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TD Bank FlexPay review: A balance transfer card heavy on perks

The TD Bank FlexPay has a long intro APR offer and a great list of Visa perks but lacks rewards

 /  10 min
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Snapshot

4.1

Bankrate rating
Info
Rating: 4.1 stars out of 5

Bottom line

The TD Bank FlexPay stands out with its long intro APR offer and a long list of Visa perks. However, the card doesn’t come with rewards or a welcome bonus, making it hard to justify its value after the intro APR offer. Still, it can be a great fit for people who want a no-fuss balance transfer card.

Only Available in 15 East Coast States and D.C.
4.1
Rating: 4.1 stars out of 5
Bankrate score
Info
See Terms
Info
Recommended Credit

0% introductory APR balance transfers for first 18 billing cycles after account opening.

Balance transfer intro APR

19.24%, 21.24%, 24.24%, 27.24% or 29.24% variable APR based on your creditworthiness.

Regular APR

N/A

Rewards rate

Info

None

Annual fee

TD Bank FlexPay overview

The TD Bank FlexPay is possibly a perk-heavy balance transfer card that stands out with its long intro APR offer and late fee forgiveness. Plus, there’s no annual fee attached to the card.

However, that doesn’t mean that the card doesn’t come with its own setbacks. The TD Bank FlexPay doesn't come with rewards or a welcome offer, which isn’t uncommon for balance transfer cards. It replaced the skip-a-payment perk with the late fee forgiveness feature, which isn’t as beneficial to cardholders.

Plus, this card is only available to people in Connecticut, Washington DC, Delaware, Florida, Maryland, Maine, Massachusetts, New Hampshire, North Carolina, South Carolina, Pennsylvania, Rhode Island, Virginia, and Vermont. Still, this card can be a good option for those residents who want a no-fuss balance transfer card.

  • Credit Card Cash Back

    Rewards

    • This card doesn’t offer rewards, which is typical of balance transfer cards

    Expert Appraisal: Typical
    See our expert analysis

  • Credit Card Apr

    0% intro APR offer

    • 0 percent intro APR on balance transfers for 18 months after account opening
    • 19.24 percent to 29.24 percent ongoing, variable APR

    Expert Appraisal: Good
    See our expert analysis

  • Credit Card Search

    Rates and fees

    • $0 annual fee
    • 3 percent balance transfer fee on transfers made within the intro offer (then 5 percent); $5 minimum fee
    • 3 percent foreign transaction fee
    • Up to $40 fee for late or returned payments
    • First late fee is refunded every 12 billing cycles

    Expert Appraisal: Typical
    See our expert analysis

  • Congrats

    Other cardholder perks

    • Cell phone protection
    • Emergency card replacement
    • Visa Platinum or Visa Signature benefits, depending on your credit limit

    Expert Appraisal: Good
    See our expert analysis

TD Bank FlexPay pros and cons

Pros

  • Checkmark

    This card has an intro APR on balance transfers that competes with industry-leading cards

  • Checkmark

    It doesn’t charge an annual fee

  • Checkmark

    TD Bank automatically refunds your first late fee every 12 billing cycles

Cons

  • This card doesn’t include rewards, limiting its overall value

  • It’s only available in specific states, mainly in New England and the East Coast

  • Its intro APR offer doesn’t extend to purchases, so it’s not as flexible as similar cards

Why you might want the TD Bank FlexPay

With its strong Visa benefits, no annual fee, and long intro balance transfer offer, the TD Bank FlexPay could be a good choice for those looking to lower their debt.

Intro APR: A longer-than-usual balance transfer offer

While most balance transfer offers range between 12 to 15 months, the TD Bank FlexPay offers an introductory APR offer on balance transfers for 18 months (then 19.24 to 29.24 percent ongoing APR). It also has an intro balance transfer fee of 3 percent, which increases to 5 percent (or $5, whichever is greater) after the intro period. The intro fee and offer length should give you plenty of time to pay down your credit card debt, saving hundreds of dollars in the process. 

For example, the average American has around $6,000 in credit card debt. If you use the TD Bank FlexPay card’s intro offer, you can pay that amount off with about $333 monthly payments. But if you use a card with shorter intro APR periods, that monthly payment could be $400 to $500.

Plus, the TD Bank FlexPay’s balance transfer fee only adds $183 to the final amount while a card with a 5 percent fee adds $304. So, while these can feel like small differences, it adds up with the final amount you pay.

Even when the offer ends, your interest rate could be slightly lower than the current average interest rate. So, even if you’re unable to pay off the full amount, you still have an advantage in decreasing your debt.

Benefits: Plenty of handy protections 

Every TD Bank credit card comes with Visa Platinum card benefits that include cell phone protection but cardholders with credit limits of $5,000 or more gain more travel and security benefits through Visa Signature perks. For security, the perks focus on fraud and purchase protections, especially in the event of theft or if the card is damaged. This can include:

  • Cell phone protection
  • Emergency card replacement
  • Purchase security

For travel, it mirrors many top-tier travel cards by having benefits that cover each step in travel planning, including:

  • Visa Concierge 
  • Visa luxury hotel collection
  • Roadside Dispatch
  • Travel and emergency assistance service

Rate and fees: Reduces costs where it can

The TD Bank FlexPay may come with standard fees like foreign transactions and cash advance fees. However, a few highlights on this card make it worth a second look. One big advantage of this card is that it doesn’t have an annual fee, which is great when you want to focus on reducing your debt. 

Another advantage for cardholders is the late fee forgiveness feature, in which TD Bank will automatically forgive your first late fee every year you hold the card. While paying late may still impact your credit score, this can be helpful for people still getting used to having a credit card.

Why you might want a different balance transfer card

While the TD Bank FlexPay offers a competitive balance transfer offer, it lacks in other areas. Without features like a welcome offer or rewards, this card may come up a bit short for some potential cardholders. 

Rewards: Lack of rewards limits long-term

The TD Bank FlexPay card doesn’t offer rewards, which is common for balance transfer cards, but uncommon for cards that require good to excellent credit scores and is a huge drawback to its long-term value. As this card functions mainly as a balance transfer card, there won’t be much to the card after the intro offer ends.

Great perks are available with this card, but they’re Visa Platinum or Signature benefits. As you can find other balance transfer cards with the same features plus rewards, the TD Bank FlexPay looks weak in comparison.

APR: No offers for purchases

As the TD Bank FlexPay card focuses on balance transfers, it doesn’t offer an intro APR offer on purchases. On one hand, this can be good for people only focused on paying down their debt.

However, should an emergency arise, you’ll immediately have to start paying interest on any purchases you make with the card, which can slow down your debt-payoff process. It also increases the possibility that you won’t pay off your debt before the intro APR period ends.

How the TD Bank FlexPay compares to other balance transfer cards

The TD Bank FlexPay has unique features and useful benefits, but its competition is pretty steep. While other balance transfer cards offer shorter intro APR offers, they make up for it with stronger perks and rewards.

Image of TD FlexPay Credit Card
Bankrate Score
See Rates & Fees , Terms Apply
Apply now Lock
on TD Bank's secure site

Annual fee

None

Intro offer

N/A

Rewards rate

N/A

Recommended Credit Score

See Terms
Info
Image of Citi Double Cash® Card
Bankrate Score
See Rates & Fees , Terms Apply
Apply now Lock
on Citi's secure site

Annual fee

$0

Intro offer

$200 cash back
Info

Rewards rate

1% - 5%
Info

Recommended Credit Score

Good to Excellent (670 – 850)
Info
Image of U.S. Bank Visa® Platinum Card

U.S. Bank Visa® Platinum Card

Bankrate Score
Rating: 4.3 stars out of 5
4.3

Annual fee

$0

Intro offer

N/A

Rewards rate

N/A

Recommended Credit Score

Good to Excellent (670 – 850)
Info

Best cards to pair with the TD Bank FlexPay

Because the TD Bank FlexPay doesn’t come with rewards, an easy pairing for this card would be a rewards card. You can also lean towards a card with an intro APR offer on purchases, which is also lacking on this card.

Who is the TD Bank FlexPay right for?

As this card is a no-fuss balance transfer card, it can be a great tool for the following cardholders:

Bankrate’s Take — Is the TD Bank FlexPay worth it?

For people who want a no-frills balance transfer card, the TD Bank FlexPay can be a good option. It has a lengthy intro APR offer on balance transfers and a chance at relatively low interest afterward. It could also potentially come with great Visa benefits, depending on your credit limit.

However, this is where the card’s value ends. It offers no rewards to provide long-term value and its benefits common on other Visa cards, making FlexPay’s value drop drastically after the balance transfer offer ends.

How we rated this card

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3000
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Credit Card Reviews
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Our proprietary card rating system takes into account a mix of factors when scoring balance transfer and low-interest cards, including each card’s introductory APR, intro APR period length, ongoing APR, balance transfer fee, perks and more.

While balance transfer and low-interest cards share a similar ratings rubric, we weigh features differently based on how a card is categorized. We categorize cards that carry an especially long intro APR offer on balance transfers as dedicated balance transfer cards, while cards that offer an especially low ongoing APR are considered general low-interest cards. 

Based on its features, we assigned this card a primary category of balance transfer and tailored our ratings accordingly. 

We analyzed over 100 of the most popular balance transfer and low-interest cards and scored each based on how its key features stacked up against those of other cards in its category. 

Here’s a breakdown of what gave this card its score:

Written by
India Davis
Editor, Credit Cards

India Davis is an editor specializing in credit cards and updates. She believes in putting the reader first and carrying out a brand’s voice to its fullest potential. She has lived and worked in three different countries and hopes to explore more of the world post-pandemic.

Edited by Senior Editor, Credit Cards

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Editorial Disclosure: Opinions expressed here are the author's alone, and have not been reviewed or approved by any advertiser. The information, including card rates and fees, is accurate as of the publish date. All products or services are presented without warranty. Check the bank’s website for the most current information.