If you’re looking for a solid, no annual fee, cash back card, TD Bank has you covered with the TD Business Solutions Visa.
With cash rewards and a signup bonus, the TD Bank Credit Card is an attractive option for businesses that are just starting out and aren’t ready to commit to a hefty annual fee, or ones that rarely spend on travel.
But is it the best business credit card out there? We break down the TD Business Solutions credit card and compare it to top cards offering cash back, low APR, and travel benefits.
TD Business Solutions Visa Overview
The TD Bank Business Solutions Visa offers a flat 1 point per $1 spent, plus $200 cash back when you spend $3,000 in the first 90 days after account opening.
You can redeem your points at a rate of 1 cent per point for cash back, gift cards, and travel, but the points’ value doesn’t vary.
There’s no annual fee, but foreign transactions and balance transfers will set you back 3% and 4% respectively.
Finally, you also get 12 months of 0% interest on purchases and balance transfers, after which your ongoing APR will be 13.74%, 18.74%, or 23.74% (depending on your creditworthiness).
The main benefit of the TD Bank card is the one-two punch of 0% introductory APR and rewards. If you need to make a big purchase and pay it off over time, this is a good option. However, whether you’re looking for no-hassle cash back, travel rewards, or 0% interest, there’s a better option out there for you.
Get the TD Bank business credit card if:
- You have a good relationship with TD Bank and want to try waiving the business credit card personal guarantee.
Skip the TD Bank business credit card if:
- You want to make a big purchase and pay it off over time. The Chase Ink Cash has the same 0% APR period as the TD Bank card but offers much better rewards.
- You want to maximize your cash back rewards. The American Express SimplyCash offers a stellar rewards rate on typical business purchases.
- You travel often. The Chase Ink Business Preferred is one of the best options out there for business travelers.
How Does the TD Bank Business Solutions Visa Compare?
TD Business Solutions Visa vs. Chase Ink Business CashSM
The Ink Business CashSM offers a high rewards rate on typical business purchases, shelling out:
- 5% cash back on the first $25,000 spent in combined purchases at office supply stores and on cell phone, landline, internet, and cable TV services spent annually
- 2% cash back on the first $25,000 spent in combined purchases at gas stations and restaurants spent annually
- 1% cash back everywhere else
Plus, you get $300 cash back when you spend $3,000 in the first three months.
The card has no annual or employee card fees, and you get 12 months of 0% APR (your ongoing interest rate will be 9.99% to 15.99% plus the prime rate, up to 29.99%, depending on creditworthiness).
With the same 0% APR period as the TD Bank card and far better cash back rewards, this is our choice for businesses needing a zero-interest credit card.
Verdict: If you want to make a big purchase and pay it off over time, the Ink Cash offers affordable financing as well as great rewards.
TD Business Solutions Visa vs. American Express SimplyCash® Plus Business Credit Card
The American Express SimplyCash® Plus Business Credit Card also offers great cash back rewards with no annual or employee card fees.
You’re looking at:
- 5% cash back on the first $50,000 spent annually on office supply stores and wireless telephone services
- 3% cash back on the first $50,000 spent annually on one of eight spending categories (which include restaurants, advertising, and gas)
- Unlimited 1% cash back everywhere else
The SimplyCash boasts a 0% APR period as well—nine months of zero interest on purchases and balance transfers, then 12.99%, 17.99%, or 19.99% based on your creditworthiness.
There’s no signup bonus, but if you spend more than $25,000 in the Ink Cash’s bonus categories, you might get better ongoing value because of the SimplyCash’s higher spending cap.
For bigger spenders on typical business purchases, the SimplyCash offers great rewards and no annual fee.
Verdict: If the Chase Ink Cash’s spending caps are too restrictive, give the SimplyCash a try.
TD Business Solutions Visa vs. Chase Ink Business PreferredSM
The Chase Ink Business PreferredSM is one of the best options out there for business travelers.
With a relatively low annual fee, you get a killer signup bonus, solid ongoing rewards, and the ability to transfer your points one to one with a number of airline and hotel loyalty programs.
To start you off, you get 80,000 Chase Ultimate Rewards Points when you spend $5,000 in the first three months of cardmembership. Going forward, you’ll earn 3 points per $1 on the first $150,000 spent on combined purchases in travel, shipping, telecommunications (Internet, cable, and phone services), and advertising with social media sites and search engines; plus an unlimited 1 point per $1 elsewhere.
The card comes with a $95 annual fee but no foreign transaction or employee card fees.
The best part about the Ink Preferred is that you can transfer your Ultimate Rewards Points at a one-to-one rate to Chase’s airline and hotel partners, which include Southwest, British Airways, Hilton, and United.
Your points are worth 1 cent each if you redeem for cash back, gift cards, or other cash-like options, and 1.25 cents each if you redeem for travel booked through Chase’s online portal. But if you strategically transfer your points to airline or hotel programs, depending on the cash price of the ticket or stay, you could be looking at a value upwards of 3 cents per point.
That great signup bonus is worth $800 in cash-like redemptions, $1,000 of travel booked through Chase, and potentially much more if you redeem wisely.
Verdict: The good redemption options and signup bonus make the Ink Preferred a better choice for business travelers.
The post The Best TD Bank Business Credit Cards and Their Competitors Reviewed appeared first on Fundera Ledger.
from Fundera Ledger https://www.fundera.com/blog/td-bank-business-credit-cards