Credit Cards

TD Bank Introduces Double Up 2% Cash Back Credit Card

One common complaint among those who are skeptical of credit cards rewards is that the earning structure some of these options offer is too complicated. Between category specific multipliers and rotating bonus categories, it’s understandable that some would prefer a more straightforward solution. Enter the new TD Double Up Card — a new product from TD Bank that allows cardholders to earn up to 2% cashback on every purchase they make.

With the TD Double Up Card, cardmembers with earn 1% cashback on their purchases. Then, they’ll earn an additional 1% cashback when they redeem funds into an eligible TD Bank Deposit Account. The card carries no annual fee and the amount of cashback that can be earned has no limit. Travelers and those who shop online from overseas vendors should be aware that the card does charge a 3% foreign transaction fee, though.

Looking closer at the terms of the TD Double Up, purchases earn one point per dollar spent. Once cardmembers accrue at least 2,500 points, they can redeem them for cash back, gift cards, merchandise, or
travel at a value of one cent per point. Alternatively, when points are redeemed for deposits into TD Bank deposit accounts, customers will earn a Redemption Bonus. For example, if a cardmember is redeeming 5,000 points into their TD Bank account, they’d deposit $50 in earned points plus another 5,000 points ($50) as a Redemption Bonus, for a total of $100 reaching their account.

Seasoned credit card enthusiasts may recognize that the new Double Up card is quite similar to the Citi Double Cash card, which offers cardholders 1% back when they make purchases and an additional 1% back when they pay off those purchases. TD Bank’s new offering bears perhaps even more resemblance to the recently-launched SoFi Credit Card. That product, introduced by the FinTech alongside The Bancorp Bank, also features 1% cashback when customers use the card to make purchases and rewards them with another 1% when they redeem their cashback to make a deposit to their SoFi Money banking account, use the funds to purchases stocks or ETFs using SoFi Invest, or use their earned cashback to make a payment on their SoFi loan. More accurately, purchases on the SoFi Credit Card earn two points per dollar spent, but those points are redeemed at one cent for the specified activities and at only one-half cent for statement credits.

However, the TD Double Up Card features something that neither of the other 2% cashback cards mentioned do: a welcome bonus. Currently, new cardholders can earn a $75 cashback bonus when they spend $500 on the card within their first 90 days. This bonus will be paid out as a statement credit.

Overall, the TD Double Up Card could be a good option for those who already have or are willing to open a TD Bank deposit account. While the potential to earn 2% back on everything is equaled by other cards on the market, the current $75 welcome bonus could put the Double Up ahead of the Double Cash et al. That said, potential cardholders should be sure to check the terms of their TD Bank account to ensure that their rewards are offset by any fees they may incur. Aside from that, the Double Card may just be a simpler way to earn credit card rewards.

Other Articles by Jonathan Dyer