TD Bank’s NEW 2% Cash Back Card – The DOUBLE UP CARD – The Credit Shifu

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Hey credit warriors welcome to the show and there is a new 2% cashback card in town. You may not have heard about it because it has had a very subtle launch, I hadn’t heard about it either until a couple of days ago. But TD bank has come out with the Double Up card an unlimited 2% cashback card, that has not categories, it just earns 2% on everything. Very similar idea to the city double cash. So we are going to go through and do a review, we will compare it to the city double cash because that is the most common 2% cash back card out there in the US market.

So first of all TD bank, normally I am like oh dear when I see people with credit cards from TD, it’s cards aren’t that great. As credit card enthusiasts we normally focus on Amex, Chase, Citi and capital one, and capital one really just barely scrapes in there. TD bank is a great bank for people who are on lower incomes or new immigrants to the country. I had a TD bank account when I first moved here, they have an account where if you keep a minimum balance of $100 there are not fees and you don’t need a social security number to open it as long as you have some kind of work or student visa.

But I must say I am quite impressed with this new double up card. So let’s have a look at it. The first thing you will notice is that the card earns 2% cash back when you redeem into a TD bank account. So how it works is you earn 1%, which they describe as 1 point per dollar, on all your purchases and then you can choose to either redeem as cash back into any US bank account, take it as a statement credit on the card, redeem for gift cards or travel through TD, in which case the points are just worth 1 cent, so you are getting 1% per dollar spent. But if you redeem into a TD bank account you will get the amount doubled so you have now earned 2% cash back on all your spending. This is a similar concept to the citi double cash which earns 1% when you make a purchase and 1% when you pay the bill, this instead is 1% when you purchase and 1% when you redeem.

So if you are after a 2% card, this ticks that box, if you have a TD bank account. You could open their TD Convenience Checking which is the account I mentioned where as long as you have a balance of $100 there is no fee and you would get that $100 back if you close it in the future. But then again you could just go get the Citi double cash! So is there anything about TD’s Double Up card that sets it apart?

Well for starters there is a welcome bonus of a $75 statement credit for spending $500 in the first 90 days. The Citi Double Cash currently doesn’t have a public sign up bonus.

Both cards have no annual fee which is great and you generally expect no annual fee on cash back cards.

Both cards have a 0% APR offer for balance transfers, the Double Up card is 15 months but the Citi Double Cash is 18 months, so Citi wins on that one.

The TD Double Up card has slightly higher interest rates than the Double Cash, I’ll put those on screen. Both cards have 3% foreign transaction fees, which is to be expected. There are a few other differences but they are so minimal I haven’t included them here.

So which card is the winner? This is the moment you have been waiting for and I would say….. It’s a tie.

So both cards basically offer the same deal 2% cash back. The Citi Double Cash is more convenient since you don’t have to open a checking account to get the 2% and it also offers slightly lower interest rates and 3 months longer on the balance transfer 0% rate. But it doesn’t have any welcome bonus. So I would say if you are already a TD bank customer, then the Double Up is probably more convenient since you are already in TD’s system. And for those who want a free $75, maybe it would be worth opening an account for, remember it isn’t just checking accounts, but you could move some savings to TD or open a money market account or whatever.

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