TD Cash Card Review

If you find that a lot of your credit card spending is done at restaurants or supermarkets, and you want to earn some cash back, this card could be a great fit for you. The TD Cash Card works like most cash-back credit cards in that it’s simple to earn and redeem rewards. 

However, this card is only offered in 15 states (plus the District of Columbia), so you can only be approved if you live in those locations (more about this below).

Pros Explained

• Easy-to-earn sign-up bonus: The current offer isn’t the best you can get from a no-annual-fee cash-back card right now, but we like that it’s easy to earn. You only have to spend $167 per month for three months after opening your account to put $150 back in your wallet as a new-cardholder bonus.
• 0% introductory rate for purchases and balance transfers: If you have a nagging balance on another card that you’d like to tackle or a large purchase to finance, the TD Cash Card gives you 15 months to do either without paying interest. This promotional APR offer is in line with or better than similar cash-back card deals on the market today.
• No foreign transaction fee: If you’re someone who travels abroad, this can be a tie-breaking benefit to consider when comparing card offers. Some other cash-back cards charge foreign transaction fees of up to 3% on each overseas purchase, so be sure to inquire if it’s an important factor for you.

Cons Explained

• Limited availability: Currently, the TD Cash credit card is available for customers in 16 regions: Connecticut, Delaware, Florida, Maine, Maryland, Massachusetts, New Hampshire, New Jersey, New York, North Carolina, Pennsylvania, Rhode Island, South Carolina, Vermont, Virginia, and Washington, D.C.
• No bonus points on gas: Since this card is generally focused on “everyday” spending, it’s worth noting that gas doesn’t score any bonus points. Some cards that spotlight groceries and dining also give gas station purchases a bump up.

TD Cash Card Bonus for New Cardholders

Spend $500 within three months of account opening to get 15,000 points, which is equivalent to $150 in cash back. This is a pretty typical offer for a no-annual-fee cash-back card, but not the most valuable available right now. What makes it attractive is the low minimum spending qualification, whereas some cards require $1,000 or more.

Expect your bonus to show up in six to eight weeks after you meet the spending requirement.

Earning Points & Rewards

The TD Cash Card is a solid product that offers higher rewards for food and grocery-related spending. You’ll earn 3% cash back on dining purchases, 2% back at grocery stores, and then 1% back on everything else. With this card, cash back is awarded as points, and each point is worth 1 cent. 

So, if your budget includes spending $400 a month on dining out, $600 a month on groceries, and then you use the card for another $500 in miscellaneous expenses, that spending will earn you $498 in cash back in the first year (when adding in the $150 sign-up bonus).

Redeeming Rewards

The beauty of the TD Cash Card is you don’t have to do any number crunching—the value of your points is 1 cent per point when you redeem. For cash back, you must accumulate at least 2,500 points ($25) to redeem as either a statement credit or direct deposit into a U.S. checking or savings account.

Points may also be used toward gift cards, travel, or merchandise. If you decide to use points for merchandise, your points may be worth less than 1 cent each, so shop carefully.

How to Get the Most Out of This Card

To maximize the rewards with cash-back cards in general, simply use them for the spending you’d do anyway, especially in the bonus categories. In other words, don't spend more than you normally would just to earn rewards.

The TD Cash Card is no exception, especially if you spend more on dining out and grocery shopping than on gas or travel, since you’ll earn extra points for those categories.

To get a boost in points, meet the minimum spend in the first three months to earn the $150 new-cardholder bonus. From there, aim to pay your balance in full each month, so finance charges don’t wipe out what you’ve earned.

Customer Experience

TD Bank ranked fifth of 11 regional banks in J.D. Power’s 2020 credit card customer satisfaction survey, earning a score of 802 out of 1,000. It earned average ratings for customer satisfaction with its banking mobile app, and is tied for third for its U.S. online banking experience. 

You can reach customer service through a 24/7 hotline, or via Facebook Messenger. You can also access a free VantageScore and credit education tools when logging in to TD Bank Online Banking.

Security Features 

The TD Cash Card has standard security features, including Visa’s “Zero Liability Policy,” meaning you’re not responsible for any fraudulent charges placed on your card if you report it quickly. If your card is lost or stolen, you can get an immediate replacement at a TD Bank branch; however, TD branches are only located in limited areas.   

TD Cash Card’s Fees 

The TD Cash Card has the typical fees you’d find among similar cards, but since there is no annual fee or foreign transaction fee, other fee-based costs can be avoided with responsible credit use.