TD Cash Back MasterCard

TD Cash Back MasterCard

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TD Cash Back MasterCard
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Pros
Car rental discounts
No annual fee
No strict eligibility criteria
Cons
Low cash back rate
No insurance benefits
Summary
We all use credit cards as a secure and easy way to purchase things even when we do not have enough cash with us, be it grocery, gas or that expensive shiny watch. If you use a rewards credit card then you may have an urge to spend more so as to collect more rewards be it in the form of travel or cash back. This temptation to spend on credit cards and earn reward points is very common and some credit cards have cash back rates that take some time to build up rewards. One such card is the TD cash back MasterCard with a 0.75% cash back rate. With such a low rate you may have to spend significantly on this card to see some tangible reward points. The market is abuzz with higher cash back rates and most give you at least a 1% return while others give up to 4%.
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Our Review on TD Cash Back MasterCard

If you have not been able to qualify for another card or you are a TD customer and wants to keep all your accounts with TD then you may opt for this card. You may not worry that this card gives back only 0.75% as you may compare it to a few other cards that give back only 0.50%. The TD cash back MasterCard has no limits on how much cash back you may earn. This card also gives you discounts of 5% – 25% on car rentals such as Budget Rent-A-Car and Avis Rent-A-Car when you pay with this card. You may use this card to buy American Express Travellers Cheques for any amount from a TD branch and the standard commission fee may be waived. The card does not have any travel insurance or purchase insurance features.

TD Cash Back MasterCard Pros

As a TD Cash Back MasterCard member, you do enjoy few perks that come with their cash back rewards card.

  • The card does not have an annual fee for the primary and additional cards.
  • Get car rental discounts of up to 5% to 25%.
  • This card does not have strict eligibility criteria and is fairly easy to qualify. The minimum credit limit that you may get on this card is $1500.
  • You may pay no fees for buying American Express Travelers Cheques with this card from a TD branch.

TD Cash Back MasterCard Cons

The TD cash back MasterCard has some drawbacks as follows.

  • The cash back rate of 0.75% is pretty low when you have other cards in the market that gives cash back rewards ranging from 1% to 4%.
  • This card does not have any promotions for balance transfer or cash advance rates.
  • There are no insurance benefits on this card. The market has many cards with comprehensive travel and medical emergency insurance. This card also lacks extended warranty and purchase protection that most other cards may feature.

TD Cash Back MasterCard Overview

Annual Fee$0
Interest Rate (APR)19.99% on purchases
Balance Transfer22.99%
Cash Advance22.99%
Foreign Currency Conversion Fee2.5%
Credit ScoreGood
Otheronly optional insurance

Our Review on TD Cash Back MasterCard Features & Benefits

Some of the main features of the TD Cash Back MasterCard are as follows.

Annual Fee

You do not pay an annual fee for the primary or additional cards. When you compare the annual fees for other cards, then it ranges anywhere from $30 to $180 or more as per the card features. This card is good for those who do not like to pay an annual fee and also get some rewards.

Interest Rate

The annual interest rate on purchases is 19.99% for this card. You may find a few other cards with a lower interest rate for purchases. Those cards may be a better choice for you if you are in the habit of carrying card balances. In case you are late to pay your minimum due by 30 days then this interest rate may go up to 24.99%. That is a huge 5% increase in the rates due to payment default.

Balance Transfer

There are no low rate promotions on balance transfers for this card. The interest rate for balance transfers on this card is 22.99%. If you miss your minimum payment due date by 30 days then this rate increases to 27.99%. You may find many other cards on the market with promotional introductory balance transfer rates. These rates could range from 0% to 1.99%. Usually, they charge a 3% balance transfer fee and may lower or waive this fee if you get a promotional offer on this card.

Cash Advance

You may pay an interest rate of 22.99% for cash advances obtained with this card. There are no promotions for cash advances on this card and they charge a 1% fee or minimum $3.50 for each transaction in Canada. If you get a cash advance outside Canada then they charge $5 and the fee for a cash advance from a Cirrus ATM will be $3. If you miss your minimum payments then your cash advance interest rate increases to 27.99%.

Foreign Currency Conversion Fees

They will bill for all foreign currency transactions in Canadian dollars and the fee for currency conversion is 2.5%. This is as per market standards and there may be a few cards with a higher 3% fee. MasterCard sets the foreign currency rates and this is applied on the transaction date.

Credit Score Rating

You may qualify for this card with a good credit rating and do not require an excellent score. There may be cards that require excellent credit rating and give you better rewards rates.

Rewards

This card earns you 0.75% cash back on all purchases. There are no limits on how much cash back you may earn and no specific categories. No tiers and there is no confusion as all purchases may earn you the same cash back rate. Your rewards points do not ever expire.

Insurance Features Of TD Cash Bank MasterCard

There are no travel, purchase or product insurance benefits on this card that you may find on some other cards in the market. However, you may buy optional balance protection and travel medical insurance for this card.

Where Can You Use TD Cash Back MasterCard

You may use the TD cash back MasterCard at all payment terminals and merchant locations that accept MasterCard. This includes millions of locations all over the world.

TD Cash Back MasterCard Reward Redemption

The cash back rewards on this card can be redeemed as a statement credit every year in the month of January. Or you may let it grow and then redeem when you may require. The minimum amount that you may redeem is $25. Another option you may choose is to have the cash back rewards deposited into your TD chequing or savings account. As long as you have the card in an active status then your rewards points do not expire.

TD Cash Back MasterCard Contact Information

  • Customer Service Number: 1800 983 2582 or 416 307 7722.

Disclaimer

Information about rates and product may change at any time. This review does not constitute financial advice in any form. You may get in touch with the supplier for complete details.

TD Bank is not responsible for maintaining the content on this site. Please click on the Apply now link for the most up to date information.


Resources:

https://www.tdcanadatrust.com/products-services/banking/credit-cards/view-all-cards/cashback-master-card.jsp


 

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