Some cardholders want a rewards credit card, but do not necessarily want travel rewards. A cash rewards card like the TD Cash Rewards Visa card lets the cardholder earn a percentage of the money they spend back. For the first six months they will earn 5% back and after that they will earn 1% back.
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The most important thing to consider when choosing a new credit card is not the potential rewards, but the fine print. The only way to truly protect yourself from unexpected charges is to fully understand how your new card works. Smart Money has great information on what to look out for in its article “Attack of the Fine Print.”
TD Cash Rewards Visa Rates
The permanent annual percentage rate for this credit card is based on the cardholder’s creditworthiness and the country’s current credit prime rate.
The TD Cash Rewards Visa credit card interest rate will be between 9.24% and 23.24%. This range applies to both purchases and balance transfers. The interest rate for balance transfers will be applied after an initial one-year, no-interest period. The interest rate for cash advances is a steady 23.24%.
Since there is no interest on balance transfers for a complete year, this card would be a great choice for someone that has a high balance on another card with a very high interest rate.
For some cardholders, their interest payments are so high that their minimum monthly credit card payments only cover their interest charges and it takes a very long time for them to put a dent in their principal balance.
By transferring their other balance to this card, the cardholder could pay down their balance without the added cost of interest charges.
TD Cash Rewards Visa Fees
There is no annual fee for this card, but there are a few transaction and penalty fees. While there is no interest for balance transfers the first year, there is a fee. The cardholder can expect to pay a charge of 4% of the balance being transferred with a minimum charge of $10.
The cash advance fee has the same minimum fee of $10, but the charge is a little more at 5% of the amount being advanced. The foreign transaction fee is 3% and there is no minimum charge amount. The only penalty fee for this card is a $35 late payment fee.
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