The TD FlexPay Credit Card is ideal for someone who wants to transfer another credit card balance and who likes the idea of a few safety nets in the event of a cash shortage.
No annual fee
Intro APR period
Requires good/excellent credit
Compare to Other Cards
19.24%, 21.24%, 24.24%, 27.24% or 29.24%, Variable
18.74%-29.74% Variable APR
20.49%-29.24% Variable APR
0% intro APR on Balance Transfers for the first 18 billing cycles.
0% intro APR for 18 billing cycles on purchases and balance transfers
0% intro APR on purchases and Balance Transfers for 15 months
Recommended Credit Score
Recommended Credit Score
Recommended Credit Score
Detailed review: TD FlexPay Credit Card
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 but aims to distinguish itself from other balance transfer cards with two unique features: a forgiveness policy for late payments and the ability to skip a payment once per year. They're appealing options for consumers who need a little cushion in their budget from time to time.
TD FlexPay Credit Card: Basics
Annual fee: $0.
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% intro APR on balance transfers for first 18 billing cycles after account opening. After that, 19.24%, 21.24%, 24.24%, 27.24% or 29.24% variable APR based on your creditworthiness.
Benefits and perks
Lengthy 0% APR period
As a card designed for balance transfers, 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.
Skip one payment a year
The Skip a Payment feature of the TD FlexPay Credit Card is a rare benefit that sets it apart from almost every other card on the market. As the name suggests, TD FlexPay Credit Card holders can elect to skip one payment per year.
TD says the skipped payments won't be reported to the credit bureaus as missing or late, and cardholders won't be charged a late fee. To ensure that they haven't been, check your credit reports regularly and dispute payments erroneously labeled as late.
This perk recognizes that we sometimes can’t cover all of our expenses and gives us grace in those seasons of our lives. While the Skip a Payment may very well be a lifesaver, it comes with a lot of caveats:
Only once per year: You’re allowed to skip a payment once every 12 billing cycles only.
Future payments only: You can’t skip the current billing cycle’s payment. You must schedule the month that you want to skip a payment in advance by calling 1-888-561-8861.
New cards aren't permitted: Your credit card account must be at least six months old before you can skip a payment.
Not all accounts are eligible: Accounts that are delinquent or in default cannot skip a payment. The account must be in good standing at the time of the Skip a Payment request and at the time that the payment is scheduled to be skipped.
You'll still pay interest: Interest on your account balance will accrue during the scheduled Skip a Payment month, with the exception of balance transfers that were made under a promotional 0% APR period. That interest will be added to your principal debt amount, increasing the total amount that must be paid off.
Skipping a payment can be a necessary fallback that gives you time to regain your financial footing, but it’s not an infinite resource and it comes with tradeoffs. Before scheduling a skipped payment, be sure that the benefit outweighs the bigger debt that awaits you on the other side of the skipped payment month.
TD FlexPay Credit Card holders may schedule a skipped payment up to 12 billing cycles in advance.
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.
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
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.
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.
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 20.49%-29.24%, 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 19.24%-29.24% Variable APR — and it pays 2% cash back on every purchase (1% when you buy something and 1% when you pay it off).
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.
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. The real innovation of this card is the Skip a Payment policy, which may offer the most benefit to those with irregular incomes or employment, or who are living paycheck to paycheck.