TD Bank offers two very rewarding cards for people looking to earn cash rewards on purchases. These two cards are nearly identical—one pays a cash rebate, and the other offers points. If you’re wondering which of the TD Visa Cards is suitable for you, then you need to study this article carefully.
The Pros of TD Visa Cards
There are several advantages for those looking for a bank credit card, including:
- You can earn rewards for everyday expenses.
- You can earn rewards without an annual fee.
- It’s easy to meet the sign-up bonus spending requirement.
- You earn double rewards during the first six months.
- There’s a low-interest rate (if you qualify).
- There’s no annual fee, unlike most cards.
- There is chip technology security.
- You get 24/7 customer service.
- You have zero fraud liability.
- The card has a Fair to Excellent (660+) credit card rating.
Rewards of TD Visa Cards
As a cardholder, you receive the following:
- Cash Rewards Card: 2 percent cash back on purchases during the first six months, then 1 percent cash back.
- Easy Rewards Card: 2 points per dollar on purchases in the first six months, then 1 point per dollar.
Annual Percentage Rates Of The TD Visa Cards
To make the card appealing, TD Bank offers new cardholders 0% interest during the first six months. And, once the introductory period is over, the rates are reasonable at 11.24 percent, 16.24 percent, or 21.24 percent, depending on your creditworthiness. Also, there is a late fee of $39. And, if you want to move money from another card, you can do a balance transfer fee, although you’ll have to pay TD 3 percent of the entire balance transfer.
Which One Should I Choose?
These seemingly identical cards from TD Bank illustrate one of the problems with credit cards that reward you in points rather than cash — namely the actual value of the points is often confusing. There’s usually a reason for that: the points are often not worth as much as the cash.
While the TD Cash Rewards Visa Card pays an even one percent cash-back rebate on your spending (two percent on everyday purchases for the first six months), the TD Easy Rewards Visa Card pays you back in points, one point for every dollar spent. While that may sound the same, it’s not. Unfortunately, what the bank doesn’t tell you up front is that one point isn’t the same as one percent in cash. In fact, it’s worth a lot less.
In clear terms, the points card pays a much lower rebate reward than the cash-back version. When it comes to credit cards that pay points instead of cash, always read the fine print and try to find out exactly how much the points are worth. Often, as in this case, the points aren’t worth nearly as much as cash.