TD Emerald Flex Rate Visa Card Review

30-second take

• Get this card if you have a good credit score and want a low interest rate on eligible purchases.

• Choose something else if you’d rather get rewards or want more benefits.

• This card does not have minimum annual income requirements.

The basics

If you have a decent credit score and you want to get a low interest rate on your purchases, then this card could be a good fit for you. It comes with a low annual fee of $25 and optional travel benefits. Save on interest charges with a preferred low variable annual interest rate.

Interest rates will vary based on your credit score and can fall anywhere between 8.45% and 16.7%. TD uses its own prime rate (2.450% as of March 30, 2020) to figure out the rate you’ll receive. The equation it uses to do that will be TD Prime¹ + 4.5% up to TD Prime + 12.75%.

The perks

• Product coverage. Get extended warranty and purchase protection for products you buy with your card.
• Car rental discounts. Up to 10% rental discount at participating Avis and Budget locations in Canada and the US and 5% discount overseas.
• Contactless payments. Simply tap for quick payments on the go with Apple Pay or Visa payWave (for Android).
• Online security. Use Verified by Visa to protect your purchases when you shop online.
• Zero-liability coverage. Rest easy knowing you won’t have to pay for fraudulent activity on your account (and get fraud alerts to stay up to date on questionable transactions).
• Easy to qualify. You can apply easily with no annual income requirements.

What to watch out for

• Annual fee. Pay $25 per year to keep your account in good standing.
• No rewards or cash back. The low interest rate replaces a rewards or cash back return as the main incentive.
• Pay for extras. You’ll have to pay extra to add on benefits like travel medical insurance and trip cancellation and interruption incurance.
• Based on credit score. If you have a poor credit score, you’ll face a higher interest rate.

What should I know before you apply?

• Eligibility requirements

  To apply for a TD Emerald Flex Rate Visa Card, you need to meet the following criteria:

  • Be a Canadian citizen or permanent resident
  • Be of the age of majority in the province of residence

• Required documents and information

  • Your name, residential status and contact information
  • Your social insurance number and date of birth
  • Your email address and phone number

Bottom line

The TD Emerald Flex Rate Visa Card is a no-frills card that will give you a low interest rate based on your credit score. It costs $25 per year and comes with optional benefits like travel insurance and roadside assistance (which you can add on for a fee).

Frequently asked questions about the TD Emerald Flex Rate Visa Card

• How is interest calculated?

  TD uses its own prime rate to calculate your interest using the equation TD Prime¹ + 4.5% up to TD Prime + 12.75%. This means you’ll end up paying anywhere between 8.45% and 16.7% interest, depending on your credit score.

• What if I have bad credit?

  This card probably isn’t the best option if you have a credit score below 650. This is because you’ll probably end up paying as much as 15–17% interest based on your bad credit (which is only around 2–4% lower than an average card without all of the added rewards and benefits).

• Can I apply online?

  Yes, you can apply online by visiting the TD bank website.

Picture : td.com/ca