TD Low Rate Visa* Card review

• Purchase security: If items you purchased with your TD Low Rate Visa* Card are stolen or damaged within 90 days of purchase they will be eligible for repair, replacement or reimbursement. 
• Extended warranty: The period of coverage of a manufacturer's warranty will be doubled up to 12 additional months.

• Option to buy a TD Auto Club Membership, travel medical insurance and trip cancellation/trip interruption insurance
• TD payment plans, which lets you turn purchases of $100 or more into payment plans of 6, 12 or 18 months
• The card is made from 90% recycled plastic
• Compatible with Samsung and Apple Pay digital wallets

For those looking for a low rate card, at first glance with its 10.99% APR, the MBNA True Line® Gold Mastercard® may seem to be a more attractive pick than the TD Low Rate Visa* Card. While it’s true that the rate of 10.99% is among the lowest in Canada, that rate is only available for purchases. If you want to make a cash advance, you’ll have to pay a whopping 24.99%, whereas with the TD Low Rate Visa* Card, the APR of 12.9% is also available for cash advances. 

The MBNA True Line® Gold Mastercard® also comes with a higher annual fee at $39 per year compared to the TD card’s fee of $25. Of course, if you often have a balance on your credit card and don’t use cash advances then a card with an APR of 10.99% could save you significantly more than a card with a rate of 12.9%. Aside from rates and fees, the cards have several things in common. They both offer purchase assurance, extended warranty and rental car discounts. The MBNA card does come with trip assistance for things like lost luggage or ticket replacement but this is just an assistance service and not a form of insurance. 

If you rarely make cash advances and typically carry a balance, the MBNA card may save you more over the long run. However, if your monthly Starbucks spending is substantial, the TD Low Rate Visa's 50% more Stars perk might yield greater rewards, potentially making it a more cost-effective choice.

Disclosures:

The BMO Preferred Rate Mastercard®* and the TD Low Rate Visa* Card both cater to Canadians seeking low-interest credit card options, but they differ in their specific offerings. The BMO card has an incredibly attractive balance transfer offer with a 0.99% introductory interest rate on balance transfers for 9 months with a 2% transfer fee and BMO will waive the annual fee on your first anniversary.* Cardholders can even have the annual fee rebated yearly if they have a BMO Performance chequing account. The BMO Preferred Rate Mastercard®* also has a slightly higher APR than the TD card. Its APR is 13.99% for purchases and 15.99% for cash advances.

Aside from the APR, waived annual fee and bonus offer, the BMO card also has other perks similar to the TD card, including extended warranty and purchase protection, a payment plan and the option to purchase roadside support. 

Overall, if you currently have a balance on your credit card and could take advantage of the BMO Preferred Rate Mastercard®*’s balance transfer promotion to significantly reduce (or even better yet, eliminate altogether) your amount owing, that card may be your best option for credit card debt management.

Disclosures:

To qualify for the TD Low Rate Visa* Card, you must meet the following criteria:

• You must be a Canadian resident.
• You must be at least the age of majority in your province or territory.
• There is no minimum income requirement for this card.