TD Bank Business Credit Cards Review

(April 2024)

TD Bank Business Credit Cards Review

In This Article

Our Verdict

Are you a small business owner in the United States seeking a credit card that seamlessly integrates with your business journey? TD Bank excels at helping you differentiate between personal and business expenses, making it easier to track and establish a distinct business credit history. It’s worth noting that even though TD Bank U.S. offers only one business credit card, it offers a variety of personal credit cards, expanding your options.

Whether you’re drawn to cash-back rewards or motivated by travel perks, TD’s card lineup caters to a wide range of needs. However, larger businesses with complex financial structures might find these cards less accommodating. So, if you’re a small business powerhouse in the U.S., TD could be the right choice; for larger enterprises, a more comprehensive search might be necessary.

It’s important to note that some of these cards come with foreign transaction charges. So, before you make a decision, take a moment to compare the available options. This way, you can select the card that aligns perfectly with your business goals.

Here is additional information you might need:

 

Headquarters: 1701 Route 70 East, Cherry Hill, NJ 08034, United States.

Phone Number: +1 888 751 9000.

Website: www.td.com

Pros

  • Provides a choice between cash back or travel rewards.
  • Helps in distinguishing and managing personal and business expenses.
  • Assists in building a dedicated business credit history.
  • Includes Additional Business Benefits: Provides access to expense management tools, online account access, and specialized customer support.
  • Ensures Accessibility: Conveniently accessible through TD Bank’s extensive U.S. network.
  • Imposes no annual fee.

Cons

  • Offers limited support for larger businesses with intricate financial requirements.
  • Incorporates Foreign Transaction Charges.
  • Doesn’t Provide Strong Support for Global Operations.

Who This Product Is Best For

TD Business Credit Cards might be your perfect match if you’re a small business owner who:

  • Seeks a card with a spectrum of reward choices,
  • Desires a card with a welcoming bonus,
  • Values a card with travel perks, and
  • Boasts a credit score ranging from good to excellent.

Who This Product Isn't Right For

TD Business Credit Cards might not align with your particular preferences and requirements if you:

  • Are dealing with a poor credit score,
  • Are specifically seeking a card with minimal annual fees, or
  • Wish to avoid foreign transaction fees.

What This Product Offers

TD Business Credit Cards offer a variety of rewards and benefits, including:

Cash back: The amount of cash back you earn varies depending on the card and your spending habits.

Travel rewards: You can redeem these rewards for flights, hotels, and other travel expenses.

Points: You can redeem for merchandise, gift cards, or travel.

Travel benefits: TD Business Credit Card offers travel benefits like travel accident insurance and baggage insurance. These benefits can help you save money and protect yourself in case of an emergency.

Purchase protection: Some TD Business Credit Cards offer purchase protection. This means that you’re covered if your purchase is lost, stolen, or damaged.

Extended warranty protection: It covers you for repairs or replacements beyond the manufacturer’s warranty.

Fraud protection: You’re not responsible for unauthorized charges made on your card.

Product Details

TD Business Solutions Credit Card

  • Cash Back Rewards: Earn unlimited 2% Cash Back on all eligible purchases. There are no rotating spend categories, caps, or limits.
  • Welcome Offer: Earn $250 Cash Back in the form of a statement credit when you spend $1,500 within the first 90 days after account opening.
  • No Annual Fee: This card does not have an annual fee, making it cost-effective for your business.
  • Visa Benefits: Enjoy Visa benefits such as cell phone protection when you pay your monthly mobile bill with your card.
  • No Spending Category Restrictions: There are no rotating spend categories, caps, or limits as long as your credit card account is open and in good standing.

Rates and Fees:

  • Annual Percentage Rate (APR) for Purchases: The APR varies between 18.99%, 23.99%, or 28.99% based on your creditworthiness.
  • APR for Balance Transfers: The APR for balance transfers is also variable and falls within the same range based on your creditworthiness.
  • Balance Transfer Fee: A balance transfer fee of $5 or 3% of the transfer amount (whichever is greater) applies.
  • Minimum Interest Charge: The minimum interest charge is $1.
  • APR for Cash Advances: Cash advances have a variable APR of 30.24%.
  • Cash Advance Fee: For cash advances, you are charged either $10 or 5% of the advance amount (whichever is greater).
  • Foreign Transaction Fee: There’s a 3% foreign transaction fee for each transaction conducted in U.S. dollars.
  • Late Payment Fee: Late payments may result in a fee of up to $40.
  • Return Payment Fee: A return payment fee of $39 is applicable.

Where This Product Stands Out

Simple Cash Back Rewards: Earn 2% cash back on all eligible purchases without rotating categories or spending limits.

Generous Welcome Offer: Get a $250 cash back statement credit by spending $1,500 in the first 90 days.

No Annual Fee: These cards typically come with no annual fees, reducing business expenses.

Additional Visa Benefits: Enjoy perks like cell phone protection when paying your mobile bill with the card.

Simplicity in Spending: No need to track rotating spending categories or limits.

Accessibility and Network: Access TD Bank’s extensive U.S. network for banking services and support.

Competitive APR Options: APRs vary based on creditworthiness.

Cash Flow Management: 2% cash back can boost cash flow for day-to-day operations or growth.

Where This Product Falls Short

Suits Smaller to Mid-sized Businesses Better: Offers the best fit for small to mid-sized businesses and may not cater well if you have a large enterprise.

Imposes Additional Costs on International Transactions: Gives rise to extra expenses if your business is engaged in international transactions.

Features Relatively High APRs for Some: Imposes relatively high APRs, particularly if you have lower creditworthiness.

Lacks Adequate Global Presence: It may not offer comprehensive support if your business operates extensively on a global scale.

Provides Limited Customization: Gives less room for customization of highly specialized rewards and services.

Hinges on Credit Score: The APR and credit limit depend heavily on creditworthiness, impacting both costs and credit accessibility.

How to Qualify for This Product

To qualify for a TD Business Credit Card, you need to meet the following requirements:

  • Be a U.S. citizen or permanent resident.
  • Have a valid business tax identification number (EIN).
  • Have a minimum credit score of 670.
  • Have a minimum annual income of $50,000.
  • Provide proof of business ownership, such as a business license or tax return.

If you meet all these requirements, you are eligible to apply for a TD Business Credit Card. However, it is important to note that approval is not guaranteed. TD Bank also considers your personal credit history and other factors when making a decision.

How to Apply for This Product

You can apply for a TD Business Credit Card online, by phone, or in person at a TD Bank branch. Here are the steps involved in applying for the card online:

  1. Go to the TD Bank website and click on the “Business Credit Cards” tab.
  2. Click on the “TD Business Solutions Credit Card” link.
  3. Click on the “Apply Now” button.
  4. You are asked to provide some basic information about your business, such as your business name, EIN, and annual income.
  5. You are also asked to provide some personal information, such as your name, address, and Social Security number.
  6. You need to upload a copy of your business license or tax return.
  7. You also need to answer a few questions about your credit history.
  8. Once you submit your application, TD Bank reviews it and let you know if you are approved.

Here are the steps involved in applying for the card by phone:

  1. Call TD Bank at 1-888-751-2273.
  2. Tell the customer service representative that you would like to apply for a TD Business Credit Card.
  3. The customer service representative asks you some questions about your business and personal information.
  4. You need to provide a copy of your business license or tax return.
  5. The customer service representative will submit your application and let you know if you are approved.

Here are the steps involved in applying for the card in person:

  1. Visit a TD Bank branch.
  2. Speak to a banker.
  3. Tell the banker that you would like to apply for a TD Business Credit Card.
  4. The banker asks you some questions about your business and personal information.
  5. You need to provide a copy of your business license or tax return.
  6. The banker will submit your application and let you know if you are approved.

Alternatives to This Product

Chase Ink Business Cash®:

Are you all about rewards that match your spending habits? The Chase Ink Business Cash® card could be your answer. It offers substantial cash back on a range of essential business expenses. Plus, the impressive welcome bonus gives your business an advantageous head start. What’s more, the card’s benefits are designed with the unique demands of business owners in mind.

This card offers 2% cash back on all purchases. It also has a welcome bonus of $750 after spending $7,500 within the first 3 months. This card has an annual fee of $95.

American Express Blue Business Cash™ Card:

If you’re a fan of straightforward cash-back rewards, the American Express Blue Business Cash™ Card is worth considering. It lets you earn cash back on the purchases that drive your business forward, without any unnecessary complexities. With no annual fee, it’s a practical choice for entrepreneurs mindful of their budgets. Additionally, the card provides expense management tools to help you stay in control of your finances.

This card offers 2% cash back on all purchases. It also has a welcome bonus of $250 after spending $3,000 within the first 3 months. This card has an annual fee of $95.

Capital One Spark Cash Plus:

For those looking to maximize their rewards, the Capital One Spark Cash Plus card delivers unlimited cash back on every purchase. This means your business’s growth can benefit from rewards earned on each transaction. Flexibility takes center stage as you choose when to redeem your rewards. Moreover, the card offers the convenience of extra employee cards at no additional cost, streamlining your expense management process.

This card offers 2% cash back on all purchases. It also has a welcome bonus of $500 after spending $4,500 within the first 3 months. This card has an annual fee of $95.

Customer Reviews

When it comes to customer sentiments, TD Bank holds a 3.8 out of 5-star rating on Trustpilot, garnered from over 1,000 reviews. Positivity shines through in many of these reviews, particularly praising the rewards program and top-notch customer service. Yet, there’s another side to the coin, with concerns raised about the higher annual fees and foreign transaction charges.

Over at the Better Business Bureau (BBB), TD Bank boasts an impressive A+ rating, supported by more than 2,000 customer reviews. Customers commonly commend the bank’s service quality and financial offerings. However, a subset of reviews voices concerns about fees and lengthy wait times.

Both positive and negative feedback form a mosaic of opinions that underline the need to scrutinize reviews before making a card application.

Pro Tips

  • Choose a card that offers the rewards that are most valuable to your business.
  • Take advantage of the welcome bonus.
  • Pay your bill on time and in full to avoid interest charges.
  • Consider using a different card for international travel to avoid foreign transaction fees.

Recap

In this comprehensive exploration of TD Bank Business Credit Cards, you delved into the intricacies of these offerings, specifically for you, a small business owner. The TD Business Solutions Credit Card by TD Bank offers a versatile choice for small business owners in the United States. This card provides the flexibility to choose between cash-back rewards and travel perks while excelling at assisting businesses in distinguishing personal and business expenses. It’s particularly advantageous for small businesses seeking to establish a dedicated business credit history. However, it’s important to note that larger enterprises with intricate financial structures may not find this card as accommodating.

If you’re looking for a credit card that offers a variety of rewards choices, welcomes you with bonuses, and provides travel perks, the TD Business Solutions Credit Card presents an appealing opportunity. It’s an ideal fit if you have a good to excellent credit score and your business goals align with the card’s offerings. However, if you have a poor credit history, or aim to avoid foreign transaction charges, the TD Business Solutions Credit Card may not be the best choice for your needs.

To qualify for a TD Business Credit Card, you should be a U.S. citizen or permanent resident with a valid business tax identification number (EIN), a minimum credit score of 670, and an annual income of at least $50,000. Providing proof of business ownership, such as a business license or tax return, is also essential. While TD Bank holds positive customer reviews for its rewards and customer service, there are concerns about fees and foreign transaction charges, making it important for you to thoroughly assess their requirements before applying for a card and consider suitable alternatives.

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