Are you looking for a rewards credit card that offers perks every time you swipe your finger? A new offer from TD Bank may be just what you need.

the TD Bank Double Card debuted in March 2021 as a new cash back credit card that offers up to 2% cash back on every purchase you make.

This type of everyday cash back card is Money Expert Clark Howard’s preferred choice for most consumers thanks to the predictability of the rewards structure.

“My favorite reward cards are the ones that actually make you money. I want money because no one can tell you when you can or can’t spend your money, ”says Clark.

In this review, the Clark team will dig deeper into the details of this TD Bank Card and see how it compares to some of the best 2% cash back cards on the market.

What is the TD Bank Double Card?

the TD Bank Double Card is a no annual fee credit card that offers up to 2% cash back on all your purchases.

You get a 1% cashback when you spend and an additional 1% cashback when you redeem your money in an approved TD bank account.

There are no category restrictions or spending limits on your rewards.

Features and benefits of the card

You don’t need to have a TD Bank account to apply for this card, but you’ll want to open one if you want to maximize the card’s rewards and receive your full 2% refund.

Rewards program

We’ve talked a lot about cash back rewards, but you’ll actually earn points as rewards with this card. These can then be converted into cash rewards.

Here is how it works:

You earn one point for every dollar spent. Points are valued at $ 0.01 and can be redeemed for things other than cash.

If you are ready to deposit your points into a TD Bank approved deposit account, you will receive a redemption bonus that doubles the rewards. This will give you $ 0.01 more per dollar spent for a total of 2% cash back in your account.

Eligible TD Bank deposit accounts include both verification and savings options.

If you don’t want to use your points for a TD Bank deposit, you can redeem them for:

• Commodity
• Gift cards
• Travel rewards

But keep in mind that these trading methods do not qualify for the trade bonus which doubles your rewards. So you will receive $ 0.01 per dollar spent, which equates to a 1% cash back card.

In order for the rewards of this card to compete with some of the best cards on the market, you will need to take advantage of the deposit refund bonus.

Key Benefits for Cardholders

• Welcome bonus: You can earn $ 75 cash back in the form of statement credit when you spend $ 500 within the first 90 days of signing up for the card. It’s a relatively small welcome bonus compared to some other cards on the market, but it’s actually quite good for an unlimited cash back card. Most competing 2% cards do not offer a welcome bonus.
• Balance transfer offer: 15 month period for 0% APR on balance transfers. This transfer is subject to a 3% fee with a minimum of $ 5.
• Zero liability in the event of fraud: This card is protected by Visa security measures if something is wrong with your account. This includes coverage in the event of loss, theft or fraudulent use of your card.
• Availability of the digital wallet: This card is compatible with Google Pay, Apple Pay and Samsung Pay. If you don’t have a digital wallet yet, find out why Clark suggests trying it.

Cardholder fees

• Annual fees: Nothing
• Balance transfer fees: 3% of the transfer amount with a minimum of $ 5
• Cash advance fees: 5% of the amount of each advance with a minimum of $ 10
• Foreign transaction fees: 3% of each transaction
• Late payment fees: Up to $ 40

TD Bank Double Card and other 2% Cash Back Cards

Credit card money expert Clark Howard’s standard recommendation is to get a rewards card that reimburses an unlimited amount of 2% on all purchases with no annual fee.

This card fits this bill, but it has stiff competition.

Clark carries the Citi Double Cash in his wallet and also recommends the Fidelity Rewards visa for 2% rewards that can be applied to saving and investing.

There are also unlimited 2% cards from Paypal, SoFi, and Fifth Third Bank on the market.

So which one is best for your wallet? We ran a side-by-side comparison to help you decide:

Side by side comparison

Here’s a look at some of the high-level details about the TD Bank Card versus five of the top 2% Cash Back cards:

The big takeaways

Here are some things to consider at the end of this comparison:

• In terms of rewards redemption, this TD Bank card most closely resembles the Citi Double Cash card in that it requires cardholders to take action to get the second half of their 2% benefit. If you violate the redemption terms, the rewards drop to just 1%.
• TD Bank is the only card on our list that offers a welcome bonus. It might sound meager at $ 75, but as you can see from the chart, flashy welcome bonuses and APR offers are hard to come by in this category of cards. If you are looking for this type of reward, you should read our roundup of the best welcome bonuses on credit cards or the best 0% credit cards.
• Are you bringing the balance from an old credit card? The TD Bank Card is one of the best options for you in this category with a 15 month 0% APR period. However, Citi Double Cash is probably your best choice among the 2% cards for this. It offers an 18 month period of 0% APR on balance transfers which is among the best in this category of cards.
• If protecting your cell phone is important to you, the SoFi Card and Fifth Third Card are the only 2% cash back cards that offer it. Clark says it’s a better way to protect your cell phone than paying insurance from your wireless service provider, so that factor can make this card worthwhile.
• If you plan to use your Cash Back Card overseas, the TD Bank Card may not be the best choice. It charges 3% on purchases while SoFi, Fifth Third, and PayPal don’t charge overseas transaction fees with their cards.

Final thoughts

Are you planning to add the TD Bank Double Card to your wallet?

Let’s go over some of the main advantages and disadvantages of the card before making your final decision:

Advantages and disadvantages

At the end of the line

If you don’t have a 2% cash back credit card yet, this is an option worth adding to your wallet.

You’ll need a TD Bank account to get all the rewards, but it’s a relatively small hurdle to overcome.

If you’re looking for an everyday spender, Clark prefers 2% return cards over cards that may offer higher percentages on certain spending categories, because the simple 2% allows you to guarantee a large return on every purchase you make. you perform.

And you know you do it with no annual fees or hurdles to overcome.

So although he carries the Citi Double Cash in his wallet, this card is a great alternative.

More Clark.com content you may like: