With more people wanting to become savvy with their credit sooner, banks are expanding their options for credit cards to include more features than ever before. This can take the form of more travel perks, lower interest rates, better shopping protections and more. This is in addition to making the banking process more convenient with online banking and improved 24/7 customer service.

Among those is TD Bank, which has self-proclaimed itself “America’s Most Convenient Bank.” With its new cards, there are unique financial features that could lessen the impact of their debt as they pay it off and be appealing to those who want to step away from more popular banks.

What is TD Bank?

An extension of Canada’s TD Bank Group, TD Bank is one of the largest banks in the U.S. It stands out amongst its competitors due to it being open on Sundays, having a large branch network and its great customer service. It’s also notably helpful towards seniors and students with discounts on personal loans and waiving membership fees. It’s a good bank option, especially for those living on the East Coast.

Newest TD Bank credit cards

TD Banks has recently released two new credit cards, the TD Clear, with a $1,000 and $2,000 credit limit. They have also revamped a few of their staple cards with cardholder-friendly additions, Including the TD FlexPay and TD Double Up. Here’s an overview of the features and key benefits:

    • Rewards Rate: N/A
    • Intro offer: N/A
    • Ongoing APR: N/A
    • Annual fee: $10 monthly membership fee ($120 annualized)
    • Other notable features: Digital wallet, visa zero liability, contactless payments, no late payment fees or foreign transaction fees

    TD Clear with $1,000 Credit Limit* is a no-interest, subscription-based credit card, the first in the U.S. market. Instead of dealing with fees on interests, foreign transactions, and more, the cardholder only pays a monthly fee. It’s a great situation for those who want a simple credit card without worrying about additional or hidden fees.

    • Rewards Rate: N/A
    • Intro offer: N/A
    • Ongoing APR: N/A
    • Annual fee: $20 monthly membership fee ($240 annualized)
    • Other notable features: Digital wallet, Visa’s zero liability, contactless payments, no late payments or foreign transaction fees

    The TD Clear with $2,000 Credit Limit* is very similar to its $1,000 credit limit sibling. The monthly membership fee is higher at $20, but you receive a larger credit limit without any additional fees or interest. It doesn’t include rewards rates, but this card is good for those who only need to use credit every now and then. Plus, the TD Clear card comes with Visa benefits like cell phone protection and emergency card replacement.

    • Rewards Rate: N/A
    • Intro offer: 0% introductory APR on balance transfers for the first 18 billing cycles after account opening
    • Ongoing APR: 19.24%, 21.24%, 24.24%, 27.24% or 29.24% variable APR
    • Annual fee: $0
    • Other notable features: Visa benefits, late fee forgiveness and skip a payment once a year

    While this card doesn’t earn rewards, the TD FlexPay Credit Card* does come with a great introductory APR offer and no annual fee. This is a great option for those who want to pay down debt without any frills. Plus, on top of TD Bank’s great customer service, the card allows you to skip one card payment once every 12 billing cycles (subject to eligibility requirements).

    • Rewards Rate: Unlimited 2% cash back on all purchases
    • Welcome offer: $100 cash back in the form of a statement credit when you spend $1,000 within the first 90 days after account opening
    • Ongoing APR: 0% intro APR for the first 15 billing cycles after account opening; 20.24%, 25.24% or 30.24% variable APR after
    • Annual fee: $0
    • Other notable features: Digital wallet, visa zero liability, contactless payments, and instant card replacement

    Already a good option for a rewards credit card, the TD Double Up℠ Credit Card* has recently updated its rewards rate. Instead of categories, it now earns 2 percent cash back on all purchases while keeping appealing features like the welcome bonus and its useful intro APR offer.

    • Rewards Rate: 3% and 2% cash back on your choice of spend categories (dining, entertainment, gas, grocery stores and travel) and 1% cash back on all other purchases
    • Welcome offer: $150 cash back when you spend $500 within the first 90 days after opening your account
    • Ongoing APR: 0% intro APR for the first 12 billing cycles after account opening; 20.24%, 25.24% or 30.24% variable APR after
    • Annual fee: $0
    • Other notable features: Visa benefits, 24/7 customer service, instant card replacement

    The TD Cash Credit Card* is a great choice for those who prefer tiered categories and higher rewards rates. Previously, this card only rewarded 3 percent on dining and 2 percent on grocery store purchases. Now, cardholders get to choose what category they earn 3 and 2 percent every quarter.

Pros and cons

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Pros

  • Access to many digital banking features, such as Zelle and online bill pay.
  • New cards come with unique features like no interest and the ability to skip payments.
  • Cards come with Visa benefits that add long-term value.
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Cons

  • The cards can come with high credit score requirements despite relative lack of overall perks.
  • Some cards lack rewards, which cut into their overall value.
  • While subscription-base card comes with perks, the card’s monthly fee stacks up over time.

How to apply for TD Bank credit cards

Applying for the new TD Bank credit cards is similar to applying for other credit cards. You can apply in-person at a TD Bank branch or online for the card you want. You can also apply by phone. When applying, you’ll need to have your personal information ready, including your name, address, social security number and annual income.

These cards do require a good to excellent credit score (690-850 FICO score), so these may not be ideal for those just starting out. It may take up to two business days to find out if you’ve been approved.

Are TD Bank’s credit cards worth it?

For those who have a great credit history and tend to carry a balance, the new TD Bank credit cards can be a great option for paying credit card debt. For the TD Clear card, swapping a high interest rate for a monthly fee can save you quite a bit. If you want a more traditional card, the FlexPay card includes an introductory APR offer and the option to skip a payment.

That being said, these cards also lack rewards and the monthly fee adds up to over $100 per year without the rewards or perks found on most cards around this price point. If you’re someone who tends to pay your balance off every month, you may want to check out other rewards credit cards.

*All information about the TD Clear with $1,000 Credit Limit, TD Clear with $2,000 Credit Limit, TD FlexPay Credit Card, TD Double Up℠ Credit Card and TD Cash Credit Card has been collected independently by Bankrate and has not been reviewed or approved by the issuer.