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Author: Tyler Wade

By Tyler Wade

🗓️

Updated: October 20, 2023

We adhere to strict standards of editorial integrity to help you make decisions with confidence. Please be aware that some (or all) products and services linked in this article are from our sponsors.

We adhere to strict standards of editorial integrity to help you make decisions with confidence. Please be aware this post may contain links to products from our partners. We may receive a commission for products or services you sign up for through partner links.

The TD Emerald Flex Rate Visa* Card is a low-interest credit card tailored for Canadians who prioritize saving on interest. Whether you're a new Canadian or a student trying to build your credit, this card might be a fit. While it boasts a low annual fee and interest rate, it may not be the best for those seeking high rewards or extensive benefits.

NOTE: TD Prime rate, as of this writing, is 7.2%, the best low-interest rate you’ll find on any credit card. However, depending on your credit score, TD adds one of the following six rate tiers: 4.50%, 6.25%, 8.75%, 10.25%, 11.75% or 12.75%. So, an excellent credit score will give you 7.2% + 4.5% or 11.7% APR, but if you have a poor credit score, you may want to look elsewhere (you can see some comparables below). 

Pros and cons

Pros

Pros

  • Low-interest rate based on the TD Prime rate.
  • Purchase security and extended warranty protection.
  • No extra charge for additional cardholders.
Cons

Cons

  • $25 annual fee.
  • Some benefits, like travel insurance, come with additional costs.

Welcome bonus

Currently, the TD Emerald Flex Rate Visa* Card does not offer a welcome bonus.

Earn rate

The card primarily offers a low-interest rate as its main incentive. However, users can earn 50% more Stars at participating Starbucks® stores.

Key benefits

  • Low-interest rate: The card's primary attraction is its variable interest rate based on the TD Prime rate.
  • Travel insurance: Optional benefits like Travel Medical Insurance and Trip Cancellation and Trip Interruption Insurance are available.
  • TD payment plans: Any purchase over $100 can be easily turned into 6, 12, or 18 month payment plans at a fee of 4%, 6% and 8% respectively. 
  • Car rental discounts: Save 10% at Avis and Budget locations in North America and 5% around the world. 

Insurance coverage

The card offers optional Travel Medical Insurance and Trip Cancellation and Trip Interruption Insurance. Specific maximum amounts per category would need to be verified directly with TD.

Extras

While the card primarily focuses on its low-interest rate, users can also enjoy:

  • Save 10% on car rentals with Avis and Budget in Canada.
  • TD Fraud Alerts send a notification to your cell phone for suspicious activities. 
  • Purchase Security and Extended Warranty Protection for items purchased with your card should they be stolen or damaged within 90 days of purchase. 

How the TD Emerald Flex Rate Visa* Compares

When considering the TD Emerald Flex Rate Visa* Card, it's essential to understand its category: low-interest credit cards. Comparing it with other cards in the market ensures you make an informed decision.

TD Emerald Flex Rate Visa* vs. Scotiabank American Express® Platinum Card

The Scotiabank American Express® Platinum card’s annual fee of $399 may throw you off, but its 9.99% low interest rate on purchases, cash advances and balances transfers may draw you back in. Both cards are great for building your credit history, but the Scotia card is beneficial for travellers - you pay no foreign transaction fees, get 10 complimentary airport lounge visits and start earning Scene+ points.

If you’re a higher earner, but new to the credit card game, the Scotiabank Amex Platinum will serve you well. But if your focus is on getting out of debt or you just want to build some credit history, stick with the Emerald Flex Rate Visa*. 

TD Emerald Flex Rate Visa* vs. MBNA True Line® Mastercard

If you’re carrying a balance on another credit card, consider the MBNA True Line® Mastercard which charges 0% interest for 12 months. The fixed low rate of 12.99% may not be as appealing as the variable TD Emerald card, but keep in mind MBNA charges no annual fee. Much like TD Emerald, MBNA also has a payment plan option for purchases over $100, but you don’t get the same security protection and extended warranty. 

TD Emerald Flex Rate Visa* vs. BMO Preferred Rate Mastercard®

The BMO Preferred Rate Mastercard® may be the closest competitor to the TD Emerald. BMO charges a $29 annual fee, only $4 more than the TD card, but its fixed rate low-interest of 13.99% vs. variability of TD Prime+ means you never have to worry about rising interest rates. As of this writing, TD’s prime rate is 7.2%, so a poor credit score may result in a 12.75% interest rate for a total of 19.95% APR. 

Both cards offer extended warranty and purchase protection insurance and fraud alerts to your mobile device. For optional add-ons, you can buy travel insurance with TD and roadside assistance from BMO. 

Money.ca’s Final Verdict

The TD Emerald Flex Rate Visa* Card is a solid choice for those prioritizing a low-interest rate. It's a suitable option for new Canadians, students, or those wary of high fees. However, if rewards or extensive benefits are a priority, other cards would suit you better. 

FAQs

  • Is the TD Emerald Flex Rate Visa* Card good for building credit?

    +

    Yes, like any other credit card, using it responsibly by making timely payments can help in building a credit history.

  • Does the card offer cash back or rewards?

    +

    The primary incentive is its low-interest rate. However, users can earn 50% more Stars at participating Starbucks® stores.

  • Can I add additional cardholders without a fee?

    +

    Yes, you can add additional cardholders to your account without incurring extra charges.

About our author

Tyler Wade
Tyler Wade, Content strategist & writer
More from this author

Tyler Wade has worked in personal finance for over 5 years writing for brands like Ratehub, Forbes, KOHO, and now Money.ca. He was the host and producer of the Real Money Talk podcast. He's the father of two, husband to one, and loves all things tiny.

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