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
- TD First Class Travel Visa Infinite Card
- TD Platinum Travel Visa Card
- TD Rewards Visa Card
- TD Business Travel Visa Card
- TD Credit Card Comparison
- Conclusion
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
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.
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.
- Earn 20,000 TD Rewards Points upon making your first purchase†
- Earn 115,000 TD Rewards Points upon spending $5,000 within 180 days of account opening†
- Plus, earn up to 10,000 TD Rewards Points back on your birthday†
- Plus, earn 8x TD Rewards Points† on eligible travel purchases when you book through Expedia® for TD†
- Get an annual TD Travel Credit† of $100 when you book through Expedia® for TD†
- Use your rewards for any travel bookings available on Expedia® for TD†
- Minimum income: $60,000 personal or $100,000 household
- Annual fee: $139, rebated for the first year†
- Application must be approved by January 6, 2025 to receive this offer
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.
- Earn 15,000 TD Rewards Points upon first purchase†
- Earn 35,000 TD Rewards Points upon spending $1,000 in the first 90 days†
- Plus, earn 6x TD Rewards Points† on eligible travel purchases when you book through Expedia® for TD†
- Earn 4.5x TD Rewards Points† on eligible grocery and restaurant purchases†
- Use your rewards for any travel bookings available on Expedia® for TD†
- No minimum income requirement
- Annual fee: $89, rebated in the first year†
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.
- Earn 15,152 TD Rewards Points when you spend $500 within 90 days of Account opening+†
- Plus, earn 4x TD Rewards Points† on eligible travel purchases when you book through Expedia® for TD†
- Use your rewards for any travel bookings available on Expedia® for TD†
- Annual fee: $0
- Application must be approved by January 6, 2025 to receive this offer
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.
How does the TD First Class Travel Visa Infinite Card new grocery/ dining earn rate of 6 TD points now compare to the Amex Cobalt Card earn rate of 5 Amex points? Would you still recommend Cobalt for everyday dining or will this TD card be better? Considering they have roughly the same annual fee now..
I am thinking to apply TD Aeroplan Visa platinum for 20,000 aeroplan points.
can I upgrade to TD Aeroplan Visa Infinite next year for another welcome bonus?
Long time TD FCT user here. TD has been ignoring these cards for so long that I was actually wondering if they were even going to continue them or wind down the Rewards program and force everyone over to an Aeroplan card. Overall I think these are positive changes. But, ugh, that new card design…. It’s just so bland and generic.
All of these changes just hilight how immensely powerful Amex Cobalt still is in the market.
These changes are positive. Now the question is when to apply or product switch? We currently have two TD Aeroplan Visa Infinite cards, one each, acquired in the spring. I had a date in my calendar to product switch them to TD FCT Visa Infinite in the last week of October because the current sign-up bonus is very attractive. But should I wait? Will there be a better offer to launch the new card changes? What do you predict?