Formed through a merger between financial giants Bank of Toronto and The Dominion Bank in 1955, TD is one of Canada’s big five banks. It offers a wide array of financial services including an impressive portfolio of more than two dozen credit cards. We’ve broken down the TD credit cards into five categories so that whether you’re looking for cash back, flexible travel points, a co-branded travel card, no-fee cash back, or low interest, you’ve got the inside information to make your choice.
Best credit card for cash back:
TD Cash Back Visa Infinite*
The TD Cash Back Visa Infinite’s main draw is its strong 3% return in three very popular spending categories: Groceries, gas and recurring bill payments. This, along with the 1% base rate that applies to everything else, makes it one of the highest-earning cash back cards in Canada. Even better, your cash back never expires and you can redeem it (in $25 increments) whenever you want.
This card also comes with a few notable perks, including up to $2 million in travel medical insurance on trips of up to 10 days and delayed or lost baggage protection. Drivers and commuters will be interested in the included deluxe membership in TD Auto Club (roadside service membership), rental car collision/loss damage protection, and discounts for rentals at Budget and Avis. As a Visa Infinite card, it gets you perks like access to a concierge and luxury events.
- Annual fee: $139 (waived for the first year).
- Interest rates: purchases 20.99%, cash advances 22.99%, balance transfers 22.99%
- Welcome bonus: Earn 10% cash back for the first three months on up to a total of $2,000 in purchases. Plus, receive a first-year annual-fee rebate for the primary and additional cardholders. Must apply online by May 28, 2023.
- Earn rate: 3% cash back on eligible grocery and gas purchases, and on recurring bill payments; 1% cash back on everything else
- Additional benefits: Roadside service coverage with a deluxe membership in the TD Auto Club; up to $2 million in travel medical insurance (up to 21 days); auto rental collision/loss damage protection; mobile device insurance; savings at Avis and Budget; Visa Infinite perks including food and wine experiences and concierge.
- Income requirement: $60,000 individual or $100,000 household
Best credit card for flexible travel points:
TD First Class Travel Visa Infinite*
Thanks to the partnership between TD and Expedia, you can redeem TD points you collect on the TD First Class Travel Visa Infinite for virtually anything travel-related including hotels, vacation packages, and flights—at any airline, hotel or travel provider listed on of the world’s largest travel comparison site. That flexibility put this card on our best TD credit cards list. Redemptions on ExpediaforTD.com are super straightforward: 200 TD Points are worth $1, or, put another way, 1 point = 0.5 cents. Spend frequently or save up—your points never expire. You can redeem points for travel outside of Expedia For TD or for merchandise or gifts, but be aware that you’ll get less value out of your points this way.
- Annual fee: $139 (waived for the first year).
- Interest rates: purchases 20.99%, cash advances 22.99%, balance transfers 22.99%
- Welcome bonus: earn up to 135,000 TD Reward points. Conditions apply. Must apply by May 28, 2023
- Earn rate: 8 points per $1 for flights booked online through Expedia For TD and charged to your account; 6 Points per $1 on groceries & restaurants; 4 points per $1 spent on recurring bills; 2 points per $1 spent on everything else
- Additional benefits: Up to $2 million in travel medical insurance (up to 21 days), plus trip cancellation and interruption, common carrier accident, and delayed and lost baggage protection; Priority Pass membership discount; auto rental collision/loss damage protection and savings at Avis and Budget; Visa Infinite perks including food and wine experiences and concierge
- Income requirement: $60,000 individual or $100,00 household
Best airline credit card:
TD Aeroplan Visa Infinite*
The new TD Aeroplan Visa Infinite has a super-impressive welcome offer, a first-year annual fee rebate. You’ll earn between 1 and 1.5 points per $1 on everyday spending, which can go towards booking flights on Air Canada or on over two dozen Star Alliance partner alliances.
The card has a slew of travel perks, including preferred pricing when booking flights on points and savings on baggage fees on Air Canada flights. The insurance package is robust and includes hotel/motel burglary and auto rental loss and collision coverage. And between Aeroplan’s rewards chart and generous stopover policy, there are plenty of opportunities to maximize your points values and travel options further.
- Annual fee: $139 (waived for the first year).
- Interest rates: purchases 20.99%, cash advances 22.99%, balance transfers 22.99%
- Welcome bonus: earn up to 40,000 Aeroplan points. Conditions apply. Must apply by May 28, 2023.
- Rewards earn rate: Earn 1.5 points for every dollar spent at eligible gas stations and grocery stores and directly through Air Canada, You’ll also earn 1 point per $1 spent on everything else.
Additional rewards: Comprehensive travel insurance including up to $2 million in travel medical for the first 21 days of your trip; first checked bag is free for you and up to 8 other travellers on the same reservation.
Best no fee cash back credit card:
TD Cash Back Visa*
For those looking for a no-fee cash back card, consider the TD Cash Back Visa. When you spend with this card you’ll earn 1% back on groceries, gas and recurring bills, and 0.5% on everything else. The perks are lean—expect purchase security and extended warranty—but like other TD cards, your cash back never expires, and you can redeem it whenever you want (in $25 increments).
It’s important to note that when it comes to simple math, this is not the best no-fee credit card out there. The Tangerine Money Back is a better choice, offering up to 2% back on up to three spending categories.
- Annual fee: $0
- Interest rates: purchases 19.99%, cash advances 22.99%, 22.99%
- Welcome bonus: None
- Earn rate: 1% cash back on eligible grocery and gas purchases, and on recurring bill payments; 0.5% cash back on everything else
- Additional benefits: Purchase security and extended warranty; save a minimum of 10% off of car rentals at Avis and Budget in Canada and the U.S., and a minimum of 5% off internationally.
- Income requirement: None
Best student credit card:
TD Rewards Visa*
This card has some features not common to rewards cards, like no annual fee, a low-interest rate for the first year and a solid earn rate for reward points. All of this makes it perfectly suited to students on a budget. You can redeem your points for gift cards (that you can use for practical items, too), cash, travel and even rewards to help fund your education or pay off student loans.
- Annual fee: $0
- Interest rates: purchases 19.99%, cash advances 22.99%, balance transfers 22.99%
- Welcome offer: a 9.99% promotional interest rate for the first 6 months. Apply by May 28, 2023.
- Earn rate: Earn 3 TD Rewards points for every $1 spent on groceries and at restaurants, 2 points for per $1 paid on recurring bill payments, and 4 points for every $1 in travel purchases made through ExpediaForTD.com. For everything else, you’ll earn 1 point per $1 spent.
- Additional benefits: Save a minimum of 10% off of car rentals at Avis and Budget in Canada and the U.S., and a minimum of 5% off internationally. You’ll also receive purchase security and extended warranty, as well as up to $1,000 in coverage for your mobile device. Conditions apply.
- Income requirement: None
Best low-interest credit card:
TD Emerald Flex Rate Visa
Whether you’re looking for a balance transfer credit card, need to finance a big or unexpected purchase, or just want to score an ultra-low interest rate, this card is a great option. Its current welcome offer makes its interest rate super low, but it’s only for a limited time.
- Annual fee: $0
- Interest rates: purchases 19.99%, cash advances 22.99%
- Additional benefits: Save a minimum of 10% off rentals at Avis and Budget. You can also request an emergency cash advance of up to $500 on your card.
- Income requirement: None
Summary
| Credit card | Best | Annual fee |
|---|---|---|
| TD CashBack Visa Infinite | Cash back credit card | $139 (waived for first year) |
| TD First Class Visa Infinite | Flexible points card | $139 (waived for first year) |
| TD Aeroplan Visa Infinite | Airline travel card | $139 (waived for first year) |
| TD CashBack Visa | No fee rewards card | $0 |
TD All-Inclusive Banking Plan
TD’s All-Inclusive Banking Plan is a premium bank account that offers top-tier services and valuable discounts, some of which reward those carrying select TD credit cards. For example, All-Inclusive Banking Plan account holders receive an annual fee waiver when they sign up for certain TD credit cards for both the primary and one additional card holder—for as long as they carry the account. Just how much can you save? A bundle.
The TD Cash Back Visa Infinite, for example, costs $120 annually plus $50 for up to one authorized cardholder. The $170 annual savings nicely offsets the account fees while allowing you to leverage the perks associated with your credit card. Eligible cards include the following: TD Aeroplan Visa Infinite, TD Aeroplan Visa Platinum, TD First Class Travel Visa Infinite, TD Platinum Travel Visa, and TD Cash Back Visa Infinite.
Sweetening the pot for account holders, TD rewards with premium chequing account benefits such as unlimited debit transactions and Interac e-Transfers, a small safety deposit box, money orders and personalized and certified cheques—all included. Additionally, there are no TD transaction fees when you use an ATM in Canada, the U.S. or internationally (except for exchange rate fees). Clearly, bundling accounts with the big banks has its perks, including that it keeps things simple.
This premium account does come at a premium price. The monthly fee is $29.95, or $22.45 for seniors. However, for those who can afford to keep $5,000 parked in the account, that fee is rebated, meaning all these perks including the credit card rebates are free. Otherwise, you’ll want to weigh the benefits against the cost. The annual fee comes out to nearly $360 (or almost $270 for seniors) but any credit card rebates would come out of that total.
About TD Cash Back Rewards
The TD Cash Back Rewards credit card program lets you redeem on-demand without time restrictions, unlike some other programs that restrict you to once per calendar year. You can redeem once you’ve accumulated $25 (that’s the minimum redeemable amount, too) and your cash-back rewards never expire. The TD program is one of the most flexible cash-back programs out there, though it’s worth mentioning that BMO does have an edge in that you can redeem with as little as $1 in your account.
About TD Rewards points
TD Rewards points can be redeemed for a range of gift cards, merchandise and even cash–but they’re first and foremost made for travel redemptions, specifically from the Expedia For TD website. The value of your points varies according to what you redeem them for, and how. We break down the options below:
Expedia For TD
200 TD points = $1 / 1 TD point = 0.5 cents (0.5%)
You’ll get the very best value from your points when redeeming on ExpediaforTD.com. There, you can put your points toward booking free or discounted travel from Expedia, one of the world’s largest travel search engines and online travel agencies. There are no blackout dates or airline restrictions, and the points values remain consistent no matter how, when or where you’re travelling, making this method a winner for those who don’t want to spend their time deciphering rewards charts.
Book Any Way
250 TD points = $1 on the initial $1,200 of travel booking / 1 TD point = 0.4 cents (0.4%)
200 TD points = $1 on any amount that is over $1,200 / 1 TD point = 0.5 cents (0.5%)
If you don’t want to use Expedia For TD, you do have the flexibility to book elsewhere, such as directly with an airline or another travel agency. You can use TD Points for virtually anything travel-related including flights, hotels, tours and car rentals. Simply select the Book Any Way option when redeeming points. The one disadvantage here is that at 0.4 of a cent per point on the initial $1,200, you’ll get slightly less value than you would on Expedia For TD. This works out to about 25% less value per point.
Redeem points for cash
400 TD point = $1 / 1 TD point = 0.25 cents (0.25%)
Everybody loves cash, but at 400 points per $1, using your TD points to get it isn’t the best idea. If you want to earn cash with TD, it’s better to go with one of TD’s cash back cards. However, if you’re still looking to turn your points into cash, you can–just know that you need a minimum of 10,000 points.
Redeem points for gift cards
Average 1 TD point = 0.25 cents (0.25%)
There’s a wide variety of gift card options on TDRewards.com, usable toward purchases at retailers including Best Buy, Canadian Tire, Foot Locker, Bed Bath & Beyond, and others. That said, the value of your redemption done this way matches what you’d get when using points for cash back so you’re better off using another method.
Redeem points for merchandise
TD points can be used toward a huge variety of merchandise, from exercise equipment to electronics. Points values on these items vary dramatically but generally will hover between 0.2 and 0.35 of a cent per point.
About Aeroplan Rewards points
Aeroplan launched a program overhaul on November 8, 2020, at which time Aeroplan points will be redeemable for flights based on a redemption chart that breaks up the world into four different travel zones: North America, Atlantic, Pacific and South America. You’ll be able to redeem points for flights on Air Canada, plus more than two dozen Star Alliance members, including Singapore Airlines, Austrian Airlines and United.
Points values vary depending on where you’re flying to and how popular the route is, but you can use this calculation:
Value of 1 Aeroplan point = (price of ticket – fees) ÷ Aeroplan points needed to redeem
So, as an example, if a round-trip flight from Toronto to Vancouver has a base fare of $405 and $20 in fees, your formula would look like this:
($405 – $20) ÷ 25,000 TD points = 1.54 cents per 1 Aeroplan point
You can also maximize your points values by adding stopovers, getting baggage fees waived, and so forth.
- TD Aeroplan Visa Infinite Card: This card is ideal for frequent travelers who want to earn Aeroplan points, which can be redeemed for flights and other travel benefits. It offers a generous welcome bonus, accelerated earn rates on Aeroplan purchases, and travel insurance benefits.
- TD Cash Back Visa Infinite Card: This card is designed for those who prefer cash back rewards. It offers cash back on eligible purchases, including groceries, gas, and recurring bills, along with additional benefits such as travel insurance and concierge services.
- TD First Class Travel Visa Infinite Card: This card is geared towards travelers who want to earn points for travel purchases. It offers flexibility in redeeming points for travel expenses, including flights, hotels, and car rentals, and also comes with travel insurance coverage.
- TD Platinum Travel Visa Card: This card is suitable for budget-conscious travelers who still want to earn travel rewards. It offers a lower annual fee compared to other TD travel cards, along with basic travel insurance coverage and the ability to earn points on eligible purchases.
- TD Cash Back Visa Card: This card is a basic cash back card that offers cash back on eligible purchases, including groceries, gas, and recurring bills. It has no annual fee and is a good option for those looking for a simple cash back rewards card.
Please note that credit card offers and benefits can change over time, so it’s important to check the latest terms and conditions from TD or other financial institutions to find the best credit card that suits your needs and financial situation. It’s also advisable to review and compare multiple credit cards from different issuers to make an informed decision.