Canadians’ budgets are stretched pretty thin these days, and many can’t afford to add hefty credit card interest fees onto the load. The TD Emerald Visa is a pretty good solution to this issue, although not everyone will get the same deal from it. Having good credit will be a major factor in how helpful this card will be for you.
Starting With the Basics
Anyone thinking about getting this card will need to know more about what it is and how it works. This is a low-interest credit card, but it is also one that uses a variable rate. That makes it different from most cards like that that you may be familiar with and merits a bit of explanation. It’s based on the TD prime rate, or the minimum interest standard currently being used by TD banks. The lowest rate you can get on this card is 4.5% plus the prime rate, whereas the applicants with less impressive credit could get an offer as high as 12.75% plus TD prime. As of the time of writing this, that prime rate sits at 3.95%, giving you a possible interest rate range between 8.45% and 16.70%. This interest rate changes as the prime rate does, but since changes there happen very slowly and incrementally with plenty of warning, there’s no real cause for concern there. You won’t suddenly find yourself paying drastically more than you intended at first.
There are two slight caveats to holding this card, though. The first is that it does not come with rewards, which some people might not enjoy. The second is taht it does charge a $25 annual fee. That’s not ideal for this kind of card, but from now until June 2, 2019, all new applicants will have the fee waived for their first year. That’s a pretty good deal that makes this a great time to get this card.
The Dilemma of Low Credit
This card isn’t known for being particularly difficult to get, so chances are good that you will be approved for it even with lower credit. However, this card’s appeal drops drastically if you can only secure a higher interest rate on it, which is likely what will happen if you apply for it without an impressive credit profile. The problem with that is that you are much more likely to need the extra help with your interest rate if you do have bad credit, as those with high credit scores tend not to worry about paying interest because they pay off their balances each month. Relatively few people who are interested in this card will qualify for the top rate, so it’s almost deceptive to say that it can go that low. That number will be out of reach for most people who really need it. There’s no real harm in applying, though, so you could just see what you can get and make a decision from there.
What Do Cardholders Think of the TD Emerald Visa?
The TD Emerald Visa is generally quite well-liked among Canadians who have tried it out. In fact, it’s been singled out in the news as a card that is helpful for getting out of debt. That article specifically states that it is worthwhile to pay a little to have access to the low rates on this card, and it describes the experience of the author themselves and how they used this card to make their budget go further. There’s no denying that some people will be a bit frustrated with a card that does nothing but cost them a little bit less, but for the most part, consumers enjoy this product and you probably will too.
Could You Benefit From Having This Card?
The TD Emerald Visa offers some of the lowest rates around for its best customers, so it’s definitely worth looking into. Its results are less predictable than other cards of this type, but if you happen to have excellent credit, it has the potential to far surpass them. Whether or not it is the best choice for you depends on the rate you’re offered, and you won’t know that until you apply. With that in mind, why not do it?