Aug 4, 2020
Four updates to TD credit cards you need to know about
For many Canadians, even the everyday things are feeling a little different due to the ongoing disruptions caused by COVID-19.
One of the single biggest changes for many Canadians has been a rethinking of how we spend our money. For many of us, the way we buy our groceries is changing, we're doing more of our shopping online and we're looking for new takeout options in our neighbourhoods.
At the same time, there are still many Canadians who continue to face financial hardships as a result of COVID-19 due to income and employment disruption.
To support our customers at this time, TD has made several updates to our credit card programs to help deliver greater value to customers, while providing relief to those customers facing financial hardships.
Here are four recent updates to TD credit cards that every TD customer should know about right now:
1. You can now use Card Controls to limit spending for all cardholders on your TD credit card account.
As many families across Canada find themselves confronting new financial challenges, they are also making more of their purchases online—making it that much more important to keep track of online spending.
That's why TD recently introduced our new Card Controls feature, allowing TD credit cardholders to set spending limits for all cardholders on their TD credit card account.
This new, industry-first feature gives TD customers the freedom to manage and limit spending based on a pre-determined budget to protect their financial situation and prevent children, dependents or additional cardholders on the account from overspending.
And even if you don't have additional cardholders on your account, the new Card Controls feature can come in handy for managing discretionary expenses (i.e. expenses you can live without) when online shopping.
For example, TD customers with children who are cardholders may want to use this feature to set a transaction limit they're comfortable with their child spending. That way, children can have the freedom to spend while parents can feel confident that no unexpected charges will appear on their credit card statement.
To learn more ways you can manage your TD credit cards – including how to lock your card or block international in-person purchases, visit TD.com.
2. You can make contactless, tap payments for purchases up to $250.
With physical distancing measures incorporated into nearly every aspect of our day-to-day lives, it's never been more important to create safe, contactless environments.
To help limit contact with communal devices, such as payment terminals, TD recently increased the limit for tap payments to $250. This increase allows you to make larger purchases without having to come into direct contact with a payment terminal.
It's important to note that not all merchants allow tap purchases over $100, which means you may still be required to insert your card and enter your PIN. Also, a single TD Visa contactless tap transaction cannot exceed $250. If your purchase is above this amount, you will be asked to insert your card and enter your PIN to authorize the purchase.
And don't forget, if your TD credit card is lost or stolen, it's important to report it to us and lock your card through the TD app to prevent fraudsters from racking up charges on your TD credit card.
New to contactless or tap payments and need some help? Here's more info on how contactless payments work.
3. You can earn rewards for shopping online with select retailers.
We know that many Canadians are staying home and opting to order groceries for pick up or delivery, or eating takeout, to help combat the spread of the novel coronavirus.
To help support our customers and reflect this change in spending habits, we are doubling rewards on select food and grocery delivery purchases made on consumer and business cards from May 8 until August 15.
These double rewards benefits apply to TD Rewards Cards, Aeroplan Cards and Cash Back cardholders. For other cards that don't have rewards programs, TD is offering a 1% statement credit on food and grocery delivery. For more details, including a complete list of the merchants that qualify for double rewards, please visit td.com/2Xrewards.
4. Credit card payment deferrals are available to customers struggling due to COVID-19.
Customers in need of immediate financial relief can request a minimum payment deferral option for their TD credit cards.
This relief option allows TD customers to defer their minimum payments for three months, but it's important to know that interest will continue to accrue on the outstanding balance. In some cases, TD is also working with customers who have been directly impacted by COVID-19 by crediting the interest charged for three months.
If you're struggling to pay your TD credit card as a result of COVID-19, please contact TD Helps as soon as possible. Every customer is unique and so is their financial situation, so eligibility is determined on a case-by-case basis.
For more information about TD credit card relief offers or to submit an application online for credit card or loan payment deferrals, please visit td.com/covid19.