The TD Bank FlexPay has a long intro APR offer and a great list of Visa perks but lacks rewards
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4.1
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.
A FICO score/credit score is used to represent the creditworthiness of a person and may be one indicator to the credit type you are eligible for. However, credit score alone does not guarantee or imply approval for any financial product.
Balance transfer intro APR
Regular APR
N/A
Rewards rate
Rewards rate is not available for this credit card.
Annual fee
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.
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This card has an intro APR on balance transfers that competes with industry-leading cards
It doesn’t charge an annual fee
TD Bank automatically refunds your first late fee every 12 billing cycles
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
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.
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.
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:
For travel, it mirrors many top-tier travel cards by having benefits that cover each step in travel planning, including:
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.
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.
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.
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.
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.
Annual fee
Intro offer
Rewards rate
Recommended Credit Score
A FICO score/credit score is used to represent the creditworthiness of a person and may be one indicator to the credit type you are eligible for. However, credit score alone does not guarantee or imply approval for any financial product.
Annual fee
Intro offer
Earn $200 cash back after you spend $1,500 on purchases in the first 6 months of account opening. This bonus offer will be fulfilled as 20,000 ThankYou® Points, which can be redeemed for $200 cash back.
Rewards rate
Earn 2% on every purchase with unlimited 1% cash back when you buy, plus an additional 1% as you pay for those purchases. To earn cash back, pay at least the minimum due on time. Plus, for a limited time, earn 5% total cash back on hotel, car rentals and attractions booked on the Citi Travel℠ portal through 12/31/24.
Recommended Credit Score
A FICO score/credit score is used to represent the creditworthiness of a person and may be one indicator to the credit type you are eligible for. However, credit score alone does not guarantee or imply approval for any financial product.
Annual fee
Intro offer
Rewards rate
Recommended Credit Score
A FICO score/credit score is used to represent the creditworthiness of a person and may be one indicator to the credit type you are eligible for. However, credit score alone does not guarantee or imply approval for any financial product.
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.
As this card is a no-fuss balance transfer card, it can be a great tool for the following cardholders:
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.
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:
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.
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