TD Cash Back Visa Infinite* Card Review

The TD Cash Back Visa Infinite Card is a very good rewards card that lives in the shadows of TD's other card products like the Aeroplan Visa Infinite and First Class Visa Infinite Cards. Despite receiving less notoriety the card worthy of attention as it is a good all-round offering.

The review of the TD Cash Back Visa Infinite Card is broken down into the following sections:

Overview

The TD Cash Back Visa Infinite Card is currently ranked as the fifth best rewards card for cash back by Rewards Canada and is the fourth best true cash back card. By true cash back card we mean those cards that only offer cash back. It is not a hybrid travel rewards/cash back card that we have seen proliferate in the market and enter the ranks of the top cash back rewards cards. This card ranks in the top five thanks to a very strong welcome bonus, decent accelerated earn rates and a low anytime cash out balance requirement.

Costs & Sign up Features

The TD Cash Back Visa Infinite Card has an annual fee of $139 for the primary card. This has become the going rate for many premium cash back cards in Canada that carry the Visa Infinite branding. Additional cards are $50 annually for the first card and then any cards after that are $0.

Right now the card has a limited time welcome bonus of 10% cash back on Gas Purchases, Grocery Purchases & Pre-authorized payments for first 3 months up to total of $3,500. That equates to up to $350 cash back! Plus you'll receive a first-year annual fee rebate for the primary card and on the first additional card.

The purchase interest rate on the card is 20.99% while cash advances are charged 22.99%. Annual income requirements are $60,000 Personal or $100,000 Household.

Earning

The card earns cash back rewards as follows:

• 3% in Cash Back Dollars on eligible grocery Purchases and gas Purchases† and on regularly recurring bill payments† set up on your account. (Annual cap of $15,000 per category, any spending over the cap will earn 1%)
• 1% Cash Back Dollars on all other Purchases made with your Card †
  

Redeeming

As with most cash back cards there is only one redemption option with TD Cash Back Visa Infinite Card and that is to redeem for cash back! The TD card has a very simple and easy cash back redemption process. Once your cash back rewards balance reaches $25 you can redeem towards purchases you made that have a value of $25 or more. For example if your cash back balance is $25 and you had a purchase post to your account of $30 you could apply your cash back rewards balance towards that purchase.

Features and Benefits

Cash back cards aren't known for extra features and benefits like their travel counterparts however the TD Cash Back Visa Infinite card does come with a Deluxe TD Auto Club Membership and it also earns bonus Starbucks Rewards Stars. The card also provide the standard benefits that come on all Canadian Visa Infinite cards.

Deluxe TD Auto Club Membership

This benefit alone almost pays for the card itself as it not a basic auto club membership. Being a Deluxe option means it is very comparable to the better options from the CAA or their provincial counterparts like BCAA and AMA. Comparable CAA memberships cost around $119 so by having this card you can rely on the Deluxe TD Auto Club Membership for that peace of mind and not have to buy a CAA membership.

Earn Extra Starbucks Stars

When the TD Cash Back Visa Infinite Card is linked to a Starbucks Rewards account in the Starbucks it will unlock additional Stars earning. If you use the card to reload funds onto your Starbucks Card in the app you'll receive 1 Star per dollar loaded (This is the 50% extra stars since you'll earn 2 Stars per dollar spent from your Starbucks account.

If you choose not to use the card to fund your Starbucks but load the card as a payment method via the app for whenever you do make a purchase at Starbucks you'll earn 0.50 extra Stars per dollar spent.

Click here to learn more about the TD Starbucks offer.

Visa Infinite benefits

• Visa Infinite Luxury Hotel Collection provides benefits like room upgrades, complimentary Wi-Fi and breakfast, late checkout, and so much more at over 900 Visa Infinite Luxury Hotel Collection properties around the world.
• Visa Infinite Dining Series - Each event includes multi-course meals, drink pairings and an interactive experience. You'll get to taste dishes from some of the country's top chefs and restaurants as they guide you through each course.
  
• Wine country benefit from wineries across Ontario and British Columbia including complimentary tastings and tours. You can also get access to online offers like complimentary shipping and savings on wine purchases.
• Get golf perks with Troon Rewards® through your Visa Infinite card and automatically receive Silver Status. You’ll save 10% on golf fees, merchandise, and lessons at over 150 courses around the world.
• Access to private movie events and at-home offers as part of the Visa Infinite Screening Series. In the fall, get special perks at the Toronto International Film Festival®.
  
• Visa Infinite card includes a Complimentary Concierge service that can offer help with anything like the perfect travel itinerary, restaurant recommendations, finding the perfect birthday gift, and more
  
  

Insurance

The TD Cash Back Visa Infinite Card offers a pretty good insurance package for a cash back card which includes the following:

• Delayed & lost/stolen baggage insurance
• Out of Province/Country Emergency Medical Insurance (10 days under age 65, 4 days for 65+)
• Auto Rental Collision/Loss Damage Insurance
• Mobile Device Insurance
• Purchase Security Insurance
• Extended Warranty Insurance

What is good about this card

The current welcome bonus of 10% cash back on $3,500 in spending is great! This is the highest welcome bonus in the market for true cash back cards. Yes, it is limited to the specific categories of gas, grocery & pre-authorized payments but those do tend to be some of the most common for Canadians so the entire bonus should be easy to achieve.

The next good thing are the 3% accelerated earn rates but these do also fall into the not so good section below. Basically it boils down to an individual's spending habits. The 3% on recurring bills is the second best in the market after the Scotia Momentum Visa Infinite's 4%. The latter card only awards you cash back once per year versus TD's anytime redemption model. The 3% cash back for gas and groceries is really good but there are other cards that are better at 4% or even 5% but then those other cards earn less on recurring bills and that brings us back to spending habits. It will take some calculations on your part based on your spending habits to see if the higher value on recurring bills averaged with the lower value on gas and groceries can beat out those other cards.

Being able to redeem anytime your cash back balance reaches $25 is great. This is a low limit makes it very easy to realize the savings the card can provide. It's nice to not have to wait for your monthly statement to get the rewards or once per year in the case of some cash back cards!

The Deluxe TD Auto Club Membership as mentioned above almost pays for the card itself. The most comparable membership from the CAA runs $119 annually so this card can save you from having to buy that separate membership.

What is not so good about this card

The 3% accelerated earn rates on gas and groceries, while being quite good are not as high as some of the card's competitors that offer 4% or even 5% in these categories. However, to compare properly you do also have to take into account spending caps on these accelerated earn rates. For example, the BMO Cash Back World Elite Mastercard offer 5% on groceries but that is capped at $500 per month whereas the TD card will offer you 3% on $15,000 annually. If you do spend $15,000 on groceries you end up with $450 in cash back on the TD card and the BMO card with the same spending will earn $390 even with its 5% earn rate.

Recommended reading: Loyalty Lesson - Credit Card Spending Caps Explained

The lack of additional benefits could be seen as a drawback as an auto club membership won't come in handy if you don't drive and not everyone likes to go to Starbucks.

Who should get this card

• Consumers who want an easy to use and rewarding cash back card
• Consumers who bank with TD and want to keep all their financial products with the bank
• Consumers who want to take advantage of having the auto club membership
• Consumers who want a good cash back card to supplement their Mastercard and American Express cards in their wallet
  
  

Conclusion

The TD Cash Back Visa Infinite Card may not garner as much attention as some other cards in the market but it is definitely one of the better cash back options that should be given consideration. The valuable welcome bonus offer coupled with decent accelerated earn rates and the ability to cash out anytime your balance hits $25 make it an excellent choice for a cash back card in your wallet. It doesn't hurt that it has some travel insurance coverage, Visa Infinite benefits and most notably the Deluxe Auto Club membership either.

Latest card details:

Other cards to consider if you are looking at this card:

• American Express Cobalt® Card
  
• SimplyCash™ Preferred Card from American Express
• BMO CashBack® World Elite®* MasterCard®*
  
• CIBC Dividend® Visa Infinite* Card
• MBNA Smart Cash® World Mastercard®
  
• Neo Financial Mastercard
  
• Rogers World Elite MasterCard
  
• Scotia Momentum® VISA* Infinite card
• Tangerine World Mastercard®
  
  This review was first posted on October 5, 2023 and is updated on a regular basis.

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