The TD FlexPay Credit Card is a specialized financial product offered by TD Bank, N.A., designed primarily for the purpose of debt consolidation via balance transfers. This review provides a granular, feature-by-feature examination of the card’s specifications, including its introductory APR offer, its detailed fee structure, and its ancillary cardholder benefits.
The card’s main proposition is its extended 0% introductory APR period for balance transfers, which is one of the longest in the industry. This is complemented by a lack of an annual fee and several consumer-friendly policies regarding late payments. It does not include a rewards program, and its introductory APR offer does not extend to new purchases. A thorough understanding of these specific details is essential for any prospective applicant.
Detailed Analysis of Core Features
- 0% Introductory APR on Balance Transfers:
- Duration: The introductory APR of 0% is applicable for the first 18 billing cycles from the date of account opening.
- Applicability: This offer applies only to balance transfers, not to new purchases or cash advances.
- Transfer Window: To qualify for the introductory rate, balance transfers must be requested and post to the account within the first 18 months of account opening.
- Post-Introductory APR: After the 18-month period concludes, the standard variable APR for balance transfers (currently 18.24% to 28.24%) will apply to any remaining balance. There is no deferred interest.
- Late Fee Forgiveness: This is a specific policy of TD Bank. The bank will automatically issue a statement credit to refund the first late payment fee assessed to the account within a 12-month period. This is limited to one refund per year. It is important to note that this policy only affects the monetary fee; the late payment itself can still be reported to the credit bureaus.
- No Penalty APR: The cardholder agreement does not include a clause for a penalty APR. This means that a late payment will not cause the card’s standard APR to increase to a higher, punitive rate, which is a significant consumer protection feature.
- Cell Phone Protection:
- Eligibility: To be covered, the cardholder must pay their monthly wireless bill with the TD FlexPay Credit Card.
- Coverage: Provides reimbursement for the cost to repair or replace a stolen or damaged cell phone.
- Limits: The maximum benefit is typically around $600 per claim.
- Deductible: A small deductible (e.g., $25) applies to each claim.
- Coverage Type: This is secondary insurance, meaning it applies after any other insurance policies the cardholder may have.
- Visa Signature Benefits: As a Visa Signature card, it includes access to a suite of benefits provided by the network, such as 24/7 concierge services, roadside dispatch, and travel and emergency assistance services.
Eligibility and Application Criteria
- Geographical Restrictions: This is a critical eligibility factor. Applications are generally restricted to U.S. residents of the following states: Connecticut, Delaware, Florida, Maine, Maryland, Massachusetts, New Hampshire, New Jersey, New York, North Carolina, Pennsylvania, Rhode Island, South Carolina, Vermont, Virginia, and Washington, D.C.
- Credit Requirements: The card is intended for applicants with a good to excellent credit history (a FICO score of 670 or higher is generally recommended).
- Standard Requirements: Applicants must be at least 18 years of age and provide a valid Social Security Number.
The Application Process
- Confirm that you are a resident of an eligible state.
- Navigate to the TD Bank website and complete the secure online application.
- The application allows for the immediate request of balance transfers by providing the creditor’s name, account number, and the amount to be transferred.
- Submit the application for a credit decision.
Frequently Asked Questions
- What is the exact time frame to complete a balance transfer to get the 0% intro APR?
You have the full 18 months of the introductory period to request and have a balance transfer post to your account to receive the 0% APR on that amount for the remainder of the period. - What is the difference between a penalty APR and a standard APR?
A standard APR is the interest rate applied to your balances. A penalty APR is a much higher interest rate that some card issuers will apply to your entire balance (including future purchases) if you make a late payment. The fact that the TD FlexPay card has no penalty APR is a significant benefit. - Can I get a cash advance at the introductory 0% APR?
No. The 0% intro APR offer does not apply to cash advances. Cash advances are subject to a separate, typically higher, variable APR and a cash advance fee from the date of the transaction. - How does the cell phone protection provided by this card work?
You must charge your full monthly cell phone bill to the card every month. If your phone is stolen or accidentally damaged, you can file a claim. You would first file with any primary insurance you have (like homeowners or a separate phone plan). The card’s protection would then cover the remaining amount up to the policy limit, minus your deductible.
