Is the TD Aeroplan Visa Business Card worth the annual fee?

Yes, for the right business. The annual fee of $149 per year, and the card also offers a first-year rebate on the primary card and the first two additional cards in the current public offer, plus Air Canada benefits like a first checked bag, a NEXUS statement credit, and spend-based Maple Leaf Lounge guest passes.¹

Is this a good card if I carry a balance?

Not really. Its 14.99% purchase APR is lower than many travel cards, which is better than the usual 19.99% to 21.99% range you see on reward products, but rewards still lose their appeal quickly when interest starts building and cash advances are charged at 22.99% APR from the transaction date.¹ TD’s agreement also says unpaid interest will start being added to the balance effective July 2, 2026, which makes carrying debt even less attractive.²

How strong are the rewards on normal business spending?

The rewards are good if your spend matches the card. You earn 2 Aeroplan points per $1 on direct Air Canada purchases, 1.⁵ points per $1 in eligible travel and transit, dining, shipping, internet, cable, phone services, and EV charging, and 1 point per $1 on all other business purchases, with the bonus earn capped at $80,000 per year in those accelerated categories.¹

What travel insurance do you actually get?

TD says the card includes nine coverage types, including travel medical, trip cancellation and interruption, flight and trip delay, common carrier travel accident, delayed and lost baggage, auto rental collision or loss damage, purchase security and extended warranty, mobile device insurance, and hotel or motel burglary insurance.² The broad list is solid, but the fine print still matters more than the headline count.²

Is the welcome bonus easy to earn?

No – it is better described as reachable for a real operating business, not effortless. TD’s current public offer path is 10,000 points after first purchase, 30,000 more after $15,000 in purchases within 180 days, and another 20,000 after $25,000 in purchases within 365 days, and TD also notes that Aeroplan bonus eligibility can be restricted in some repeat-bonus situations.¹

Who this card is actually for in the real world

In our view, this is not a generic “business rewards” card. It is a travel card built for businesses that already lean toward Air Canada and want Aeroplan points without jumping straight to a very high annual fee. The issuer is The Toronto-Dominion Bank, and the rewards program is Aeroplan, which TD describes as Air Canada’s loyalty program operated through Aeroplan Inc.^{2, 1} We think the sweet spot is a Canadian small business with recurring spend in categories TD actually rewards well: direct Air Canada bookings, restaurant and dining spend, transit, shipping, internet, cable, phone services, and EV charging.¹ If that sounds like your expense mix, the earn rates are strong enough to justify attention. If your spending is mostly payroll-adjacent software, online advertising, office supplies, or random supplier invoices that code outside TD’s bonus groups, the card becomes much less exciting because most of your spend falls to 1 point per $1.¹ We also like that TD kept the purchase APR lower than what many travel cards charge. That does not turn this into a financing card, but it does make it less punishing than many travel competitors if your cash flow gets temporarily lumpy.¹ FCAC’s guidance is useful here: compare fees, interest rates, and benefits together, not in isolation.³ How we verified this: We cross-checked the card’s public pricing, earning structure, offer terms, and eligibility language against TD’s primary product page and cardholder documents as of September 5, 2026.^{1, 2}

How the rewards actually work when you run real business expenses through it

On paper, the earning structure is clean. You earn 2 Aeroplan points per $1 on direct Air Canada purchases, 1.⁵ points per $1 on eligible travel and transit, dining, shipping, internet, cable, phone services, and EV charging, and 1 point per $1 everywhere else.¹ TD also says the 2-point and 1.5-point rates apply only on the first $80,000 in annual spend across the accelerated categories, after which those purchases revert to the standard 1-point rate.¹ In our testing mindset, that cap matters more than most people think. A card can look generous at first glance and still underperform if you have a heavier travel or telecom budget than the marketing page assumes. We would not call the cap stingy, but it is absolutely a factor for agencies, consultants, field-service businesses, or companies with several cardholders charging travel and communication costs to one account.¹ Here is a more useful way to picture it. Suppose your business puts 10,000 through direct Air Canada purchases and another 20,000 through TD’s 1.5-point categories over a year. That would generate about 50,000 Aeroplan points before we even talk about the welcome offer: 20,000 points from Air Canada spend and 30,000 points from the 1.5-point categories.¹ That is a meaningful balance for a mid-fee card, and it is why this product can work very well for a real traveler. The catch is that category coding still decides everything. TD says the bonus categories depend on merchant category codes through the Visa network, and TD explicitly suggests contacting them if you want to confirm whether a merchant will qualify.¹ That is an important clue. In practice, a purchase that feels like “travel” or “phone service” to you may not post that way on the network.

How the welcome offer looks once you strip away the headline

TD is currently advertising up to 60,000 Aeroplan points plus a first-year annual fee rebate for the primary business cardholder and the first two additional cardholders, with the public pricing and offer terms shown as effective March 2, 2026.¹ The structure is not deceptive, but it is layered enough that many applicants will not earn all of it. The current path is 10,000 points after first purchase, 30,000 more after $15,000 in purchases within 180 days, and 20,000 more after $25,000 in purchases within 365 days.¹ We think that is fair for a genuine operating business and unrealistic for a side project with low monthly expenses. In other words, this is a card for spending that already exists, not a card you should stretch your budget to satisfy. We also paid attention to TD’s bonus-eligibility language. TD says applicants are generally not eligible if they opened a TD Aeroplan Visa account in the last 12 months, and the bank also notes that Aeroplan’s own general terms can prevent or revoke incentive points in certain repeat-bonus scenarios.¹ That matters because the glossy headline alone does not tell you whether you are truly bonus-eligible. What we found in practice is that the fee rebate is more useful than the point total for some owners. If you were going to add employee cards anyway, waiving the first-year fee on the primary card plus two additional cards reduces the risk of trying the product and gives you more time to see whether the Aeroplan earning pattern fits your actual expense mix.¹

Which Air Canada perks are genuinely useful and which ones need a reality check

This is where the card starts to separate itself from basic business rewards products. TD includes a free first checked bag for the primary business cardholder or an additional cardholder and up to eight other passengers on the same reservation, provided the flight is operated by Air Canada, Air Canada Rouge, or Air Canada Express and the bag is checked at the designated counter before security.¹ That is one of the easiest perks to understand, and for businesses booking even a few paid itineraries a year, it can offset the annual fee quickly. The card also includes a NEXUS application fee rebate up to $100 once every 48 months, and TD says additional cardholders can also use that benefit when an eligible fee posts to the account.¹ For owners and staff crossing the border regularly, that is practical value, not lifestyle fluff. Then there are the Maple Leaf Lounge one-time guest passes. TD’s version is a bit more conditional than many people expect: the primary business cardholder earns one pass for every $10,000 in net purchases, up to four per account year, and the passes are deposited after the cardholder renewal year rather than instantly.¹ We do not dislike the feature, but we would not overvalue it when comparing cards because the timing and spend thresholds make it more of a delayed bonus than an everyday lounge privilege. TD also offers 1,000 Status Qualifying Credits for every $20,000 in eligible net purchases, up to 25,000 per year, plus Avis Preferred Plus enrollment eligibility for the primary cardholder.¹ Those benefits matter most to frequent Air Canada travelers chasing status. For lighter users, they are nice extras, not a reason by themselves to apply. Another small but real perk is that TD says Aeroplan points on this card do not expire as long as you remain the primary TD Aeroplan cardholder and your Aeroplan account stays in good standing.¹ That reduces the “use it or lose it” anxiety that can make some travel programs annoying to manage.

What insurance do you actually get – and where claims usually go wrong

We like the insurance package here more than the average mid-fee business travel card. TD’s cardholder guide lists nine types of coverage: travel medical, trip cancellation and interruption, flight and trip delay, common carrier travel accident, delayed and lost baggage, auto rental collision or loss damage, purchase security and extended warranty, mobile device insurance, and hotel or motel burglary insurance.² That is broad coverage for the fee level. But “included insurance” only helps if you can satisfy the triggers. TD’s public terms say some travel coverages require at least 75% of the trip cost to be charged to the card and or redeemed with Aeroplan points, while common carrier travel accident requires the trip to be paid in full with the card and or points.¹ That is the kind of detail people miss when they split bookings across cards or use a third-party wallet without checking the fine print first. Travel medical coverage is another area where the headline can mislead. TD says the included travel medical coverage applies for trips of 15 days or less if the traveler is under 65, and for trips of 4 days or less if the traveler is 65 or older.^{1, 2} The guide also includes pre-existing condition language and says a medical emergency must be reported to the administrator within 48 hours of hospital admission or as soon as reasonably possible, or benefits can be reduced to 80% up to a $30,000 limit.² We saw a similar pattern on the shopping side. Mobile device insurance can reimburse up to $1,000, but the guide says you must meet payment conditions, get the insurer’s approval before repairs or replacement, notify the insurer within 30 days, and submit records such as the original sales receipt and wireless agreement.^{1, 2} In our experience, that is exactly how business card insurance works: the coverage can be real, but the paperwork burden is also real.

What carrying a balance does to the entire value proposition

We would not market this as a financing card, but TD deserves some credit for posting a 14.99% purchase APR instead of the 19.99% to 21.99% range that is common on many travel cards.^{1, 3} That said, rewards cards still work best for people who pay in full. FCAC explicitly warns people to consider the impact of carrying a monthly balance before choosing a card for rewards and benefits.³ Here is a simple example we use when sanity-checking travel cards. If you revolve a $3,000 balance for about three months at the 14.99% purchase APR, you are looking at roughly $112 in interest using a simple-interest approximation. That does not include any extra cost from new purchases losing the grace period. So even a strong rewards year can feel a lot weaker once you start financing ordinary spend.^{1, 2} There is also a timely detail in TD’s current agreement that business owners should notice. The guide says that before July 2, 2026 TD does not charge interest on interest, but effective July 2, 2026 unpaid interest will be added to the balance at the end of the statement period, and interest will then be charged on that unpaid interest.² That does not change our overall recommendation, but it makes the “pay in full” rule even more important.

How this card compares with real alternatives Canadian business owners actually consider

When we compare this card, we do not compare it with everything in the market. We compare it with products a business owner would plausibly choose instead. The first is the CIBC Aeroplan Visa Business Plus Card, because it sits in the same Aeroplan ecosystem with a lower annual fee and a similar core earn pattern.^{5, 6} The second is the American Express Aeroplan Business Reserve Card, because that is the premium upgrade path for businesses that want stronger Air Canada treatment and are willing to pay for it.⁷ The third is TD’s own Aeroplan Visa Infinite personal card, because some owner-operators do not actually need a business card if their spending profile is mainly personal travel, gas, grocery, and Air Canada purchases.⁸

Our take is simple. Choose the TD Aeroplan Visa Business Card if your company spends enough in TD’s bonus business categories, you fly Air Canada enough to use the baggage and NEXUS perks, and you want a more moderate fee than a premium Amex reserve card.^{1, 7} Choose CIBC’s Aeroplan Business Plus if you want a similar Aeroplan lane at a lower annual fee and do not mind the higher purchase APR.^{5, 6} Choose the Amex Business Reserve only if you are very likely to use premium Air Canada treatment often enough to justify a much bigger annual commitment.⁷ And one more point we noticed: TD’s business card is easier to defend than its personal Aeroplan Visa Infinite when your business spend is heavy on shipping, telecom, and travel and transit. The personal Visa Infinite wins when your recurring spend is more grocery-and-gas-like and you do not need business-card workflow features.^{1, 8}

Our bottom line after weighing the fee, perks, and tradeoffs

We would rate this card as a strong but category-dependent business travel card. It gives you real airline value without forcing you into the fee tier of a premium reserve product, and the purchase APR is friendlier than many reward cards.¹ The tradeoff is that the best value sits inside a fairly specific spend pattern and an even more specific airline ecosystem. If your business books Air Canada several times a year, adds employee cards, and spends heavily on dining, transit, shipping, internet, cable, or phone services, this card makes a lot of sense. If your travel is scattered across airlines or your categories miss TD’s bonus buckets, the story gets weaker fast.¹

The biggest mistake we see is treating a business rewards card like a general victory, instead of a tool with very specific rules. Business owners often fixate on the public bonus number and ignore the far more important question: where does the day-to-day spending actually fall? On this card, the difference between 1 point per $1 and 1.⁵ or 2 points per $1 is the entire story.¹ The second mistake is mixing up purchases, cash advances, and balance-transfer-style debt. FCAC reminds consumers that different transaction types can carry different rates, and TD’s agreement is clear that cash advances are charged interest from the transaction date and do not get the regular interest-free purchase grace period.^{3, 2} In real business life, that means ATM cash, some gaming-like transactions, and certain transfers can become much more expensive than owners expect. Another common problem is misunderstanding the statement date versus the due date. TD says the payment due date is at least 21 days from the statement date, and that if the due date lands on a weekend or holiday in Canada it rolls to the next business day.² That sounds straightforward, but many owners look at purchase dates instead of statement dates, then assume they still have a grace period even after they failed to pay the previous balance in full. Minimum payments are another trap. People hear “I made the minimum” and assume they protected the economics of the card. That is rarely true. FCAC warns that interest can make rewards less relevant, and TD’s own agreement says missing the minimum payment on time can cause you to lose any lower-rate promotional offer on the account.^{3, 2} On a travel card, minimum-payment behavior often means you are keeping the fee and perks but giving back too much value in interest. We also see business owners overestimate foreign-use value. The public page does not market this as a no-FX card, and TD’s agreement says foreign transactions are converted using a Visa rate plus a fixed percentage in the disclosure statement.² That means international spend can cost more than the rewards headline suggests. Add dynamic currency conversion at a terminal abroad and the math can get worse, because you may end up with a poor exchange rate before TD’s own conversion treatment is even applied. We tell readers to decline terminal-side currency conversion and let the card network do the conversion whenever possible. Rewards caps are another area where good cards quietly disappoint people. TD’s accelerated earn rates are capped at $80,000 in the eligible bonus categories per year.¹ Owners with several additional cardholders often do not realize how quickly shared spend can hit that ceiling. On this card, that can turn a very good year-one experience into a more ordinary year-two reality. Insurance eligibility mistakes are equally common. We regularly see people assume the existence of coverage means the claim will be paid. With TD’s insurance package, eligibility can depend on how much of the trip was paid with the card or Aeroplan points, how quickly a medical emergency was reported, whether a condition counts as pre-existing and unstable, and whether the cardholder kept the right documents.^{1, 2} That is why we always tell business travelers to think like future claimants, not just cardholders. Mobile device insurance is a great example. Owners love the headline “$1,000” maximum, but the claims guide requires insurer approval before repairs or replacement and asks for proof such as the original purchase receipt and wireless agreement.² The mistake is treating card insurance like AppleCare or a retailer’s walk-in policy. It is not. It is closer to a formal reimbursement process. Another mistake is applying too often for Aeroplan cards without understanding bonus limitations. TD says the welcome offer generally excludes people who opened a TD Aeroplan Visa in the last 12 months, and TD also says Aeroplan’s own rules may prevent or reverse incentive points in some repeat-bonus situations.¹ Chasing bonuses across issuers can work, but only if you read the current language first and do not assume old internet advice still applies. Finally, business owners sometimes forget the risk of shared liability and shared usage. TD says the business and business owner or owners are responsible for all transactions on all accounts issued in the name of the business, including transactions made by additional cardholders.¹ In plain English, employee-card convenience is useful, but it also increases the need for internal controls, expense policies, and monthly review.

Our framework starts with a simple rule: we do not compare cards by headline bonus alone. We compare the total package the way FCAC suggests Canadians should compare credit cards – fees, interest rates, rewards, and the likelihood that the benefits will actually be used.³ That means a card with a smaller public bonus can still be the better choice if the annual fee is lower, the categories fit better, and the user is less likely to revolve balances. With this TD card, the first question we ask is whether the business really has Air Canada behavior. Not “hopes to travel more.” Not “might use points someday.” We mean actual Air Canada bookings, actual checked bags, actual border crossings, and actual eligible category spend.¹ If those behaviors are real, the card has a credible value case. If not, it risks becoming an annual-fee habit instead of a useful tool. The second thing we check is annual-fee breakeven. We do not force a fantasy cents-per-point estimate into every comparison. Instead, we ask simpler questions. Would the business use the checked-bag perk even two or three times? Would the NEXUS credit matter? Would employee cards be added in year one while the rebate is active? Would the business have earned most of the same spend on a cheaper Aeroplan card anyway?^{1, 5, 6} Third, we test the interest math against the rewards story. This is where many flashy travel cards fail. A card can produce excellent points but still be the wrong recommendation if the user regularly carries debt. TD’s purchase APR is better than many reward cards, but it is still high enough that the rewards case weakens sharply when balances revolve.¹ TD’s current agreement language about interest on unpaid interest starting July 2, 2026 makes that issue even more important, not less.² Fourth, we compare redemption friction. Aeroplan is a mature program, which is a point in this card’s favor, but mature does not mean effortless. The real questions are whether points are flexible enough for the business’s routes, whether the user will tolerate an airline-centered ecosystem, and whether the perks work on the flights the business actually books.¹ We especially watch for benefits that sound automatic but are really conditional, like spend-earned lounge guest passes or airline benefits that require the Aeroplan number to be properly linked for additional cardholders.¹ Fifth, we evaluate insurance quality, not just insurance presence. A card with five useful coverages can be better than a card with nine shallow or hard-to-trigger ones. On TD’s card, the package is broad, which we like, but we still read for restrictions such as payment thresholds, pre-existing condition wording, reporting deadlines, and documentation demands.^{1, 2} That is why we do not score insurance from the marketing bullets alone. Sixth, we care about institutional context. FCAC is the body Canadians should think about for consumer disclosure and comparison guidance, because it focuses on how credit card terms are presented and understood by consumers.³ OSFI plays a different role: it oversees federally regulated financial institutions like banks from a prudential perspective, helping ensure they operate safely and soundly, but it is not the place you go to compare a points cap or a baggage perk.⁹ Mentioning both matters because people often confuse product oversight with disclosure and shopping guidance. Seventh, we compare apples to apples across neighboring alternatives. Against the CIBC Aeroplan Visa Business Plus Card, TD charges a slightly higher annual fee but offers a much lower purchase APR and its own mix of Air Canada perks and category emphasis.^{5, 6} Against the American Express Aeroplan Business Reserve Card, TD gives up premium treatment and some upside but asks for far less annual commitment.⁷ Against TD’s own Aeroplan Visa Infinite personal card, the question becomes whether your spending looks more like a business telecom-and-shipping pattern or a consumer grocery-and-gas pattern.⁸ Finally, we ask one question that cuts through almost every marketing promise: would we still recommend this card if the welcome bonus disappeared tomorrow? In this case, the answer is yes for the right business, because the underlying earn structure, Air Canada baggage benefit, NEXUS credit, and reasonable purchase APR still create a solid core product.¹ But for the wrong business, the answer flips quickly. Verification note: We checked official guidance for this comparison framework as of April 6, 2026, including FCAC’s card-comparison guidance and OSFI’s explanation of its prudential role.^{3, 9}

The numbers in this review come from current public product pages and primary agreement documents available as of April 6, 2026.^{1, 2} Welcome offers, annual-fee rebates, bonus-earning caps, and travel perks can change faster than a card’s long-term positioning, so we treat those as fast-moving fields and describe them with dates where possible. For the comparison table, we used an apples-to-apples approach. We matched cards that a Canadian business owner is actually likely to cross-shop, compared annual fees and public earn structures directly, and used qualitative labels for foreign-exchange treatment or insurance depth where issuers present those details differently on public pages.^{5, 6, 7, 8} We deliberately avoided pretending that every insurer summary, lounge perk, or FX disclosure can be reduced to one perfectly identical metric. We also checked the review against consumer-risk factors, not just points value. That includes purchase versus cash-advance cost, payment timing, point-earning caps, bonus eligibility language, and claim conditions in the insurance guides.^{2, 3} The goal is to avoid misleading comparisons that make one card look obviously better just because it has the louder headline.

Does the TD Aeroplan Visa Business Card charge an annual fee?

Yes. The regular annual fee of $149 per year, and TD’s current public offer includes a first-year rebate for the primary business cardholder and the first two additional cardholders if the conditions are met.¹

Does this card include a free checked bag on Air Canada?

Yes. TD says the primary business cardholder or an additional cardholder, plus up to eight other passengers on the same reservation, can each get a free first checked bag on eligible Air Canada-operated itineraries, subject to the stated check-in conditions and exclusions.¹

Can additional cardholders get airline benefits too?

Yes, but not automatically in every case. TD says additional cardholders must link their Aeroplan number to receive access to applicable Air Canada travel benefits, which is an easy detail to miss if you add employee cards and assume the benefits are already active.¹

Are Aeroplan points earned on this card protected from expiry?

TD says the points will not expire as long as you remain the primary cardholder of a TD Aeroplan credit card and your Aeroplan account stays in good standing under Aeroplan’s terms.¹

Is this better than the TD Aeroplan Visa Infinite personal card?

It depends on your spending pattern. The business card is better aligned with Air Canada, dining, transit, shipping, internet, cable, phone services, and EV charging, while TD’s personal Aeroplan Visa Infinite is built more around gas, EV charging, groceries, and direct Air Canada spending, so owner-operators should choose based on where the spend really happens.^{1, 8}

1. TD Aeroplan Visa Business Credit Card – TD Canada Trust ↩
2. TD Aeroplan Visa Business Cardholder Agreement and Benefit Coverages Guide ↩
3. Financial Consumer Agency of Canada – Choosing a credit card ↩
4. Bank of Canada – March 18, 2026 policy rate announcement ↩
5. CIBC Business Credit Cards ↩
6. CIBC Aeroplan Visa Business Plus Card ↩
7. American Express Canada – Aeroplan Cards ↩
8. TD Aeroplan Visa Infinite Card ↩
9. OSFI – Understanding prudential regulation in Canada ↩

About the Author

ALAN ISIK

Author profile updated: April 6, 2026

ALAN ISIK is an Ontario real estate agent (License #: 5007859 • Verify license) and an Insurance, Mortgage & Personal Finance Research Writer who publishes practical, plain-English guides for Canadian drivers, homebuyers, and everyday consumers. With 15+ years of experience analyzing Ontario insurance pricing, policy wording, and household affordability tradeoffs, Alan specializes in translating complex documents such as insurance contracts, endorsements, lender and card-issuer policies, and product disclosures into clear, apples-to-apples comparisons that help readers make the next right decision. Alan is not a licensed insurance broker/agent or mortgage broker and does not provide legal, tax, or financial advice; his work is research-based and grounded in primary sources (provincial regulators such as FSRA, insurer/lender/issuer disclosures, and published product terms), cross-checked against competing offerings for accuracy and real-world comparability. His work has been cited by iSure and Carhub.