TD FlexPay Credit Card: Long 0% Balance Transfers, Late Forgiveness
The Bottom Line
4.3
The TD FlexPay Credit Card is ideal for someone who wants to transfer another credit card balance and who likes the idea of a late payment safety net.
Rates, fees and offers
Annual fee
$0
Rewards rate
N/A
Bonus offer
None
Intro APR
0% intro APR on Balance Transfers for the first 18 billing cycles.
Ongoing APR
APR: 18.74%, 20.74%, 23.74%, 26.74% or 28.74%, Variable
Cash Advance APR: 29.99%, Variable
Balance transfer fee
Intro fee of either $5 or 3% of the amount of each transfer, whichever is greater, on transfers made within the introductory offer. After that: Either $5 or 5% of the amount of each transfer, whichever is greater.
Foreign transaction fee
3% of each transaction in U.S. dollars
More details from TD Bank
- Get built-in flexibility with the TD FlexPay Credit Card
- Our best balance transfer offer
- Get Visa benefits like cell phone protection when you pay your monthly mobile bill with your card
- No annual fee
- Must be a resident of CT, DC, DE, FL, MA, MD, ME, NC, NH, NJ, NY, PA, RI, SC, VA, or VT.
Pros and Cons
Pros
No annual fee
Intro APR period
Cons
No rewards
Requires good/excellent credit
Detailed Review
As of May 2023, New Jersey-based TD Bank offers a balance transfer credit card option in its burgeoning card portfolio. The TD FlexPay Credit Card card offers a competitive 0% APR period on balance transfers. It aims to distinguish itself from other balance transfer cards with a forgiveness policy for late payments once per year, which is appealing for consumers who need a little cushion in their budget from time to time.
TD FlexPay Credit Card: Basics
Card type: Balance transfer and 0% APR.
Annual fee: $0.
Rewards: None.
Sign-up bonus: 0.
Foreign transaction fee: 3%.
Balance transfer fee: Either $5 or 3% of the amount of each transfer, whichever is greater, on transfers made within the introductory offer. After that, either $5 or 5% of the amount of each transfer, whichever is greater.
APR: 0% introductory APR balance transfers for first 18 billing cycles after account opening. After that 18.74%, 20.74%, 23.74%, 26.74% or 28.74% Variable APR based on your creditworthiness.
Compare to Other Cards
Benefits and Perks
Lengthy 0% APR period
As a card designed to save money by transferring debt, the TD FlexPay Credit Card delivers. Cardholders won’t be charged interest on balance transfers for the first 18 billing cycles. That 0% APR promo period is equal to what you’ll find on some of NerdWallet’s highly rated balance transfer cards.
Be aware, though, that the TD FlexPay Credit Card allows balance transfers of credit card debt only, and that debt can't be from another TD-issued card. You’ll have to find a balance transfer card from another issuer if you want to move any other type of loan.
Some issuers do allow balance transfers of auto loans, personal loans and student loans. Each major credit card issuer has its own rules for what debt can be balance transferred to a credit card.
Late fee forgiveness
In another show of leniency toward cardholders, the TD FlexPay Credit Card will refund one late fee up to $40 every 12 billing cycles, which is processed as a statement credit. Once you take advantage of the late fee refund, you’ll have to wait another year before you have access to this benefit again. This get-out-of-jail card of sorts may give you peace of mind when you don’t have the funds to make a credit card payment — or if the due date just slips your mind.
However, the late payment will be reported to the credit bureaus and could cause your credit score to decrease.
A few other cards have late fee forgiveness policies. For example, Discover it® Cash Back waives the first late fee; Citi Simplicity® Card doesn’t charge late fees at all.
Cell phone protection
As long as you use the TD FlexPay Credit Card to pay your cell phone bill, you have access to cell phone protection, a perk of all Visa Platinum cards. Insurance covers stolen or damaged phones, but there is a $50 deductible. You'll be covered for up to $500 per claim, with a maximum of two claims every 12 months.
Drawbacks and Considerations
Residency requirement
A decision to apply for the TD FlexPay Credit Card could come down to where you live. Residents who live in just 15 states and Washington, D.C., are eligible for the TD FlexPay Credit Card.
Locations eligible for the TD FlexPay Credit Card
Connecticut.
Delaware.
Florida.
Massachusetts.
Maine.
Maryland.
North Carolina.
New Hampshire.
New Jersey.
New York.
Pennsylvania.
Rhode Island.
South Carolina.
Virginia.
Vermont.
Washington, D.C.
Good to excellent credit required
As is the case with most balance transfer cards, you’ll need a good credit score — a FICO score of 690 or above — to qualify for the TD FlexPay Credit Card. That puts the card out of reach for plenty of people.
Check out our tips for paying down debt quickly and cheaply if you can’t get a balance transfer card.
No rewards
You won’t earn rewards on purchases made with the TD FlexPay Credit Card. The card is designed to give cardholders a reprieve on interest, not piles of points. However, there are cards on the market that do both, such as the Chase Freedom Flex®. It offers a 0% intro APR on purchases and Balance Transfers for 15 months, and then the ongoing APR of 19.74%-28.49%, Variable APR, in addition to a rewards structure that includes up to 5% cash back in a variety of categories, some permanent and some that change quarterly.
The Citi Double Cash® Card, meanwhile, has a comparable intro APR offer — 0% intro APR on balance transfers for 18 months, and then the ongoing APR of 18.49%-28.49% Variable APR — and it pays 2% cash back on every purchase (1% when you buy something and 1% when you pay it off).
How To Decide If It's Right For You
Save yourself some mental energy by first determining if you meet the residency requirement for this card. If you don’t, you’ll need to look into other credit card options.
For those who do live in one of the 15 states or Washington, D.C., and have at least good credit, the TD FlexPay Credit Card is a solid balance transfer card with an excellent albeit fairly standard 18-month 0% APR period.
Late fee forgiveness does not change your monthly payment requirement. Past due payments will be reported to credit bureaus subject to applicable law and standard practices. This may affect your credit score.
The introductory APR period for balance transfers on the Citi Double Cash® Card is comparable to what's offered by the TD FlexPay Credit Card. And, if you're trying to build good credit habits, the Citi Double Cash® Card gives you 1% cash back when you purchase and another 1% when you pay.
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