To put it mildly, in the past TD’s cash back credit cards were underwhelming and left a lot to be desired.

If you didn’t know the details of them don’t worry, I didn’t look into them until I started banking with TD. But in June 2017 that all changed…

TD replaced the Gold Elite Visa (1% cash back, deluxe TD Auto Club and $99 fee) and Cash Back MasterCard (0.75% cash back) with two new cards:

  • the Cash Back Visa Infinite, and
  • Cash Back Visa.

How do these cards compare to the competition? Does TD now possess a worthy line of cash back cards?

Let’s go over the details and put them to the test and compare them to see how they stack up.

TD Cash Back Visa Infinite

The details

TD’s cash back rewards are centred on your everyday basic spending items: gas, groceries and recurring bills. This card gives you the following on your spending:

  • 3% cash back on gas, groceries and recurring bills (up to a maximum of 15,000 yearly spend for each category), and
  • 1% cash back on all other purchases (including any overage on the yearly spend for the 3% categories).

The card comes with an annual fee of $120 and has the typical income requirements of a Visa Infinite card: 60,000 personal or 100,000 household.

TD will also require you to be able to get a credit limit of $5,000. If you are a TD all-inclusive banking client, this is one of the cards that qualifies for an annual fee waiver.

The following insurance coverage comes with the card:

  • Travel Medical insurance (up to $ 2,000,000)
  • Delayed and lost baggage insurance (up to $1,000)
  • Auto Rental collision/loss damage insurance

As a bonus, with this card you also get a complimentary Deluxe TD Auto Club Membership. The coverage is comparable to a CAA plus membership which can be purchased for $120.50 per year plus applicable sales taxes (for the purposes of this review, we will assume sales tax is 13%, making it worth $136.17).

Depending on your situation, this can be a substantial savings every year if you can ditch your current CAA membership.

The card also comes with the following welcome bonus (only available until December 3, 2017):

  • No annual fee for the first year
  • 6% cash back on gas, grocery and recurring bills (up to $3,500 in total spend for all three categories)

You will also get the usual Visa Infinite benefits:

  • concierge,
  • luxury hotel collection, and
  • food and wine experiences.

Car rental discounts with AVIS and Budget are available for rentals in Canada (minimum 10% off) and the United States (5% off).

Redeeming your cash back

Unlike most cash back cards where you only receive a statement credit once a year (and not on a month of your choosing), this card allows you to redeem for a statement credit whenever you like, as long as you have accumulated a minimum of $25.

You can also redeem your cash back on the TD rewards site…

No matter which way you choose to redeem, it’s always nice to see a card let you decide when to redeem your cash back.

Comparison

The card that compares best is the Scotiabank Momentum Visa Infinite. (I won’t get into the details but a fellow power reviewer has already done so here.)

We’ll start by looking at the default spending on creditcardGenius (note that the spend total is monthly but annual rewards are shown). These numbers do not include any welcome bonuses:

Category Monthly Spend TD Cash Back Visa Infinite Scotiabank Momentum Visa Infinite
Annual Earn Rate Annual Cash Back Annual Earn Rate Annual Cash Back
Gas & groceries $550 3% $198 4% $264
Recurring bills $300 3% $108 2% $72
Drugstore $100 1% $12 2% $24
Others $1,050 1% $126 1% $126
Annual fee -$120 -$99
Total rewards $324 $387

As we can see in this table, the Scotiabank card come out ahead with $53 more cash back every year.

Let’s add some more the gas/grocery and recurring bills (while keeping the monthly spend to $2,000) and see what happens:

Category Monthly Spend TD Cash Back Visa Infinite Scotiabank Momentum Visa Infinite
Annual Earn Rate Annual Cash Back Annual Earn Rate Annual Cash Back
Gas & groceries $800 3% $288 4% $384
Recurring bills $400 3% $144 2% $96
Drugstore $100 1% $12 2% $24
Others $700 1% $84 1% $84
Annual fee -$120 -$99
Total rewards $408 $489

With this change in spend the Scotiabank card comes out even farther ahead, from $63 to $81 dollars.

Verdict

Strictly based on spending, the Scotiabank Momentum Card comes out ahead.

But is it the better card for rewards?

It all depends on how much value you find in the TD auto club membership (value of $136.17) – and/or if you are a TD all-inclusive banking client.

If the auto club is something you can take advantage of, then the TD card comes out ahead in rewards by $73.17 and $55.17 respectively. And of course if you can get the annual fee waived every year your rewards are much better (something not offered by Scotiabank, as they do not offer a banking package that includes a credit card annual fee waiver).

The TD card also comes with a welcome bonus and first year annual fee waiver, something the Scotiabank card does not do either other than occasionally waiving the annual fee for promotions.

As of November 1st, the Scotia Momentum Visa Infinite is giving new cardholders 5% cash back for the first 3 months (up to $150 earned).
Get the best credit card offers for a limited-time.

We don’t know if TD will make the welcome bonus permanent or make it available on occasion but this only adds to your potential year one rewards. I don’t base which credit cards I apply for based on a welcome bonus, but they can break ties for which one to get.

Having said all that, I think that every spending and potential rewards situation is different for credit cards – and I hope this review demonstrates that.

We have two great cards and one is not necessarily better than the other. It all depends on your own personal situation.

I know for me I can take advantage of the TD auto club and will be able to ditch my CAA membership when it comes up for renewal. Also, being a TD all-inclusive client sweetens the deal making this card the best cash back for my spending.

Now we’ll move on and quickly go over TD’s other new cash back card.

TD Cash Back Visa

This card is TD’s basic, no fee cash back credit card. Here is what you will get for your spending:

  • 1% on gas, groceries and recurring bills
  • 0.5% on everything else

Without getting into any numbers, you could do better.

You should be able to get a minimum of 1% cash back on all of your spend.

A few of these credit cards are:

Final Word

So after all that, does TD have a worthy cash back card line?

TD has obviously upped its game in the cash back card wars.

The Visa Infinite version could be your best cash back choice if the Auto Club has value to you or you can get the annual fee waived. While its no fee version has room for improvement, and leaves something to be desired.

Having said that, it’s great to see some new options for cash back cards from TD and give consumers some better choices than what has been offered in the past.