you travel a lot, so it’s worth noting if you like to get familiar with the inside of airplanes.

High APR on Balances

The regular APR for the TD Double Up Credit Card is 18.99%, 23.99% or 28.99% variable APR based on your creditworthiness. This can be on the high side. If you intend to carry a balance or think you can’t pay down your balance transfers before the intro rate expires, you’ll want to check which rate you get upon approval. At the top end, it’s close to a 30% interest rate, which is very high.

Who Is the TD Double Up Credit Card Best For?

If you live in a state with a TD branch and just want simple cash back returns for your spending, you could do well with the TD Double Up Credit Card. It could also help you pay down your balances on other cards, which can improve your credit and help you make excellent progress toward your financial goals.

Is It the Right Card for You?

The TD Double Up Credit Card will serve you best if you:

• Live on or near the East Coast: It’s not available in much of the US.
• Don’t travel often: Because of the foreign transaction fee, it’s not an ideal card for international trips — pack one of the best credit cards with no foreign transaction fees instead.
• Don’t carry balances: The APR can be high, and paying interest will negate any rewards you earn.
• Have varied expenses: If you shop often in a few categories, you can likely find a better rewards card. But if you prefer simple rewards or shop in lots of categories, you might like the ease of using one card for the majority of your expenses.

Alternatives to the TD Double Up Credit Card

As alluded to above, the TD Double Up Credit Card has stiff competition. Compare it with these cards, which also have no annual fee:

• Citi Double Cash® Card: With the Double Cash Card, an advertising partner, you’ll earn 1% cash back on purchases and another 1% as you pay down your balance. The effect is the same with a 2% return on your spending. It also boasts a 0% Intro APR on balance transfers for 18 months, then 17.74% – 27.74% (Variable). A 17.74% – 27.74% (Variable) APR will apply for purchases. That’s longer than the TD Double Up Credit Card, and your rewards are transferable to travel partners and combinable with other Citi ThankYou® credit cards. It also has a 3% foreign transaction fee, but you’re not limited to any particular state to apply.
• Wells Fargo Active Cash® Card: This one also earns 2% cash rewards, plus an intro APR offer: 0% intro APR for 12 months from account opening on purchases and on qualifying balance transfers, then a 18.74%, 24.74%, or 28.74% Variable APR. It’s also got cell phone protection up to $600 against damage or theft and the same 3% foreign transaction fee. It may be worth considering if you want an intro APR on purchases, and you can apply from any state.