New TD Rewards Credit Cards Features & Offers for Fall 2022

 

TD has implemented big changes to their entire lineup of TD Rewards credit cards. Welcome bonuses, earn rates, perks and benefits, and insurance are all getting a makeover.

The changes affect the TD First Class Travel Visa Infinite Card, the TD Platinum Travel Visa Card, the TD Rewards Visa Card, and the TD Business Travel Visa Card. For the most part, we’re seeing higher earning rates on categorized spending to offset lower base earn rates, and the introduction of travel credits to offset higher annual fees.

Some of the changes are quite major – but I actually think the net changes are positive. Let’s take a closer look.

In This Post

TD Rewards Points: Rebranded but Unchanged

First things first, some good news: fortunately, points redemptions remain at the same rate.

As always, you can redeem TD Rewards points at a rate of 200 points = $1 for all travel bookings via Expedia for TD, or 0.5 cents per point. You can also continue to redeem 250 points = $1 for statement credit against any other travel expense, at a rate of 0.4 cents per point.

Meanwhile, TD has made a few cosmetic changes to its rewards cards. The name of the points earned is officially changing from TD Points to TD Rewards Points, to align with the name of the TD Rewards program.

Also, as you’ll see below, the credit cards’ graphic designs are getting a streamlined facelift, resembling the aesthetic of the TD Aeroplan cards but with a signature TD Rewards pattern.

TD First Class Travel Visa Infinite Card

TD First Class Travel Visa Infinite Card

Welcome Bonus

TD is celebrating their product overhaul with fanfare, offering an all-time high welcome bonus on the TD First Class Travel Visa Infinite Card. In total, you can earn 135,000 TD Rewards points:

  • Earn 20,000 TD Rewards points upon making your first purchase
  • Earn an additional 115,000 TD Rewards points upon spending $5,000 in the first 180 days

This is significantly higher than the previous all-time high of 100,000 TD Rewards points. However, the spending requirement is significantly higher than before, making this card a more challenging proposition for low spenders looking to easily nab a high-value bonus.

Additionally, the card offers a first-year annual fee waiver, a standard and welcome fixture among such mid-market cards.

This offer is available for new cardholders who apply by May 28, 2023.

Everyday Spending

The earning rates on the TD First Class Travel Visa Infinite Card are seeing a major upheaval, with the introduction of a wide range of finely-tuned category accelerators.

The earning rate for restaurant (including takeout) and grocery spend increases to 6 points per dollar spent, equal to a 3% return on spend. This is a doubling of the old rate, surely a welcome improvement.

Earnings on Expedia for TD purchases have been consolidated. Before, you could earn 9 points per dollar spent on bookings made online, and 6 points per dollar spent on bookings made over the phone.

Going forward, you’ll earn 8 points per dollar spent (4% return) on all Expedia for TD bookings. In spite of the simplicity, it’s hard not to call this a downgrade, albeit a minor one.

Also, earnings on pre-authorized purchases are getting a slight category bonus over the base rate, at 4 points per dollar spent (2% return).

Finally, the base earn rate for everyday spending has decreased from 3 TD Rewards points per dollar spent to 2 points per dollar spent (1% return).

Here’s a recap of the old rates:

  • 9 TD points per dollar spent on Expedia for TD online
  • 6 TD points per dollar spent on Expedia for TD over the phone
  • 3 TD points per dollar spent on all other purchases

And here’s a summary of the new rates, effective immediately:

  • 8 TD Rewards points per dollar spent on Expedia for TD
  • 6 TD Rewards points per dollar spent on groceries and dining
  • 4 TD Rewards points per dollar spent on pre-authorized purchases
  • 2 TD Rewards points per dollar spent on all other purchases

As we can expect with category accelerators, there’s a $25,000 annual cap for the total amount spent on all grocery, dining, and pre-authorized purchases. After that threshold, you’ll earn at the card’s base rate.

Assuming you won’t reach the spending cap, I’d say the net changes are overwhelmingly positive, as groceries and dining represent a majority of spending for Canadians. With similar spending patterns, you should be earning more than enough extra points to come out ahead.

New: TD Rewards Birthday Bonus

TD will grant a birthday bonus equal to 10% of the total number of TD Rewards points earned over the 12 months prior to the primary cardholder’s birthday, up to a maximum of 10,000 TD Rewards points.

Taking into account the birthday bonus, you can think of the actual earn rates as:

  • 8.8 TD Rewards points per dollar spent on Expedia for TD
  • 6.6 TD Rewards points per dollar spent on groceries and dining
  • 4.4 TD Rewards points per dollar spent on pre-authorized purchases
  • 2.2 TD Rewards points per dollar spent on all other spend

This makes quite a difference, supercharging the card’s strongest categories, while mitigating the damage of the reduced rates on Expedia for TD and uncategorized purchases.

To earn the full birthday bonus of 10,000 TD Rewards points, you’d have to earn 100,000 TD Rewards points in the preceding 12 months. Assuming you mostly spend on restaurants and dining, you’d have to spend $1,389 per month (or $16,667 annually), which isn’t out of reach.

With the birthday bonus kicking in on October 30, 2022, you’ll receive a 10% bonus on all purchases made between October 30 and your next birthday. Following that, the 10% bonus will be calculated as usual, from one birthday to the next.

TD has borrowed this fun perk from their subsidiary MBNA. Strictly speaking, the maximum birthday bonus is stronger on the MBNA Rewards World Elite Mastercard, so I’d treat this as an added bonus, and not as a driving factor for getting the card, especially if you’re a high spender.

New: $100 Annual TD Travel Credit

Following in the footsteps of many other Canadian banks (including the BMO eclipse Visa Infinite Card, the HSBC World Elite Mastercard and the American Express Gold and Platinum cards), TD has added a $100 annual TD Travel Credit to their flagship rewards card.

The only catch is that this is not a one-to-one travel credit, so you won’t get $100 credit upon spending $100. Rather, you’ll get a $100 credit upon spending $500 on lodging expenses booked with Expedia for TD.

This includes hotels, motels, other lodging, and vacation rentals, or a vacation package which includes any of the above plus a transportation booking. Note that flights are excluded.

This will apply per calendar year, so cardholders should expect it to kick in immediately. For those who already hold the card and won’t have an annual fee charged before the end of 2022, you may be able to double dip this new credit before your next annual fee hits. 😉

New: Mobile Device Insurance & Improved Travel Insurance

The TD First Class Travel Visa Infinite Card now offers up to $1,000 in mobile device insurance in the event of loss, theft, accidental damage, or mechanical breakdown. Depreciation is calculated as 2% per month, and there is a deductible based on the total original cost of your device.

For phones over $600.01, the deductible is a flat $100. At least 75% of the total cost of the device or the monthly plan cost must be paid with the TD First Class Travel Visa Infinite Card.

In addition to mobile device insurance, TD is adding hotel/motel burglary and flight/trip delay insurance. These are standard for comparable cards, so I’m not surprised to see them introduced in this refresh.

Hotel/motel burglary insurance now covers up to $2,500 per occurrence for eligible personal items for cardholders and family members on the same trip.

As for flight/trip delay insurance, there is now $500 covered per insured person if the delay is over 4 hours long and at least 75% of the cost is charged to your TD First Class Travel Visa Infinite Card.

Lastly, travel medical insurance increases to $2,000,000 per insured person per covered trip, up from the previous $1,000,000.

To view the full list of all changes, you can check out the Changes to TD Rewards Program Terms and Conditions and the Certificate(s) of Insurance.

More About Credit Card Insurance

Annual Fee Increase

It’s not all good news, however: the annual fee has increased from $120 to $139.

This is hardly unprecedented. The modest increase brings the fee for TD’s flagship card in line with the TD Aeroplan Visa Infinite Card relaunched two years ago. It’s also on par with some of its in-house rewards competitors, the Scotiabank Passport Visa Infinite Card and CIBC Aventura Visa Infinite Card.

Given the new benefits for cardholders, I hardly think this is a punitive change. Besides, there are reliable ways to have your annual fee waived or reduced, whether with a frequently-offered first-year-free signup bonus, with the aforementioned travel credit, or with all-inclusive banking as a long-term cardholder.

TD Platinum Travel Visa Card

TD Platinum Travel Visa Card

Welcome Bonus

Although the card has revamped many of its other features, the welcome bonus on the TD Platinum Travel Visa Card is unchanged, at 50,000 TD Rewards points:

  • Earn 15,000 TD Rewards points upon making your first purchase
  • Earn an additional 35,000 TD Rewards points upon spending $1,000 in the first 90 days

This card also offers a first-year annual fee waiver. Like the First Class Travel Card, this offer is available until May 28, 2023.

Everyday Spending

The earning rates on the TD Platinum Travel Visa Card have changed in line with the Visa Infinite variant, with the base earn rate decreasing, but categorized earning increasing substantially.

Previously, these were the earn rates:

  • 5 TD points per dollar spent on Expedia for TD
  • 3 TD points per dollar spent on pre-authorized purchases
  • 2 TD points per dollar spent on all other purchases

Going forward, the earn rates are as follows:

  • 6 TD Rewards points per dollar spent on Expedia for TD
  • 4.5 TD Rewards points per dollar spent on groceries and dining
  • 3 TD Rewards points per dollar spent on pre-authorized purchases
  • 1.5 TD Rewards points per dollar spent on all other purchases

To summarize the improvements, the ever-popular groceries and dining categories are getting a big boost, and travel purchases via Expedia for TD are getting a slight bump. Pre-authorized purchases will continue to earn above the reduced base rate.

There is also now a $15,000 annual cap for the total amount spent on all grocery, dining, and pre-authorized purchases, before rewards on spending drop to the base rate.

New: Mobile Device Insurance & Improved Travel Insurance

The TD Platinum Travel Visa Card offers the same new insurance policies as the Visa Infinite described above, including mobile device insurance and hotel/motel burglary insurance. The only difference is that flight/trip delay insurance will not be included.

To view the full list of all changes, you can check out the Insurance Updates.

Annual Fee Unchanged

The annual fee remains at $89, and can be easily waived by the same methods outlined above for the Visa Infinite card.

TD Rewards Visa Card

Welcome Bonus

The TD Rewards Visa Card is TD’s entry-level offering with no annual fee.

The welcome bonus on the TD Rewards Visa Card is also staying the same. You’ll earn TD Rewards points equivalent to a $50 Amazon credit, equal to 15,152 points, upon keeping the account open and in good standing for 90 days.

Everyday Spending

These are the old rates:

  • 3 TD points per dollar spent on Expedia for TD
  • 2 TD points per dollar spent on groceries, dining, and pre-authorized purchases
  • 1 TD point per dollar spent on all other purchases

And these are the new rates:

  • 4 TD Rewards points per dollar spent on Expedia for TD
  • 3 TD Rewards points per dollar spent on groceries and dining
  • 2 TD Rewards points per dollar spent on pre-authorized purchases
  • 1 TD Rewards point per dollar spent on all other purchases

Like with the Platinum Travel card, Expedia for TD and food categories are getting a lift, and pre-authorized payments are holding steady. Uniquely on this basic card, the earn rate on uncategorized spending have not decreased – all of these changes are nothing but positive.

Notably on the TD Rewards Visa Card, there is no annual spending cap. This means that after you hit the spending cap on the TD First Class Travel Visa Infinite Card and/or the TD Platinum Travel Visa Card, it’s optimal to move your grocery and dining spend to the TD Rewards Visa Card, as the no-fee card’s accelerated rewards are higher than the premium cards’ base earn rates.

Previously a rather languid product, TD’s most basic credit card is now an incredibly competitive option amongst its peers with no annual fee.

New: Mobile Device Insurance

The TD Rewards Visa Card also offers identical mobile device insurance to the Visa Infinite and the Platinum Visa variants described above. No other insurance will be added or changed.

To view the full list of all changes, you can check out the Insurance Updates.

TD Business Travel Visa Card

Welcome Bonus

Shifting to the business side, the TD Business Travel Visa Card is also offering an all-time high welcome bonus of up to 150,000 TD Rewards points:

  • Earn 30,000 TD Rewards points upon making your first purchase
  • Earn an additional 60,000 TD Rewards points upon spending $5,000 in the first three months
  • Earn an additional 5,000 TD Rewards points per month upon spending $2,500 in each of the first 12 months

While the monthly spending requirement is a mild nuisance, the threshold isn’t outrageously high for a business owner with consistent spending. The total bonus points you can earn remains the same as before, but the monthly spending requirement has been cut in half.

I’d think of the welcome bonus as 90,000 points, and treat the monthly component as an extra 2 points per dollar spent (up to $2,500 per month).

Everyday Spending

Earning rates on the TD Business Travel Visa Card have stayed the same:

  • 9 TD Rewards points per dollar spent on Expedia for TD online
  • 6 TD Rewards points per dollar spent on dining, pre-authorized purchases, and foreign transactions
  • 2 TD Rewards points per dollar spent on all other purchases

In fact, not much has changed with this card, aside from the branding.

TD Credit Card Comparison

With so many category bonuses changing across the TD Rewards portfolio, here’s a quick breakdown of the new earning rates on all of the personal credit cards that earn TD Rewards points.

The 10% birthday bonus is included for the TD First Class Travel Visa Infinite Card. Note that you won’t receive the previous year’s bonus points until your next birthday, and your actual earn rates may differ if you exceed the birthday bonus cap.

For clarity, TD Rewards points are valued at 0.5 cents per point, so 2 points per $1 spent is equivalent to 1% back.

TD First Class Travel Visa Infinite Card

TD Platinum Travel Visa Card

TD Rewards Visa Card

Expedia For TD

4.4%

3%

2%

Grocery and dining

3.3%

2.25%

1.5%

Pre-authorized purchaes

2.2%

1.5%

1%

All other spending

1.1%

0.75%

0.5%

Conclusion

We always fear the worst when we hear about changes to a credit card or rewards program, but I don’t believe that to be the case this time with TD’s proprietary TD Rewards portfolio.

With the TD First Class Travel Visa Infinite Card, the annual fee has increased from $120 to $139, the welcome bonus has risen but become harder to achieve, and the earn rate on non-categorized spending has dropped from 3 to 2 TD Rewards points per $1 spent.

However, these negatives are more than offset by the grocery and restaurant earn rate doubling, a birthday bonus of 10% of all TD Rewards points you’ve earned in the past 12 months, a $100 annual travel credit, and a plethora of compelling insurance offerings.

The TD Platinum Travel Visa Card has undergone a more minor reshuffling on category earn rates, along with improved insurance. On balance, I’d say these changes are a net positive as well.

Finally, the TD Rewards Visa Card has only seen positive changes, with many increases and no decreases to its everyday earn rates, and the addition of mobile device insurance. I’d say it’s now positioned as one of the better no-fee credit cards on the market.

These changes have now taken effect for existing cardholders and new applicants alike. With very strong signup bonuses, in particular on the flagship TD First Class Travel Visa Infinite Card, consider applying before May 28, 2023.

 

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