This card is best for people who use TD Bank, because without an account, your cash-back redemptions are worth half of what you could get if you redeemed your rewards into a TD Bank account.
There's nothing stopping you from using your TD Bank account as an intermediary, but that creates extra steps. It's up to you whether it's worth it, or you could just as easily consider another card that offers a similar cash-back rate without requiring extra hoops to jump through.
No annual fee
Decent sign-up bonus
Great balance transfer offer
Foreign transaction fee
Requires a TD Bank account to get the best rewards rate
- No annual fee: You won't pay any annual fees to use this card.
- Decent sign-up bonus: If you spend at least $500 in the first three months you'll earn an extra $75 in cash back, which is more than similar cards are offering right now.
- Great balance transfer offer: You'll get 15 months at 0% interest to pay off any other balances.
- Requires a TD Bank account to get the best rewards rate: The card offers 2% cash back, but only if you redeem your rewards as a deposit into a TD Bank account. Otherwise, you'll earn 1% cash back.
- Foreign transaction fee: Leave this card at home if you travel across the border, otherwise you'll pay a 3% foreign transaction fee.
TD Bank Double Up Credit Card's Bonus for New Cardholders
TD Bank Double Up Card's bonus offer is straightforward and generous, considering competing cards offering 2% back don't have a sign-up bonus. If you spend at least $500 within 90 days of account opening, you'll get an extra 7,500 points credited to your account from TD Bank within six to eight weeks.
You can only redeem the bonus for a statement credit, meaning that your points are worth $75 towards charges that you've already spent.
Earning Points & Rewards
Although the TD Bank Double Up Credit Card advertises that it offers 2% cash back, it's important to be aware that it does this through a roundabout method.
Instead of simply offering you 2% cash back on every purchase (or 2 points per dollar you spend), you'll earn 1 point per every dollar you spend. If you spend $500, for example, you'll earn 500 points. On the surface, that's not a lot of points to earn compared to other cash-back cards. However, how you redeem the rewards is what boosts their value.
You can redeem your rewards in several ways, including for statement credits, a deposit into a TD Bank account, gift cards, merchandise, or travel. You'll need to have at least 2,500 points in your account to redeem them for cash.
Your rewards are worth 1 cent per point as a statement credit and at least 1 cent per point when you redeem them for gift cards or travel. The magic really happens when you redeem your points as a deposit into your TD Bank account. In that case, you'll earn an extra 1 cent per point, for a total of 2 cents per point, or 2% cash back.
All of TD Bank's checking and savings accounts come with a monthly maintenance fee, but TD Bank will waive the fee with a $100 daily balance in a Convenience checking account, or $300 in a Simple savings account.
The points you earn are worth up to 2 cents per point, which is twice the minimum redemption value you should get from credit card rewards.
How To Get the Most Out of This Card
The easiest route to getting the most out of the Double Up card is to open a Convenience checking account and make a $100 deposit, and then select that account as your rewards deposit account. This way, you can earn 2% cash back and avoid the checking account’s monthly maintenance fee.
TD Bank Double Up Credit Card's Excellent Perks
When you apply for the TD Bank Double Up Card, you'll receive either a Platinum Visa or Visa Signature card, depending on your credit. At The Balance, we value some of the perks that come with these cards. The Platinum Visa version of this card comes with no perks that we consider "excellent," although the Visa Signature comes with two:
- Insurance coverage for lost luggage: Up to $3,000 of coverage per trip for checked or carry-on luggage
- Travel accident insurance: Covers accidental death and dismemberment up to $250,000.
TD Bank Double Up Credit Card's Other Features
Both versions of this card come with a roadside assistance hotline. However, if you're approved for a Visa Signature card, you'll also have access to these perks:
- Insurance for stolen or damaged purchases
- Concierge for booking event tickets, travel, and other services
- Roadside assistance hotline
- Sports, music, and event ticket presales, plus VIP access at some events
- Travel and emergency hotline
TD Bank has 24/7 phone support and you can also get help by walking into a local branch if there's one near you. TD Bank was also ranked seventh of 10 banks in terms of customer satisfaction for mobile banking in a 2020 J.D. Power study.
TD Bank uses industry-standard security features. One nice perk is that if you lose your card or if it's stolen, you can walk into any TD Bank around the country and get a free replacement instead of having to wait for one through the mail. TD Bank has over 1,100 locations along the East Coast.
TD Bank Double Up Credit Card's Fees
The TD Bank Double Up Credit Card comes with a foreign transaction fee, which you'll want to keep in mind if you travel abroad.