Unless you manage to pay off your entire bill each month like clockwork, using a credit card may cost you a decent chunk of money over the years. Our TD Emerald Visa card review will explore one of your potential options to keep your credit card expenses to a minimum.
Your good credit score proves that you can be trusted; take advantage of that with lower interest rates to match it.
|You Are Interested If||You have excellent credit and want to lower the amount of interest you pay as much as possible.|
|Brief Description||The TD Emerald Visa card is a low-interest card that rewards you with rock-bottom rates (provided you have a good enough credit score).|
|Main Requirements||Applicants for this card must have some sort of regular income and fairly good credit. You don’t necessarily need excellent credit to get it, but you’ll benefit more from it the better your credit happens to be.|
|Provider||TD Canada Trust.|
|Card Type||This is a low-interest card with a variable rate.|
Fees and Interest
|Purchase Interest Rate||This card offers individualized low interest rates depending on your credit score – the very best applicants will pay the current TD Prime rate plus an additional 4.50%, while the very most anyone will ever pay is TD Prime plus another 12.75%.|
|Cash Advance||Cash advances are charged the same interest rate as your purchases.|
|Balance Transfer||Even balance transfers will be charged that low individualized interest rate.|
|Income Requirements||Your credit history is more important than your income here; as little as $15,000 a year in income might be enough to qualify.|
|Household Income Requirements||There is no separate household income requirement that applies to this card.|
|Annual Fee||A $25 annual fee is charged to holders of this card.|
|Welcome Bonus||There is no welcome bonus active at this time.|
|How To Earn Points||This is a low-interest card, so it does not offer rewards separately from that.|
|Benefits||This card comes with purchase protection, extended warranty coverage, a zero-liability policy, and small discounts on car rentals at Avis Rent a Car or Budget Rent a Car locations worldwide.|
About TD Emerald Visa Card
The first thing we’ll be discussing in our TD Emerald Visa card review is also the most pertinent in this case: the interest rates. This is a low-interest card, so most applicants will be looking to score the lowest rates possible. Instead of issuing one standard rate to all cardholders, however, this one calculates a separate interest rate for each applicant based on their current credit history. The higher your credit score, the better the rate you will get. As of writing this, the current highest applicable interest rate was a mere 16.7%, still considerably lower than what you would get from most cards; the lowest is just 8.45%.
There is no way to know which you will be paying until your individual application is assessed, as TD does not publish their credit score guidelines for this card. This is a bit of a problem because the rates you pay are a big part of the value of this card. For instance, say you intend to carry a $500 balance on this card. With the lowest 8.45% rate, you’ll pay $42.24 in interest on that amount over one year. With the highest 16.7% rate, you’ll pay $83.52 instead. Both are less than the $99.96 you’d pay at more typical interest rates of around 20%, but the higher option doesn’t even pay for the cost of the annual fee. Since you won’t know until late in the process, though, it can be very difficult to meaningfully compare this card to any of your other options or to gauge if it will even save you any significant amount of money. This isn’t necessarily a deal-breaker, but it does mean you should hold off on committing to this card until you’ve received your interest rate quote and crunched the necessary numbers.
There’s not much in the way of benefits to cover in this TD Emerald Visa card review – while you’ll still get the extended warranty coverage and purchase protection that comes with almost all credit cards, the only additional thing this card has to offer is its small rental car discount. You have the option of purchasing travel medical insurance or trip interruption or cancellation insurance as well, but these policies do not come free.
To finish off this TD Emerald Visa card review, we’ll have to admit that this card isn’t perfect, but it does its job well enough. The low interest rates it offers as its primary benefit are granted mainly to people who already have good credit and are not as likely to let a balance ride as those in less impressive credit situations. Nevertheless, the potential to be paying under 10% in interest is largely unheard of outside of this card, and even the highest applicable rates are still noticeably lower than the average.
The Toronto-Dominion Bank, also known as TD Bank or TD Canada Trust, is not only one of Canada’s largest banks, but also one of the largest online financial services companies in the world. This card takes its name from their signature emerald green iconography that every Canadian instantly recognizes. In addition to credit cards, this company also offers a range of other services including consumer and commercial banking, wealth management, car loans and stock trading.
What We Think
The TD Emerald Visa card is not necessarily always the top pick even among low-interest cards, but it’s a good card from a reputable provider that you can trust. We’re fairly impressed with what we’ve seen from this card over the course of this TD Emerald Visa card review, and if you’re looking for a low-interest card in Canada, we think you will be too.