TD Bank Business Credit Card: What You Need to Know
Great For: It offers cash back on common business purchases, such as internet and gas.Read Full Review
- Special Offer: $300 cash back
- 0% intro APR for 6 months
- 3% cash back on phone, internet and cable services
|Welcome offerafter spending $3K in first 3 months||Rewards ratebased on where you spend money||Annual fee||Minimum credit|
|$300||3%, 2% or 1% cash back||$0||700|
There is only one business credit card from TD Bank: the TD Business Solutions Credit Card.
On the whole this is a fairly competitive credit card option—offering cash rewards, a signup bonus, and no annual fee—making it a particularly notable choice for businesses just starting out. Plus, if you have a solid relationship with TD Bank already, they might allow you to waive the personal guarantee requirement for this TD business credit card.
Let’s explore the details in our TD Bank business credit card review:
TD Bank Business Credit Card Intro Rates
One of the benefits of the TD business credit card is that this card includes a 0% intro APR offer—meaning you’ll be able to carry a credit card balance interest-free during a specified period of time.
With the TD Business Solutions Credit Card, you’ll have a 0% APR on purchases (not applicable to balance transfers) for your first six months with the card. After the six months are up, your ongoing APR will set in at a rate that will depend on your creditworthiness and the market Prime Rate, so you’ll want to check TD Bank’s terms and conditions for the latest APR information.
TD Bank Business Credit Card: Welcome Offer
In addition to the 0% intro APR, this TD Bank business credit card also includes a welcome bonus. If you spend $3,000 within the first 90 days after opening your account, you’ll be able to qualify for $300 cash back.
You’ll receive this TD business credit card promotion in your rewards account within six to eight weeks after you’ve met the eligibility criteria.
TD Bank Business Credit Card: Ongoing Rewards
With the TD Business Solutions Credit Card, you’ll earn ongoing rewards based on how you spend. Specifically, you’ll earn:
- 3% cash back on phone, internet, and cable services
- 2% cash back on dining and gas
- 1% cash back on all other purchases
Plus, as long as your account is in good standing, there is no limit on the amount of business credit card rewards you can earn (even in the top-tier categories) and your rewards will not expire.
This being said, it’s important to note that TD Bank calculates your cash back in the form of points—as an example, you’d earn 3% cash back for a phone purchase, so 3 points per every dollar you spend. With this system, you’re eligible to redeem your points in the form of cash back once you’ve accumulated at least 2,500 points on your TD Bank business credit card.
At this point, you can redeem your points (1 point is worth $0.01) for cash back as a statement credit or direct deposit into a U.S. checking or savings account. On the other hand, TD Bank also allows you to redeem your points as gift cards, merchandise, and travel. In this case, each point will be worth $0.01 for gift cards and travel, but the redemption value for merchandise may vary.
TD Bank Business Credit Card: Fees
As a TD business credit card user, you will have no annual fee or foreign transaction fees. However, there will be other instances that will incur fees, most notably including:
- Balance transfer fee: $5 or 3% of the transfer amount, whichever is greater
- Late payment fee: Up to $37
- Returned payment fee: $39
TD Bank Business Credit Card: Additional Perks
Finally, on top of the ongoing spending-based rewards and welcome bonus, the TD Bank business credit card also offers a handful of additional perks.
To explain, with your TD Business Solutions Credit Card account, you’ll receive:
- Digital wallet capabilities and contactless payments
- Visa Zero Liability for security on purchases and protection against unauthorized charges
- Instant credit card replacement if your card is lost or stolen
- Employee cards, if requested
Get the TD Bank Business Credit Card If:
Considering all of the features we’ve discussed, there’s no doubt that the TD business credit card could be the right fit for your business. Specifically, you might consider this card if:
- You have an existing relationship with TD Bank and want to manage your business finances within one institution.
- You want access to ongoing rewards based on where you spend that can be redeemed in a variety of ways.
- You don’t want to pay an annual fee or foreign transaction fees.
- You want access to a 0% intro APR period.
- You want the opportunity to earn a welcome bonus.
Skip the TD Bank Business Credit Card If:
On the other hand, the TD business credit card will not be the right choice for everyone. Therefore, you might continue to explore your business credit card options if:
- You’d prefer a higher-earning rewards card.
- You want access to a simpler or flat-rate rewards system.
- You’d like a longer 0% intro APR period, or one that applies to balance transfers.
- You’d prefer to earn travel-specific rewards.
- You want to consider multiple business credit card options from the same issuer.
- You’re looking for a secured business credit card. (There is no TD Bank secured business credit card—there is, however, a TD Bank secured personal credit card.)
TD Bank Business Credit Card: Advantages
With all of this in mind, let’s break down the most notable benefits and drawbacks of the TD Business Solutions Credit Card, so that you can compare this card to other top business credit cards on the market.
To start, let’s take a look at two of the best advantages the TD Bank business credit card has to offer:
Unlimited Top Spending Categories
Without a doubt, one of the biggest benefits of the TD Bank business credit card is the rewards program. Not only is the ongoing reward program for this card designed to support the categories where small business owners spend the most, but it also doesn’t have any restrictions or limits for its top-tier reward categories. For most business credit cards with similar rewards structures, you’ll only be able to earn 3% or 2% back up to a certain spending threshold—which is not the case with the TD Business Solutions Credit Card.
Plus, you can earn unlimited rewards with this card, your rewards don’t expire, and you can choose how you want to redeem them. With all of these rewards program features, the TD business credit card certainly stands out among competitors.
Therefore, if you’re looking to maximize what you can earn for your credit card spending—particularly with purchases on telecom services, dining, and gas—the TD Bank business credit card will likely be able to offer you more than other capped business credit cards.
No Annual Fee or Foreign Transaction Fees
On top of an extremely competitive rewards program, another top benefit of the TD business credit card is its lack of an annual fee, as well as foreign transaction fees. Although there are situations in which you will incur fees with this card, the most common fees that would affect a small business owner—on an annual basis or while traveling—do not apply.
In this way, the TD Business Solutions Credit Card gives business owners peace of mind where they don’t have to budget these fees into their spending. Plus, the lack of these fees makes this card a particularly great business credit card for new businesses.
Moreover, along these lines, the 0% intro APR period for purchases for six months is another appealing feature for new business owners who plan on making large purchases after opening their account and want the opportunity to pay their balance off, interest-free over time.
TD Bank Business Credit Card: Drawbacks
These advantages aside, the TD Bank business credit card—just like any business credit card—comes with drawbacks as well.
So, what are the main disadvantages to the TD business credit card?
Let’s discuss two of the most noteworthy drawbacks you’ll want to consider before making a decision on whether this card is right for you.
Short 0% Intro APR Period on Purchases
Although the TD Bank business credit card does give you access to a six-month 0% intro APR period, this period is fairly short compared to top competitors on the market. There are cards like the Blue Business Plus from American Express that will offer a 0% intro APR period that’s twice as long at 12 months.
Therefore, if you’re looking to make a big purchase and pay it off gradually, you might prefer a card that allows you to do that over a longer period of time.
Along these lines, the TD Bank business credit card does not offer a 0% intro APR that applies to balance transfers—so if you’re looking to consolidate credit card debt with this card, you’re going to want to consider other options.
Complex Rewards System
Although the TD Bank business credit card rewards system can be a benefit, it can also be a drawback—depending on what kind of rewards system you prefer.
To explain, as a tiered-structure system (even without spending thresholds), you’ll only be able to earn cash back at the highest levels for very specific spending categories. Therefore, if you don’t spend frequently within these categories, you’ll be limiting your cash back earning potential. Plus, unlike other business credit cards that offer flat-rate cash back or rewards points regardless of where you spend, this kind of card requires much more active rewards management.
This being said, you might prefer a card that earns a flat 2% cash back regardless of where you spend, like the Capital One Spark Cash card. This way, you don’t have to worry about where you’re spending and you know that you’ll earn at a good rate, 2%, compared to a low rate of 1% if you’re not spending within the top TD Bank business credit card earning categories.
Top Alternatives to the TD Bank Business Credit Card
Keeping in mind both the benefits and drawbacks of the TD Bank Business Solutions credit card, you’ll want to consider some top business credit card alternatives before deciding which card is right for you.
Although we’ve mentioned a few alternatives in passing, let’s conclude our TD Bank business credit card review by exploring two particular cards in more detail—the American Express Blue Business Cash card and the Chase Ink Business Unlimited card.
American Express Blue Business Cash Card
Great For: Earning cash back and a long 0% intro APR periodRead Full Review
- 0% intro APR on purchases for 12 months from date of account opening
- 2% cash back on all eligible purchases on up to $50,000 per calendar year, then 1%
- No annual fee
|Intro apron purchases for 12 months from date of account opening||Regular apr||Annual fee||Minimum credit|
|0%||13.24% – 19.24%||$0||660|
With the American Express Blue Business Cash card, you’ll have access to a 12-month 0% intro APR period on purchases. Compared to the short six-month period on the TD business credit card that only applies to purchases, this could be a great benefit if you’re a new business looking to make big purchases and pay them off over time.
Of course, after the 12 months are up, an APR will set in on the Blue Business Cash that will vary based on the market Prime Rate and your creditworthiness. This being said, however, the Blue Business Cash has additional benefits.
Like the TD Bank business credit card, this Amex card has no annual fee and includes an ongoing cash back rewards program. With the Blue Business Cash, you’ll earn 2% cash back on all eligible purchases on up to $50,000 per year, and then 1% cash back on all other purchases. Therefore, although you’re limited on your 2% earnings with this card, the entirety of the rewards system is much more straightforward compared to the TD Bank Business Solutions card.
On the other hand, whereas the TD business credit card has no foreign transaction fees and offers a welcome bonus, the Blue Business Cash has no welcome bonus and will charge a 2.7% foreign transaction fee.
Nevertheless, this is a worthy alternative if you’re looking for either a longer 0% intro APR period or a simpler ongoing cash back rewards program.
Chase Ink Business Unlimited®
Great For: Unlimited cash back and welcome bonusRead Full Review
- $750 welcome bonus if you spend $7,500 in first 3 months
- 0% intro APR on purchases for first 12 months
- Unlimited 1.5% cash back on every purchase
|Welcome offerafter spending $7,500 in first 3 months||Rewards rateon all spending with no caps||Annual fee||Minimum credit|
|$750 cash back||1.5% cash back||$0||660|
On the other hand, you might also consider the Chase Ink Business Unlimited as an alternative to the TD Bank business credit card.
Like the Blue Business Cash card, the Ink Business Unlimited can offer a much longer 0% intro APR period for purchases—12 months—compared to only six with the TD Bank card. However, the Ink Unlimited’s 0% intro APR period will only apply to purchases and not balance transfers. Nevertheless, after the 12 months are up, an APR will set in on this card that will vary based on the market Prime Rate and your creditworthiness.
This being said though, the Ink Business Unlimited also has a straightforward ongoing rewards program, offering 1.5% cash back on every purchase. There are no limits on the amount of cash back you can earn, no category restrictions, and no spending thresholds. Therefore, if you want one of the simplest, yet still competitive cash back rewards programs on the market, the Ink Business Unlimited is going to be one of your top options.
Moreover, the Ink Business Unlimited offers a sizable welcome offer you can earn if you meet the spending threshold within the first three months. Plus, like the TD Bank business card, this Chase business credit card has no annual fee and includes free employee cards. This card will, however, charge a 3% foreign transaction fee.
With all of this in mind, the Ink Business Unlimited, like the Blue Business Cash card, is a great alternative if you’re looking for simpler cash back rewards, as well as a longer 0% intro APR period for purchases.
Randa Kriss is a senior staff writer at Fundera.
At Fundera, Randa specializes in reviewing small business products, software, and services. Randa has written hundreds of reviews across a wide swath of business topics including ecommerce, merchant services, accounting, credit cards, bank accounts, loan products, and payroll and human resources solutions.