TD Cash Credit Card Reviews - What Is It?
DO NOT USE TD Cash Credit Card!!! You Must Read This Review!
Fully Researched: Price, User Feedback and More!
Before discussing the TD Cash Credit Card, it is important to mention its creator, TD Bank. This financial institution is based in New Jersey but it has not become as popular as Wells Fargo, Bank of America, or Chase. Yet TD Bank claims to belong to top-10 of banks in the USA. If you are reading this review, you have probably received a letter in the mail from this bank offering their Cash Credit Card. Or you might have heard about this new card via an ad online. Well, this is a cash-rewards card that comes with a 2% bonus on restaurant purchases. We have done some research on the benefits, rewards, fees and rates as well as what other experts and consumers are saying about it. Let's read through these issues card. This is a great method to figure out whether the card is suitable for you or not, since it is very important to find the card that best fits your needs and spending habits. First of all, let's take a look at the TD Cash Credit Card's rewards.
As it was already mentioned, this is a cash-back rewards card, which means that every time you use it to make a purchase, TD Bank makes a deposit into your rewards account based on the amount of money you spend. You will be given a bonus of 2% on any dining-out purchases and 1% on all other types of purchases, except for fees you might pay on your credit card or cash-based purchases like gambling deposits, traveler's checks, or the purchase of casino chips. What you will earn every year depends greatly on how you spend your money. For instance, the Bureau of Labor Statistics claims that the average American family spends about $3,154 on eating out each year, which is about $262 per month. Spending this money will allow you to earn $63 in cash per year. But if you spend less than $100 per month, the rewards will drop below $30 per year. For this reason, many cardholders start arguing that they aren't taking much advantage of the card's bonus. If you belong to the category of people who don't eat out that much you should probably refuse from using the TD Cash Credit Card.
Customer Reviews - Does TD Cash Credit Card Really Work?
We have talked about the chance to earn money when eating out with this card. It's not bad that spending $400 per month can allow you to earn about $100 a year in cash back. These dining bonuses are said to be just the sideshow because you can earn the most cash on the 1% on your "everything else" purchases. If you spend about $20,000 in addition to eating out, you will get $200 cash back. This number will reach $250 at $25K. According to the company's statistics, the average American household can earn about $263 per year with this card. However, these yearly rewards are below average when compared to other credit cards. For instance, the Chase Freedom Unlimited could bring you nearly $400 a year if you spend $23,000 because this card has a 1.5% rewards rate. The Citi Double Cash can bring you a total of 2% rewards, which is $463 of cash back per year if you spend $23,000. Your cash back can be redeemed for straight-up cash, or used in TD Bank's online shopping portal to buy gift certificates, book travel, or purchase merchandise.
The TD Cash Credit Card provides you with $150 bonus for spending $500 in the first three months of owning the card. Add that total to the $263 and you can expect to get $413 in rewards within the first year. Unfortunately, this is a one-time bonus, so you won't get it within the second year of owning the card. By the way, the $150 bonus is standard among cash-back cards, such as the Bank of America Cash Rewards and Freedom Unlimited. Some cards offer higher bonuses. For example, the Capital One Quicksilver offers a $200 bonus if you spend $1,000 in the first ninety days. What is good about the TD Cash Credit Card is that it offers zero liability on fraudulent charges, so you won't need to pay a fine if someone uses your card to buy anything. Another benefit is the Visa Signature program, which is available for those only whose approved credit limit is over $5,000. But in the TD Cash card's fine print it is not specified which kind of benefits you will get with this program.
As a matter of fact, consumer and expert opinions about the TD Cash Credit Card on third-party websites are very limited. The experts had a common opinion that this is an average credit card with a lower-than-average cash-back rewards rate. Consumer opinions are not as positive, though. There are complaints about the dishonest company's policy and unhelpful customer service. Some people complain that they were not able to use their rewards for no considerable reason. Let us take a look at some of the real customer reviews available online.
"I have been fighting a dispute with the company behind the TD Cash Credit Card for six months already. They told me that an investigator would contact me but he never did. I have a car rental location in Italy that falsified the documents. After my account was closed I have made several charges. I have never seen such terrible customer service. I have been on hold for half an hour; they are just wasting my time. Do not apply for this card ever!"
"I applied for and got the TD Cash CreditCard with the special offer of $200 back after spending $500. So, I immediately activated it and called the customer service to check whether everything was fine. As a result, I was on hold for almost an hour. I called them again two times and was on hold for a while again. So, I gave up and decided to google "TD Visa Customer complaints". I encountered many complaints that their clients always have to wait from 30 to 90 minutes to reach any of the company's reps. No, thanks. I will not use tis card, I will continue using my Chase Visa."
"The company behind the TDCash Credit Card must have changed their terms. I application for it and was said that there is a 3% balance transfer fee. Separate attention should paid to extremely awful customer service of the company. I constantly have difficulties with getting anyone on the line. I am going to cancel the card. If I have a questions, I need to be sure that I can reach my card company without any problems. I don't have so much time as to waste it on these lazy staff!"
My Final Summary
Summing everything up, it is difficult to say that the TD Cash Credit Card is a worthy choice. It has a lot of drawbacks, the major of which is poor customer service. The cardholders are just unable to reach any of the company's representatives. Some of them report being on hold for more than an hour. It's just ridiculous! None of the rewards offered by the card are worth your nerves. Based on our research, another great weakness of the TD Cash Credit Card is its cash-back rates. The modern market offer many other cards with more lucrative rewards for daily spending. Some customers confess that they did not manage to use their rewards because their card was blocked for no reason. The only category of people who may benefit from this card is someone who spends a lot of money on eating out and making different kinds of purchases with this card. Taking into account all pros and cons of the TD Cash Credit Card, it is difficult to recommend it to usage.
TD Cash Credit Card Pricing and Rates
This credit card does not have rewards only but also some fees. The fees are meant to bring money to the credit card issuer. Here is a list of the rates and fees you will face when using this card. Purchase and balance transfer APR is 13.99%, 18.99% or 23.99%. There is no annual fee or foreign transaction fee. Cash advance APR is 24.24%. Balance transfer fee is $10 or 4% (which is greater). Late payment fee may reach $35. It has to be noted that the APR on this card is standard.