TD Cash Back Visa Card review - MoneySense (2023)

FAQs

What credit score is needed for TD visa? ›

You need a credit score of at least 750 for most TD Bank credit cards. That means applicants for TD Bank credit cards need excellent credit to be approved.

The easiest credit card to get from TD Bank is the TD Cash Secured Credit Card, which is available to applicants with bad credit. Depending on your credit score, you may be able to qualify for other TD Bank credit cards, too.

Income requirements

A minimum annual income of $60,000 for an individual or $100,000 for a household is required to qualify for the TD Cash Back Visa Infinite.

Once the $5,000 Cap has been reached, then any further Pre-Authorized Payments made on the Account will only earn Cash Back Dollars at the standard rebate of 0.5% that applies to all other Purchases on the Account as set out your Cardholder Agreement ("Standard Rebate").

Typically, an application will take 2 business days to process, plus an additional 7-10 business days to have the card directly mailed to your residence.

TD Bank credit limits are $300 to $5,000, at a minimum, depending on the card. The TD Bank credit card with the highest starting credit limit is the TD First Class Credit Card, which is also rumored to offer limits as high as $18,000 to people with a lot of income.

Centurion® Card from American Express

Why it's one of the hardest credit cards to get: The hardest credit card to get is the American Express Centurion Card. Known simply as the “Black Card,” you need an invitation to get Amex Centurion.

Your credit card cash advance limit will typically be lower than your credit limit, with a typical limit falling between 20% to 50% of your total spending limit. For example, if you have a $5,000 credit limit on your card, your cash advance limit will likely be less than $2,500.

With a TD Cash Back Credit Card, you earn Cash Back Dollars on all your purchases. You can redeem these Cash Back Dollars against your account balance or however you want and any time you want (minimum $25). Your Cash Back Dollars never expire as long as your account is open and in good standing.

What does cash back visa mean? ›

Cashback credit cards offer you the chance to earn cash from the money you spend, by paying you back a percentage of what you spend or giving you reward points. They only make sense if you pay off the balance in full each month and never go over your limit. Otherwise, the interest you pay will outweigh the rewards.

It's generally recommended that you have two to three credit card accounts at a time, in addition to other types of credit. Remember that your total available credit and your debt to credit ratio can impact your credit scores. If you have more than three credit cards, it may be hard to keep track of monthly payments.

Your TD Access Card is accepted in the U.S. and in 200 countries worldwide where Visa is accepted¹.

The TD Cash Back Visa Infinite* Card comes with an annual fee of $139^†, although with the current welcome promotion the first year's annual fee is rebated for the primary and additional cardholders^†. Must apply online by September 5, 2023.

TD Bank credit card approval odds are best for people with a good or excellent credit score of 700+, an annual income of $50,000+, and relatively little debt. Applicants will also need to be 18+ years old with a U.S. mailing address and an SSN to get a TD Bank credit card.

Minimum credit limit is the minimum amount that the bank can approve you for, depending on some factors (e.g. credit score, ability to pay, etc.). It isn't the required amount of debt needed. Hope this has helped!

A good credit limit is above $30,000, as that is the average credit card limit, according to Experian. To get a credit limit this high, you typically need an excellent credit score, a high income and little to no existing debt.

Is 25k a good credit limit? ›

Yes, a $25,000 credit limit is good, as it is above the national average. The average credit card limit overall is around $13,000, and people who have higher limits than that typically have good to excellent credit, a high income and little to no existing debt.

There is no minimum credit score needed for a credit card. Even borrowers with poor credit (a score of 300) or no credit card at all can qualify for some credit cards. However, options for bad-credit borrowers are limited and usually come with a high annual percentage rate (APR) and fees.

Most Widely Accepted in the U.S.: Visa and Mastercard are both accepted at almost 11 million U.S. merchant locations. Least Widely Accepted Internationally: American Express (160+ countries and territories); Discover (200+). Least Widely Accepted in the U.S.: American Express and Discover (10.6 million locations).

The rarest credit card in the world is likely the Centurion® Card from American Express, also known as the “Black Card.” This card is available by invitation only, and you will reportedly need to spend at least $250,000 per year on other Amex credit cards and have an income of $1 million+ to get it.

A credit card limit is the total amount of money you can charge to a credit card. If your credit card has a limit of $5,000, for example, it means you can carry a balance of up to $5,000 on your credit card.

TD Bank will automatically increase your credit limit no more than once every six to 12 months. If you'd rather not wait around for an automatic credit limit increase, TD Bank also offers the option to request an increase yourself. You can do this every as often as you want.

Keep your account open/active for at least six months: TD Bank and most other providers require you to have your account for six months before they'll consider a credit limit increase request. Some providers may increase your credit limit automatically after six months based on your credit history.

In a real-life budget, the 30% rule works like this: If you have a card with a $1,000 credit limit, it's best not to have more than a $300 balance at any time. One way to keep the balance below this threshold is to make smaller payments throughout the month.

A $1,000 credit limit is good if you have fair to good credit, as it is well above the lowest limits on the market but still far below the highest. The average credit card limit overall is around $13,000. You typically need good or excellent credit, a high income and little to no existing debt to get a limit that high.

If you have a $5,000 credit limit and spend $1,000 on your credit card each month, that's a utilization rate of 20%. Experts generally recommend keeping your utilization rate under 30%, ideally closer to 10% if you can.

How do I pay my TD cash back visa? ›

Cash cards and debit cards at a glance

In short, a cash card can only be used to make cash withdrawals from your account at an ATM. In contrast, a debit card, also known as a bank card, is a payment card that can be used to withdraw cash at an ATM or when you need to pay directly for items in-store or online.

To cancel a TD Bank credit card, call customer service at 1 (888) 561-8861 and ask a customer service rep to cancel your card account. Cardholders can also cancel an account in person at a TD Bank branch, or by mail.

There are a few drawbacks to a cash-back rewards card, including a higher-than-usual APR, having to wait to access your cash-back funds, and a cap on how much you can earn each year. Also, when it comes to travel rewards such as airline miles, sometimes the miles are worth more than the cash.

Cash back rewards cards are worth it because they can help you save money as long as you pay off your balance each month. It is also worth noting that the best cash back credit cards with the highest rewards rates and signup bonuses sometimes have annual fees.

No, cash back is not free money. You need to make a purchase with your card to earn cash back. Cash-back rates typically range from 1% to 5%, so you will still be paying for the majority of your purchase out of pocket.

No monthly fee if you maintain $4000 or more in your account at the end of each day of the month. Access to your money at any ATM in Canada with no TD ATM fee. Keep track of your money online or on mobile by using EasyWeb, TD app or the TD MySpend app.

TD Bank, America's Most Convenient Bank, is a member of TD Bank Group and a subsidiary of The Toronto-Dominion Bank of Toronto, Canada, a top 10 financial services company in North America.

The key is to keep your balance at or below 30 percent of your credit limit to help improve and maintain a good credit score, which means having no balance at all is even more helpful. Always try to pay off your credit card in full when possible.

Does cancelling a card hurt credit? ›

Credit experts advise against closing credit cards, even when you're not using them, for good reason. “Canceling a credit card has the potential to reduce your score, not increase it,” says Beverly Harzog, credit card expert and consumer finance analyst for U.S. News & World Report.

There's no such thing as a bad number of credit cards to have, but having more cards than you can successfully manage may do more harm than good. On the positive side, having different cards can prevent you from overspending on a single card—and help you save money, earn rewards, and lower your credit utilization.

With the TD Cash Back Visa Card, earn 1% in cash back dollars on eligible gas purchases and grocery purchases. Set up regularly recurring bill payments on your accounts, such as phone bills, and earn 1% in cash back dollars. Plus, you earn 0.5% in cash back dollars on every other purchase made with your card.

Earn 0.5% in Cash Back Dollars ("Standard Rebate") on each $1.00 for all other Purchases ("Other Purchases") charged to your TD Cash Back Credit Card Account ("Account"). Any returned items, refunds, rebates or other similar credits will reduce or cancel the Cash Back Dollars earned on the original Purchase.

Income requirements

A minimum annual income of $60,000 for an individual or $100,000 for a household is required to qualify for the TD Cash Back Visa Infinite.

Is the TD Aeroplan Visa Infinite Card worth it? It could be — but it all comes down to your spending habits. If one Aeroplan point has an average value of 1.69 cents, you'd need to earn 8,225 Aeroplan points to recoup the card's annual fee of $139.

A single purchase transaction using your TD Credit Card cannot exceed $250*. Some merchants may have set a lower tap limit (often $100). In the cases where your purchase is above $250 or above the merchant's tap limit, you will be asked to insert your card and enter your PIN in order to authorize the purchase.

What is the credit limit on Visa Infinite? There is no set credit limit on Visa Infinite credit cards. Card issuers assign credit limits to cardholders based on their creditworthiness and other factors.

A credit card may decline for many reasons, such as: You have reached your credit limit. There are pending transactions that have lowered your available credit but have not been applied to the card balance. Payment has not yet been posted to the balance.

TD Canada Trust uses Equifax when pulling your credit report.

Does TD have Transunion credit score? ›

How TD clients can get their free credit score. TD Bank doesn't offer you a free credit score. On their website, they explain how you can access and view your credit history. They have the contact information for the main credit bureaus in Canada, Equifax and Transunion.

Goldman Sachs is generally regarded as the leading investment bank in most business areas, and is the toughest Bulge Bracket investment bank to break into.

TD Bank only uses a soft pull of your credit, which does not affect your score, to pre-qualify potential borrowers, and your odds of approval are very high if you get pre-qualified.

Does Getting Denied for a Credit Card Hurt Your Credit Score? By itself, a denied credit card application won't have any impact on your credit scores. However, every time you apply for any type of new credit, it results in a hard inquiry on your credit report.

Being denied for a credit card doesn't hurt your credit score. But the hard inquiry from submitting an application can cause your score to decrease. Submitting a credit card application and receiving notice that you're denied is a disappointment, especially if your credit score drops after applying.

Your credit card application may have been denied because you have bad credit. Unpaid collections, recent delinquencies, and high credit card balances are all things that need to be fixed before you can be approved for a credit card (or a decent one at least).

A perfect credit score of 850 is hard to get, but an excellent credit score is more achievable. If you want to get the best credit cards, mortgages and competitive loan rates — which can save you money over time — excellent credit can help you qualify. "Excellent" is the highest tier of credit scores you can have.

The average credit limit for those with a 700 credit score is right around $4,500. However, if you were to pull out a 700 credit score personal loan, you should be able to access more money than you would with just a credit card.

Although ranges vary depending on the credit scoring model, generally credit scores from 580 to 669 are considered fair; 670 to 739 are considered good; 740 to 799 are considered very good; and 800 and up are considered excellent.

What is the lowest TransUnion credit score? ›

The score you see provided by TransUnion is based on the VantageScore® 3.0 model. FICO and VantageScore credit scores range from 300 – 850.

In short, FICO is more transparent than the three credit bureaus and, most times, the least costly for all parties involved. However, reports from the three credit bureaus are vital to monitor your progress on your journey to that ideal credit score so that you can get the best loan rates and credit cards.

A very poor credit score is in the range of 300 – 600, with 601 – 660 considered to be poor. A score of 661 – 720 is fair. And an excellent score is in the range of 781 – 850.