Thursday, April 2, 2020

TD Cash Back Visa Infinite* Card - No annual fee in the first year & 6% back on all purchases for the first three months (up to $2,000)

A new limited time offer came out sometime ago for the TD Cash Back Visa Infinite* Card that we missed covering here on the RC blog.  It sees a promotional cash back rate of 6% back on all purchases made in the first three months up to $2,000. That means if you spend that 2K you'll get $120 back and they are offering a first year annual fee waiver on the card which means that $120 comes to you at no cost. If you have a TD All Inclusive account the annual fee and first additional card fee are waived for as long as you have the account. The card has seen up to 10% back with no annual fee before so this isn't the best offer we've seen on the card but it's still a pretty good one consider the earnings.

Once you hit the $2,000 in spending or three months of having the card the earn rate returns to standard 3% back on eligible grocery purchases and gas purchases, and on regularly recurring bill payments set up on your Account (up to $15,000 in spend annually) and 1% on all other purchases. You must apply for the card by December 5, 2021 to take advantage of this offer.  The accelerator categories are key with today's Coronavirus situation - these are all categories where many of us still have to spend our hard earned money at so keep this in mind.

The good thing with this particular cash back card is that you can request to cash out anytime your balance hits $25 in cash back rewards. Compare this to this card's main competitors like the American Express SimpyCash Preferred, the Scotia Momentum Visa Infinite Card and the CIBC Dividend® Visa Infinite* Card which only allow you cash back access once per year so this card has them beat in that regard. In our current market situation this is something you should take into consideration if you are looking at getting a new cash back card. For example the Scotia Momenutm Visa Infinite Card is offering 10% back ($200) and first year annual fee waived with 4% on groceries and recurring bill payments but you only have access to your cash back once a year in November. That's the trade off - earn a little less cash back but have easier access to it or earn a little bit more but have to wait for it. Right now many Canadians are in a precarious cash flow situation and if I were in that situation I would go for the card that provides easier access to the cash back. We covered this extensively in our new feature released earlier this week that looks at how easy it is (or isn't) to access cash back rewards from a whole bunch of Canadian credit cards.  Read the feature here

The card details below show the latest offers on this card and may not be representative of the discussion above:

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