🎁 Earn up to $600 in value, including 10% in Cash Back Dollars in the first 3 months on Bonus Eligible Purchases up to a total spend of $3,500

When it comes to credit cards, cashback options often stand out as the most user-friendly and straightforward. You spend money and get a portion back—it’s like a discount on every purchase. Today, we’re diving into the TD Cashback Visa Infinite, examining its signup bonus, rewards, insurance, perks, and overall value.

Signup Bonus

The signup bonus is the first thing most people look at when considering a new credit card. Currently, the TD Cashback Visa Infinite boasts a signup bonus valued at up to $500. At first glance, this may seem appealing, but let’s break it down to understand its true value.

Upon signing up, you’ll find that the annual fee for both the primary and secondary cardholders is waived for the first year, which equates to $189 in savings. Additionally, there’s a cashback incentive: earn 10% on eligible gas, grocery purchases, and recurring payments for the first three months, up to a total of $3,500 spent.

Now, the base cashback for these categories is already set at 3%. Without the bonus, spending $3,500 in these categories nets you $105. Therefore, factoring in the signup bonus, you’re looking at an extra $245—bringing the total signup value to $434 when you include the waived fee.

If you sign up through Great Canadian Rebates, you can snag an additional $100 cashback, pushing your total potential signup value to $534. For a card that costs $139 annually, this is slightly above average. However, keep in mind that by the time you read this, the promotion may have ended. Personally, while the signup bonus is a nice perk, I don’t chase promotions—I look for long-term value.

Rewards: How Do They Stack Up?

Moving on to rewards, the TD Cashback Visa Infinite offers 3% cashback on groceries, gas, and recurring bills. While this sounds decent, it’s actually weaker compared to its competitors, like the CIBC Dividend Visa Infinite and the Scotiabank Momentum Visa Infinite. Additionally, there’s a cap of $15,000 annually on these high-reward categories.

For a family of four, $15,000 a year may not be sufficient. In fact, Canadians typically spend around $1,300 a month on groceries alone, which doesn’t even include gas. The spending cap on recurring bills is somewhat high, but if you’re using services like Chexy to pay your rent, you might hit that limit quickly.

Overall, the lower cashback rates and the spending cap make the rewards on this card less than impressive. If you’re looking for a card that maximizes your cashback potential, you might want to consider alternatives.

Insurance

Insurance is another critical factor to consider when evaluating a credit card. The TD Cashback Visa Infinite offers seven types of insurance coverage, which is on the lower end compared to similar cards. However, the coverages included are generally sufficient for most users.

For instance, you get travel medical insurance for up to ten days, or four days if you’re over 65. While having some coverage for seniors is commendable—since many cards don’t provide this—ten days still feels a bit lacking when competitors often offer 15 days. The card also covers delayed and lost baggage up to $1,000, which is better than average.

However, it does miss out on other essential travel coverages like trip cancellations or flight delays. On the plus side, it includes mobile device insurance, which is increasingly important in our tech-driven lives. While the insurance offerings might not be extensive, they cover the basics adequately for most situations.

Perks: What Extra Benefits Can You Expect?

The perks of a credit card can often sway your decision. With the TD Cashback Visa Infinite, you automatically enroll in the Deluxe TD Auto Club Membership, which provides roadside assistance. This is one of the few cards in Canada that offers free roadside assistance, alongside the BMO Cashback Road Elite Mastercard and the Triangle Road Elite Mastercard.

While the roadside assistance is a nice touch, the reality is that if you find yourself needing this service more than a few times a year, it might be time to reconsider your vehicle’s reliability. Also, the Triangle World Elite Mastercard, which offers similar perks, is available for free, making the necessity of paying $139 for this service questionable.

For those who prioritize roadside assistance, this perk is valuable. But if you already have access to such services through other means, it may not justify the annual fee.

Grading the TD Cashback Visa Infinite

Now it’s time to assign some grades based on the various aspects we’ve discussed. Let’s break it down:

• Rewards: With only 3% cashback on high-reward categories and a $15,000 spending cap, I can only give this a 4 out of 10.
• Insurance: Seven types of coverage is below average, but it covers the essentials well enough for a 6 out of 10.
• Perks: The roadside assistance is decent but can be found for free elsewhere, leading me to rate this a 7 out of 10.

This gives the TD Cashback Visa Infinite an overall average score of 5.67 out of 10, placing it firmly in the D tier. It’s not the worst card available, but it certainly doesn’t stand out in a crowded market.