While the TD Payment Plus Visa card is not technically a rewards credit card, it does offer the cardholder a very unique feature: They will receive a credit card statement credit based on each month’s interest charges. If the cardholder pays more than 10% of their balance, they will receive 50% back, and 25% back for a payment of 5% to 9.99% of their balance.
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No matter what type of card someone chooses, the most important thing they can do is budget their credit card spending responsibly. A Wall Street Journal article titled “Keeping Track of What We Spend” which has excellent budgeting advice.
TD Payment Plus Visa Rates
Unlike the other credit cards offered by TD, this TD Payment Plus Visa card does not have a range of interest rates that are determined by the creditworthiness of the cardholder. Instead, this card has a flat interest rate of 21.24%. This is a fairly high rate for someone with a really good credit score. This rate will apply to both purchases and balance transfers.
There is an introductory one-year, no-interest period for balance transfers with this card. The cash advance interest rate is a little higher than the basic annual percentage rate at 23.24%.
Paying off credit card debt can be very difficult for someone that has a card with a high interest rate. Many times the cardholder ends up just paying their interest payments every month rather than actually paying down their debt. This means that a cardholder can end up paying more than twice their original balance just because of the interest charges.
By transferring the balance from a card with a high interest rate to this card that has no interest charges for a year, the cardholder can focus on paying off their debt and saving a lot of money in the process.
TD Payment Plus Visa Fees
While the interest rates for this card may be different, the fees are the same as the other TD credit cards. There is a 4% transaction fee for balance transfers and a 5% fee for cash advances. Both of these transactions have a minimum fee amount of $10.
There is a 3% charge for foreign transactions. If the cardholder is late with a payment, they will have to pay a very high $35 fee.
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