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Author: Money.ca

By Money.ca

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 Rewards Visa* Card makes it easy to earn TD Rewards Points when spending money on groceries and at restaurants, and particularly boosts rewards for booking travel through Expedia® For TD. With no annual fee or minimum income requirement, the card is basic and accessible, but leaves a bit to be desired in the value of its rewards points and its overall rate of return on spending.

Pros and cons of the TD Rewards Visa* card

Pros

Pros

  • Wide range of point redemption paths/options, including travel†, Amazon.ca†, online retailers†, merchandise†, gift cards†, card statement credits†, etc.
  • Good rate of return on spending and redeeming via the travel platform Expedia® For TD†
  • Decent value for those that have a high volume of recurring bills
Cons

Cons

  • Point redemption values are moderate to poor
  • Low spending limits for earning extra points on groceries and restaurants
  • High credit score requirement

Limited time offer

New cardholders can earn a value of $65† in TD Rewards Points† to use on eligible Amazon.ca purchases plus, no Annual Fee. Conditions Apply.  Account must be approved by January 3, 2024.

Plus, get a free 6 month† Uber One membership (that's $60 in value†)!

How to earn points

The TD Rewards Visa* Card’s four-tier rewards structure is generally favourable to the average consumer, but limiting in some ways. Its standout feature is an earn rate of 4 TD Rewards Points per $1 spent through Expedia® For TD†, for which there is no maximum annual spending cap or maximum amount of points that can be earned. Grocery and restaurant earn 3 points per $1 spent†. Earn 2 TD Rewards Points for every $1 you spend on regularly recurring bill payments set up on your Account†, and 1 TD Rewards Point for every $1 you spend on other Purchases made using your Card†. An annual spend cap on the accelerated earn rates applies†.

Expedia fans take note: The card has something of a hidden weakness in its earn rate for Expedia® For TD purchases. Travel booked directly on ExpediaForTD.com earns 4 Rewards points per $1†, but booking the same travel itinerary you see on ExpediaForTD.com over the phone may reduce the rate. Buried in the fine print, it might be an unfortunate surprise for those who prefer booking with a customer service rep, and would be a major bummer in the event that the ExpediaForTD.com site is not functioning well and bookings are necessitated by phone.

How to redeem points

Per our Loyalty Program Bible TD Rewards Points get their highest value when redeemed for travel on ExpediaForTD.com ($0.005 per point); points redeemed against independently booked travel get $0.004–$0.005 per point, depending on how large the redemption is. Other redemption paths are less valuable:

  • Redeeming for cash credit against a card statement gets $0.0025–$0.005 per point
  • Amazon.ca’s Shop with Points program gets $0.0033 per point
  • Merchandise and gift cards generally get around $0.0025 per point or so

That said, the TD Rewards program does have a few bright spots worth noting: Your TD Rewards Points will never expire as long as you are a cardholder (even an inactive one), and points can be applied to a travel booking’s taxes and fees, which can take up a major chunk of an itinerary’s total price.

Rates and fees

Interest rates

Interest rates for the TD Rewards Visa* Card are fairly standard, with a 19.99% regular purchase APR; 22.99% balance transfer APR; and a 22.99% cash advance APR.

Fees

  • Annual fee: $0 for both primary and additional cardholders†
  • Cash advance fee: 1% of the amount of the transaction (minimum fee of $3.50 up to a maximum fee of $10.00) (in Canada) or $5.00 (outside Canada), plus $3.00 at a PLUS* network ATM. (Fee does not apply to a Balance Transfer or TD Visa Cheque)
  • Foreign transaction fee: 2.5%
  • Dishonoured payment fee: $48
  • Over credit limit fee: $29
  • Balance transfer/cheque fee: 3% of the amount of each balance transfer or TD Visa Cheque

Who Is eligible for the card?

In order to be eligible for the TD Rewards Visa* Card you have to be a Canadian resident and at least the age of majority in your province or territory. There’s no minimum income requirement, but your credit score should be in the good to excellent range.

How to get the TD Rewards Visa* card

You can apply for the TD Rewards Visa* Card online via this link. You’ll need to provide basic personal information like your name, address, occupation, income, etc.

Apply for the TD Rewards Visa* card

How does it compare?

Before applying for the TD Rewards Visa* Card we recommend comparing it to other no annual fee rewards cards to make sure you’re getting the optimal purchasing power for your needs. Here’s a look at the card compared side by side with two competitors:

Category TD Rewards Visa* Card MBNA Rewards Platinum Plus® Mastercard®
Annual fee $0 $0
Recommended credit Good–Excellent Fair–Good
Welcome offer Earn a value of $65† in TD Rewards Points† to use on eligible Amazon.ca purchases plus, no Annual Fee. Conditions Apply. Account must be approved by January 3, 2024. Up to 10,000 MBNA Rewards points†† + 4 points†† per $1 spent on groceries, restaurants, digital media, household utilities, and membership
Regular earn rates Earn 4 TD Rewards Points for every $1 you spend when you book travel through Expedia® For TD†, 3 TD Rewards Points for every $1 you spend on Groceries and Restaurants†, 2 TD Rewards Points for every $1 you spend on regularly recurring bill payments set up on your Account, and 1 TD Rewards Point for every $1 you spend on other Purchases made using your Card†. 2 points‡ per $1 spent on groceries, restaurants, digital media, memberships, and household utilities; 1 point‡ per $1 spent on everything else
Sample point values $0.005 per point redeemed on ExpediaForTD.com; $0.0025–$0.005 per point when redeemed for statement credit $0.01 per point redeemed via MBNA's Travel Portal; approx. $0.01 per point for gift cards; $0.005 per point for statement credit

The MBNA Rewards Platinum Plus® Mastercard®* is consistently ranked as one of Canada’s best credit cards with no annual fee, and competes pound for pound with Canada’s best rewards cards overall. For most cardholders its welcome offer and point redemption values will be more appealing than the offerings from the TD Rewards Visa* Card. It also appears to be the more accessible of the two, as MBNA recommends only a Fair–Good credit score from Rewards Platinum Plus® Mastercard® applicants whereas TD recommends a Good–Excellent score from those applying for the TD Rewards Visa* Card, which seems a bit excessive for an entry level credit card.

‡, ††, ✪, ***, Terms and Conditions apply

MBNA Rewards Platinum Plus® Mastercard® offer is not available for residents of Quebec. For residents of Quebec, please click here.

Sponsored advertising. MBNA is a division of The Toronto-Dominion Bank (TD) and TD is not responsible for the contents of this site including any editorials or reviews that may appear on this site. For complete information on this MBNA credit card, please click on the “Apply Now” button.

The Toronto-Dominion Bank is the issuer of this credit card. MBNA is a division of The Toronto-Dominion Bank. ®MBNA and other-trademarks are the property of The Toronto-Dominion Bank.

Our verdict

Canadians who already book through Expedia—one of the major online travel booking hubs—are obvious candidates for the TD Rewards Visa* Card, as are those who have past history as TD clients and are looking for a familiar card issuer that they trust. The TD Rewards Visa* Card’s lack of an income requirement and annual fee make it a suitable beginner’s rewards card, though there are other cards out there that may pack more punch in the number of points to be earned and the value of those points come redemption.

†Terms and conditions apply.

About our author

Money.ca
Money.ca, Money.ca Editorial Team
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