TD Rewards Visa Review: Point Value, Spending Caps, Comparisons
Nerdy Verdict
Best for:
People who want a no-fee Visa that earns points on groceries, dining, transit and recurring bills, and are happy to redeem through Expedia For TD.
Not ideal for:
Frequent travellers or higher spenders who want stronger travel benefits, higher-value rewards or roomier spending caps.
Why we like it:
It’s a decent no-fee starter card, but not a travel card in disguise: its best everyday earn rate is 1.5%, and points are most valuable through Expedia For TD.
The TD Rewards Visa is the starter card in the TD Rewards lineup. There’s no annual fee or income requirements, and there are recognizable bonus categories that match up with most people’s spending habits.
Though the number of points you’ll earn looks high, the value of the points (half a cent each) effectively cuts your earn rate in half. If you want more points and tangible travel benefits, and feel you will exceed the annual spending caps of $5,000, you may want to look into the TD First Class Travel Visa Infinite instead.
All that being said, this isn’t a bad first credit card, and you will get some value out of it for no annual fee.
View details
Points for every $1 you spend when you book travel through Expedia® For TD†.
Points for every $1 you spend on Groceries, Dining, and Public Transit†.
Points for every $1 you spend on Recurring Bill Payments and Streaming, Digital Gaming & Media†.
Points for every $1 you spend on other Purchases made using your Card†.
With earn rates of up to 4x TD Rewards Points and flexibility in how points can be redeemed, this card provides a respectable amount of value for a card with no annual fee. Just don’t expect extras like travel perks or insurance. Best for: Expedia aficionados on a budget.
Pros
- No annual fee.
- Earns points on a variety of everyday spending categories.
- Discounts of at least 5%-10% on Avis and Budget rentals.
Cons
- Highest earn rate restricted to Expedia travel bookings.
- Earn a value of $50† in TD Rewards Points† to use on eligible Amazon.ca purchases plus, no Annual Fee. Conditions Apply.
- Offer may be changed, withdrawn, or extended at any time and cannot be combined with any other offer unless otherwise indicated.
- Earn 4 TD Rewards Points for every $1 you spend when you book travel through Expedia® For TD†.
- Earn 3 TD Rewards Points for every $1 you spend on Groceries, Dining, and Public Transit†.
- Earn 2 TD Rewards Points for every $1 you spend on Recurring Bill Payments and Streaming, Digital Gaming & Media†.
- Earn 1 TD Rewards Points for every $1 you spend on other Purchases made using your Card†.
- Link your eligible Card to earn 50% more TD Rewards Points plus more Starbucks Stars. Redeem points for even more Stars. Conditions apply.
- Your Points are worth more when you redeem through Expedia For TD: Search over a million flights, hotels, packages and more! When you’re ready to book, you can redeem† your TD Rewards Points towards your travel purchase right away.
- Or Book Any Way†: You can also choose to book your trip through any other travel agency or website. This gives you the flexibility to use your TD Rewards Points towards all kinds of travel expenses – including excursions and taxes – within 90 days of your purchase.
- No travel blackouts†, no seat restrictions† and no expiry† for your TD Rewards Points as long as your account is open and in good standing.
- Shop online through TDRewards.com Redeem your TD Rewards Points for great deals on a wide selection of merchandise and gift card.
- Redeem your TD Rewards Points towards making purchases at Amazon.ca with Amazon Shop with Points. Conditions apply.
- Pay With Rewards: Redeem TD Rewards Points to help pay down your credit card balance.
- Cardholders must be Canadian residents of the age of majority in their province/territory of residence.
- †Terms and conditions apply.
- This offer is not available for residents of Quebec.
- The Toronto-Dominion Bank (TD) is not responsible for the contents of this site including any editorials or reviews that may appear on this site. For complete and current information on any TD product, please click the Apply Now button.
1. What your TD Rewards points are actually worth
TD Rewards points are valued up to 0.5 cents each. This brings the earn rates back down to Earth considering the high numbers.
This means that the welcome bonus of 15,152 points is worth around $75 at most.
Funny thing is that TD mentions the points are worth an even $50 on Amazon, which is worth even less. At that rate, you’re only getting 0.33 cents per point.
Next, consider the earn rate chart:
4x on travel booked through Expedia For TD
3x on groceries, dining and public transit
2x on recurring bills, streaming, digital gaming and media
1x on everything else
The maximum earn rate of 4 points per dollar spent on Expedia For TD bookings is only 2%. Because you’re unlikely to be spending all of your waking hours booking flights, the more common categories that you’ll earn points on will only net you 1.5% or 1% at best. Anything else you buy will only result in a basement rate of 0.5%.
2. How the TD Rewards Visa compares with the TD First Class Travel Visa Infinite
Overall, the TD First Class Travel Visa Infinite is a better card, especially if you travel annually. If you don’t travel and don’t want to pay an annual fee, then the TD Rewards card can make sense.
Small note: There is an annual spending cap on the 3x and 2x categories of $5,000 each. If you spend more than that, it’d be best to get the First Class card instead, where the limit for both is $25,000 instead.
TD Rewards Visa | TD First Class Travel Visa Infinite | |
|---|---|---|
Welcome bonus (points only) | Up to 15,152 points ($75 value) | Up to 160,000 points ($800 value) |
Lounge visits | None | |
Birthday bonus | None | Up to 10,000 points ($50 value) |
Annual travel credit | None | $100 |
Travel insurance coverage | None | Full suite |
Spending cap per bonus category | $5,000 | $25,000 |
Annual fee | $0 | $139 (rebated in first year) |
Income requirements | None stated | $60,000 personal, $100,000 household |
View details
Points for every $1 you spend when you book travel through Expedia® For TD†.
Points for every $1 you spend on Groceries, Dining, and Public Transit†.
Points for every $1 you spend on Recurring Bill Payments and Streaming, Digital Gaming & Media†.
Points for every $1 you spend on other Purchases made using your Card†.
Avid Expedia users will get the most out of this card, with its top earn rate (8x TD points) on bookings made through the travel platform. An annual travel credit, airport lounge access and insurances round out this card as a solid pick for jetsetters. But the $139 may be too steep for some, and if you don’t use Expedia, the rewards may not be as fruitful. Best for: Frequent travellers and Expedia surfers who spend big on groceries, dining, and transit.
Pros
- $100 travel credit, annually.
- Airport lounge access and four free passes.
- Comprehensive travel insurance.
Cons
- Higher than average $139 annual fee for points card.
- Top earn rate (8x points) only applies to Expedia bookings.
- Earn up to $1,400 in value†, including up to 160,000 TD Rewards Points, receive an Annual Fee rebate for the first year† and additional travel benefits. Conditions Apply.
- Earn a welcome Bonus of 20,000 TD Rewards Points when you make your first Purchase with your Card†.
- Earn 140,000 TD Rewards Points when you spend $7,500 within 180 days of Account opening†.
- Get an Annual Fee Rebate for the first year†.
- Get an annual TD Travel Credit† of $100 when you book at Expedia® For TD.
- Earn a Birthday Bonus of up to 10,000 TD Rewards points†.
- Enjoy your time at the airport with global airport lounge access and 4 complimentary lounge visits with Visa Airport Companion Program (a value of up to $277)*.
- To receive the first-year Annual Fee rebate for the Primary Cardholder, you must activate your Card and make your first Purchase on the Account within the first 3 months after Account opening. To receive the Additional Cardholder(s) first-year Annual Fee rebate, you must add your Additional Cardholder(s) while the offer is in effect.
- Offer may be changed, withdrawn, or extended at any time and cannot be combined with any other offer unless otherwise indicated.
- Earn 8 TD Rewards Points† for every $1 you spend when you book travel through Expedia® For TD†.
- Earn 6 TD Rewards Points† for every $1 you spend on Groceries, Dining, and Public Transit†.
- Earn 4 TD Rewards Points† for every $1 you spend on Recurring Bill Payments and Streaming, Digital Gaming & Media†.
- Earn 2 TD Rewards Points For every $1 you spend on other Purchases made using your Card† plus earn an annual Birthday Bonus† of up to 10,000 TD Rewards Points.
- Earn more at Starbucks: Link your eligible Card to earn 50% more TD Rewards Points plus more Starbucks Stars. Redeem points for even more Stars. Conditions apply.
- No travel blackouts†, no seat restrictions† and no expiry† for your TD Rewards Points as long as your account is open and in good standing.
- Each year, you will receive one $100.00 TD Travel Credit on your first Eligible Travel Credit Purchase of $500.00 or more made with Expedia For TD and posted to the Account in a calendar year.
- Interest Rates: 21.99% on purchases and 22.99% on cash advances.
- Go Places on Points: Your Points are worth more when you redeem through Expedia® For TD: Search over a million flights, hotels, packages and more! When you’re ready to book, you can redeem† your TD Rewards Points towards your travel purchase right away.
- Travel Medical Insurance†: Up to $2 million of coverage for the first 21 days. If you or your spouse is aged 65 or older, you are covered for the first 4 days of your trip. Additional top-up coverage is available.
- To be eligible, $60,000 (individual) or $100,000 (household) annual income is required. Also, you must have a Canadian credit file and be a Canadian resident of the age of majority in the province or territory where you live.
- †Terms and conditions apply.
- The Toronto-Dominion Bank (TD) is not responsible for the contents of this site including any editorials or reviews that may appear on this site. For complete and current information on any TD product, please click the Apply Now button.
3. Mind the (spending) cap
If you spend a lot of money you may run into the TD Rewards Visa’s spending caps, which will slow your points accruals to a crawl.
Both the 3x and 2x multiplier buckets have an annual spending ceiling of $5,000 each. This works out to a little over $400 per month. If you go beyond the limit, you’ll be reduced to the base rate of 1 point per dollar spent.
The TD First Class Visa Infinite is also capped, but the caps are much higher at $25,000 for its boosted categories.
4. Small perks make the card a little more worth it
Mobile device insurance: Your device is covered for up to $1,000 in case of loss or damage.
Uber One: You’ll get a three-month free trial of $0 delivery fees, as well as discounts on rides and orders. Uber One normally costs $9.99, so you’ll save around $30 here. This automatically renews until cancelled, so if you aren’t planning on keeping it, you’ll need to cancel it before you’re charged.
Starbucks: Purchases earn 50% more TD Rewards points (4.5 points per dollar rather than 1). You'll get an extra half star per dollar spent on eligible purchases and an extra star for every $1 reloaded on a digital Starbucks card.
5. No annual fee or income requirements means easy access
The barrier to entry is low as the TD Visa Rewards card has no stated personal or household income requirements and no annual fee. Compare this with the TD First Class Travel Visa Infinite card, which needs $60,000 in personal income or a combined $100,000 household income to qualify.
Because it doesn’t have an annual fee, the TD Visa Rewards also lacks perks like travel insurance and travel credits.
Alternatives to the TD Rewards Visa
| Card | NerdWallet rating | Consider if you want: | Apply Now |
|---|---|---|---|
| Scotiabank® Scene+™ Visa* Card | APPLY NOW on Scotiabank's website | ||
 APPLY NOW on Scotiabank's website | 4.4/5 | Better rewards rates | |
| CIBC Aventura® Visa* Card | |||
 | 4.5/5 | Better flight redemptions | |
| MBNA Rewards Platinum Plus® Mastercard® | APPLY NOW on MBNA's website | ||
 APPLY NOW on MBNA's website | 4.0/5 | Higher earn rates and more flexible rewards | |
Choose the Scotiabank Scene+ Visa if you want to earn better rewards. Its base earn rate is 1 Scene+ point, and with each point being worth 1 cent each, you’ll get more if you spend in non-bonus categories. And for the bonus categories that earn 2-4 points, there are no caps on spending either.
Choose the CIBC Aventura Visa if you want better flight redemptions. CIBC’s rewards have a higher value of around 1 cent each, but have the potential to reach up to 4 cents per point if redeemed optimally.
Choose the MBNA Rewards Platinum Plus Mastercard for higher earn rates and more flexible rewards. With each point worth 1 cent each and multiplied by the 2x bonus categories, you can see returns of 2% with a higher annual spending cap of $10,000 per category.
Nerdy Verdict
Best for:
People who want a no-fee Visa that earns points on groceries, dining, transit and recurring bills, and are happy to redeem through Expedia For TD.
Not ideal for:
Frequent travellers or higher spenders who want stronger travel benefits, higher-value rewards or roomier spending caps.
Why we like it:
It’s a decent no-fee starter card, but not a travel card in disguise: its best everyday earn rate is 1.5%, and points are most valuable through Expedia For TD.
DIVE EVEN DEEPER
Barry Choi