TD Bank Revamps Credit Card Portfolio
TD Bank today announced the launch of a new suite of credit card products that includes two new credit card types as well as improvements to existing products. The launch introduces TD Clear, a no-interest credit card that charges a simple monthly fee, the first of its kind in the U.S. market, as well as TD FlexPay, TD’s most flexible credit card with increased payment flexibility and generous balance transfer offers. The new credit card offerings complement the enhancements also made to the existing TD Double Up and TD Cash credit cards.
Let’s take a look at the details for these two new cards, and changes to the existing portfolio.
Introducing TD Clear: No Interest Rates, Just a Simple Monthly Fee
TD Clear is a subscription-based credit card with no interest—just a straightforward monthly fee. Consumers can choose between two products: a $10 monthly fee for a $1,000 credit limit or a $20 monthly fee for a $2,000 credit limit, with no hidden fees. That means no foreign transaction fees, no annual fees, no cash advance fees, no over-the-limit fees, no returned payment fees, and no interest charges.
“This card is the first of its kind in the U.S.,” said Chris Fred, Head of Credit Cards and Unsecured Lending at TD. “Our research indicated that many customers want a simple solution to credit. TD Clear provides simplicity with a predictable monthly payment.”
With simple monthly payments and no interest, period, TD Clear is a great option for consumers looking for a simple solution to credit.
Increasing Flexibility for Consumers with TD FlexPay
TD FlexPay provides cardholders with increased flexibility by giving them the option to schedule a Skip a Payment once a year. Cardholders can schedule a Skip a Payment, subject to eligibility requirements, starting six months after account opening and will accrue interest during this time. In addition, they will automatically have their first late fee refunded every twelve billing cycles. This card also offers TD’s best balance transfer offer to help cardholders consolidate existing card balances. TD FlexPay’s benefits help cardholders manage their long-term financial goals, bridge the gap in cash flow, and handle the unexpected—giving consumers credit options on their terms.
Currently, the card offers 0% intro APR for first 18 billing cycles after account opening.
Enhancing TD Double Up & TD Cash
In addition to launching the new credit cards, TD Bank is also updating its existing rewards credit cards to include even more competitive options for consumers. TD is not only making these improvements for new customers, but also extending the upgrades to existing cardholders.
TD Double Up now offers 2% Cash Back on ALL purchases, with no opt-ins, no limits and no categories. This is an upgrade from the previous construct, where cardholders earned the full 2% only if they redeemed their rewards into a qualifying TD Bank Deposit account, which is no longer required. The unlimited 2% Cash Back makes TD Double Up ideal for people looking to maximize their rewards without any extra effort. The card currently offers a bonus of $100 Cash Back in the form of a statement credit when you spend $1,000 within the first 90 days after account opening. In addition you also get 0% intro APR for the first 15 billing cycles after account opening.
For customers interested in optimizing their rewards in the categories that mean the most to them, TD Cash will continue to offer its flexible 3-2-1 rewards, providing 3% and 2% Cash Back in specific Spend Categories and 1% on everything else. In addition, as an enhancement to TD Cash, cardholders will be able to customize categories quarterly to optimize their rewards, choosing where they want to earn the 3% and 2% Cash Back. Previously, customers earned 3% Cash Back on dining purchases and 2% Cash Back on grocery purchases. Rewards never expire and are unlimited in each category, making TD Cash ideal for customers looking to accelerate their earn on cash back. The card currently offers a bonus of $150 Cash Back when you spend $500 within the first 90 days after opening your account. In addition you also get 0% intro APR for the first 15 billing cycles after account opening.
Each of the credit cards offer a suite of strong benefits for cardholders in partnership with Visa. TD Clear, TD FlexPay, TD Double Up and TD Cash all include cell phone protection for cardholders who use the card to pay their cellular bill as well as perks like roadside assistance options and Visa Purchase Protection. You can learn more details and apply for these cards here.