5 Things to Know About the TD Cash Credit Card

The card earns elevated rewards on categories you choose, but you must live in certain states to apply.
Caitlin Mims
Sara Rathner
By Sara Rathner and  Caitlin Mims 
Edited by Kenley Young

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The TD Cash Credit Card can be a rewarding card no matter how you spend your money. Unlike most rewards cards, it doesn't have set bonus categories. Instead, you get to pick what purchases earn elevated rewards.

TD Bank TD Cash Credit Card Credit Card
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It has a $0 annual fee and offers a solid sign-up bonus: Earn $150 Cash Back when you spend $500 within 90 days after account opening.

If you live in a state where the TD Cash Credit Card is available, then it's an option that rivals the Bank of America® Customized Cash Rewards credit card, another $0-annual-fee product that offers customizable rewards.

Here are five things to know about the TD Cash Credit Card.

1. You must live in certain states to apply

The West Coast isn't the best coast when it comes to the TD Cash Credit Card. To be eligible to apply for the card, you must be a resident of one of the following places:

  • Connecticut.

  • Delaware.

  • Florida.

  • Maine.

  • Maryland.

  • Massachusetts.

  • New Hampshire.

  • New Jersey.

  • New York.

  • North Carolina.

  • Pennsylvania.

  • Rhode Island.

  • South Carolina.

  • Virginia.

  • Vermont.

  • Washington, D.C.

2. You pick your rewards

With the TD Cash Credit Card, you get to pick two categories (from the list below) that will earn elevated rewards — one at 3% cash back, and another at 2% cash back:

  • Dining.

  • Entertainment.

  • Gas.

  • Groceries.

  • Travel.

All other purchases earn 1% cash back.

By default, your initial 3% category will be dining, and your initial 2% category will be grocery stores, but you'll have about a month from account opening to change those if you want to. In fact, you'll be able to change your categories at any point, but it won't take effect until the following quarter.

Customizable rewards like this aren't unique. But compared with the competition, the TD Cash Credit Card does have one major strength: You'll earn unlimited rewards in your chosen spending categories. Most of the card's chief competitors implement spending caps on their customizable rewards.

But if you aren't worried about spending caps, you might be better off choosing a different card that lets you switch your top spending category more frequently.

With the Bank of America® Customized Cash Rewards credit card , you can change your top category once a month, while the Citi Custom Cash℠ Card automatically selects your top rewards category each billing cycle based on where you spent the most money.

3. Redeem for more than cash back

As much as the TD Cash Credit Card focuses on cash back (it's in the card's name, after all), you actually have a variety of choices when redeeming points. In addition to getting cash back in the form of a statement credit or direct deposit into your bank account, you can also redeem points for travel, gift cards and merchandise.

Points are worth 1 cent apiece when you redeem them for cash back, and at least 1 cent apiece when you redeem for travel or gift cards. Point values also vary when you redeem for merchandise. If you opt for cash back, you must redeem a minimum of 2,500 points.

4. There's a decent intro APR offer on balance transfers

Here's how the issuer puts it:Balance transfer offer: 0% introductory APR balance transfers for first 12 billing cycles after account opening. After that, 19.74%, 24.74%, or 29.74% variable APR based on your creditworthiness. You will need to pay a 3% balance transfer fee (minimum $5), but that's on the lower end of typical balance transfer fees, which generally range from 3%-5%.

The TD Cash Credit Card is a solid choice for anyone needing some time to pay down a credit card balance. But if you need an even longer window to attack your balance, a different card might be a better choice. The BankAmericard® credit card has a much longer introductory APR: 0% intro APR on Purchases for 21 billing cycles and 0% intro APR on Balance Transfers for 21 billing cycles for any balance transfers made in the first 60 days, and then the ongoing APR of 15.74%-25.74% Variable APR.

5. It's not the best travel companion

If you need a credit card that can handle international travel, look for two things: worldwide acceptance at overseas merchants, as well as no foreign transaction fees. As a Visa, the TD Cash Credit Card passes the first test. But its 3% foreign transaction fee means it will be expensive to use when you travel internationally.

Capital One, on the other hand, doesn’t charge foreign transaction fees on any card. If you’re a traveler and a foodie who was primarily going to use the TD Cash Card for its dining and grocery reward categories, the $0-annual-fee Capital One SavorOne Cash Rewards Credit Card might be a better option. You’ll earn 3% cash back on dining, purchases at grocery stores, eligible streaming services and entertainment. This card also earns 8% back on Capital One Entertainment purchases, 5% back on hotels and rental cars booked through Capital One Travel, and 1% back on everything else.

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