TD FlexPay Credit Card Review: A Long Intro APR and No Annual Fee

TD FlexPay Benefits

0% Intro APR

The TD FlexPay Credit Card comes with a 0% introductory APR on balance transfers for the first 18 billing cycles after account opening. After that 17.99% – 27.99% variable APR based on your creditworthiness. A 17.99%, 19.99%, 22.99%, 25.99% or 27.99% variable APR based on your creditworthiness applies to purchases.. You’ll also pay an intro balance transfer fee of either $5 or 3% of the amount transferred, whichever is greater (and up to 5% of the transferred amount after that).

Remember, you can only transfer as much as the credit limit you’re approved for can hold (minus the ​​balance transfer fee). For this reason, this card is best for those who have a good credit score and can be approved for a considerable credit line.

Cell Phone Protection

When you pay for your monthly cell phone bill with the TD FlexPay Credit Card, you’ll automatically receive supplemental cell phone protection. You’ll be covered against damage or theft if your primary insurance provider won’t pay for it.

The card offers up to $500 in coverage per claim (max $1,000 in reimbursements per 12-month period). You’re subject to a reasonable $50 deductible.

Various Visa Platinum perks

The TD FlexPay Credit Card comes with a variety of other Visa Platinum benefits that you may find helpful, including:

• Roadside dispatch: Similar to a pay-per-use AAA subscription, this feature gives you access to services such as lockout service, jumpstart, and even towing (with up to five miles included). Just call the hotline and explain your situation. You’ll pay a set fee for any services you request.
• Sofar Sounds perks: This is your ticket to low-key music, comedy and dance gigs, typically hosted in a small shop (or even a living room). You’ll get one free ticket when you buy at least one ticket. You’ll even get presale access to shows.
• Discounted Shipt subscription: Get same-day home delivery with many popular merchants, including Kroger, Meijer, Target and Lowe’s. Your card gets you three free months of membership, followed by a 50% discount for the following nine months. That’s an ~$82 value.

Late Fee Forgiveness

The TD FlexPay Credit Card refunds your first late fee each year. That’s a potential “savings” of up to $40 annually.

While this is a customer-friendly feature, it’s worth noting that you should make every effort to never miss a payment. Beyond additional fees, on-time payments are the most important factor in your credit score. Making late payments can put your credit health in freefall.

Even if you can’t pay off your entire balance each month, your account will stay current as long as you make the minimum payment. I set my credit cards to autopay the minimum monthly payment to avoid the possibility of late fees. That way, if I somehow forget to make a payment, the issuer will do it for me.

TD FlexPay Drawbacks

No Rewards Program

The TD FlexPay Credit Card offers not even a sausage for your everyday purchases. And while it’s not uncommon for the best balance transfer credit cards to lack a rewards program, it’s still a disappointment. As we’ll touch on shortly, some cards offer low APR and a return for spending.

Limited Compelling Perks

Aside from its intro APR offer and cell phone insurance, there are few TD FlexPay Credit Card benefits to get excited about. It’s quite vanilla even for a no-annual-fee credit card.

In fact, perhaps the most worthwhile reason to keep the card after its intro APR offer has expired is its ability to build and bolster your credit. On-time payments and low credit utilization are a boon for your credit. And because it charges no annual fee, it’s good to keep forever to improve your average age of accounts (another weighty factor in your credit score).

Foreign Transaction Fees

While the card does a good job at keeping fees to a minimum, it bucks the trend with foreign transaction fees. You’ll pay a 3% fee for all purchases that are processed outside the US, making it a poor spending companion when traveling abroad.

Who Is the TD FlexPay Credit Card Best For?

The TD FlexPay Credit Card will really only appeal to one type of user: the one looking for a breather from high-APR debt. If you’d like to consolidate multiple credit card balances or personal loans, this card can potentially save you a lot of money — many hundreds of dollars per month, even, depending on your current debt.

Is It The Right Card For You?

The TD FlexPay Credit Card may be right for you if:

• You’re trying to consolidate high-interest debt to pay it off faster
• You pay for cell phone insurance and want complimentary coverage
• You refuse to pay a credit card annual fee
• You want the luxury of late fee forgiveness — just in case

Alternatives to the TD FlexPay Credit Card

Admittedly, the TD FlexPay Credit Card lacks in certain areas. If it doesn’t feel like a perfect fit for your spending, there are other top-notch options to choose from.

• Wells Fargo Reflect® Card: If 18 interest-free months aren’t enough, try the no-annual-fee Reflect Card. You’ll get a 0% intro APR for 21 months from account opening on purchases and on qualifying balance transfers, then a 17.74%, 24.24%, or 28.49% Variable APR. As with the TD FlexPay Credit Card, you won’t earn rewards for your purchases.
• Citi Double Cash® Card: Some credit cards with low intro APR also reward you for your purchases. The no-annual-fee Double Cash Card, an advertising partner, earns 1% back when you make a purchase and 1% back when you pay off that purchase (2% everywhere) — plus, it offers a similar 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..