TD Business Solutions Credit Card Review 2019

The TD Business Solutions Credit Card is a decent cash back credit card that’s best for business owners with an existing TD Bank relationship. You will earn bonus rewards when you purchase telecommunications services, dining, and gas. The ongoing annual percentage rate (APR) is as low as 15.24%, which is good for a small business credit card.

The best cash back business credit cards pay up to 5% cash back on at least one bonus category, offer introductory rewards of as much as $500 and introductory 0% APR of nine months or more. The TD Business Solutions Credit Card offers a modest $300 in introductory rewards, ongoing rewards of up to 3% and 0% APR on purchases for six billing cycles. We give it three out of five stars.

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How We Evaluated the TD Business Solutions Credit Card

The TD Bank business credit card offers a decent 3% return on phone, internet, and cable expenses, which could be helpful to small business owners with large telecommunications budgets. However, other small business credit card top this card’s rewards easily. Business owners may want this card because of the low ongoing APR or the ease of use that comes with adding a credit card to an existing relationship with TD Bank.

Keep in mind that this card is only available to residents of 15 states and Washington, D.C., where TD Bank has branches. The bank operates in the Northeast, Mid-Atlantic, Carolinas, and Florida.

We considered the following criteria when grading this card based on what owners might need and want in a small business credit card that offers bonus category cash back rewards:

• Ongoing rewards: The cash back you’ll earn by using the TD Business Solutions Credit Card; this card offers bonus cash back on telecommunications, dining and gas purchases
• Intro rewards: The cash back you’ll earn by reaching minimum spending requirements over the first few months of card ownership; the TD Bank business credit card offers a cash bonus after you spend $3,000 within the first 90 days
• Annual fee: How much you’ll pay each year to own the card; the TD Bank credit card charges no annual fee
• Additional benefits: Whether the card comes with free perks that may increase its value
• Intro APR: Whether the card offers a period of no-interest financing on purchases or balance transfers; the TD Bank credit card offers 0% introductory APR on purchases for the first six billing cycles
• Ongoing APR: How much it will cost to finance purchases on the card; this card charges an ongoing APR of as little as 15.24%, which is very low for a small business credit card

The card’s best feature is its ongoing APR, which is better than average, but still nearly two percentage points higher than what the Bank of America® Business Advantage Cash Rewards Mastercard® charges.

How We Evaluate Cash Back Business Credit Cards

When grading cash back business credit cards like the TD Business Solutions Credit Card, we weight ongoing and introductory rewards heaviest. We also take into account the annual fee, introductory and ongoing APRs and card benefits. This TD Bank card offers introductory and ongoing rewards that don’t compare well with the best small business credit cards.

We graded the TD Business Solutions Credit Card using the following methodology:

Based on our five-star rating system where 20 points equals one star, the TD Business Solutions Credit Card scores below average in several categories, including ongoing rewards and features. In cases where cards receive perfect scores in most categories, we may award bonus points to boost the card’s rating.

This card’s only standout feature is its low ongoing APR for business owners with excellent personal credit of at least 750. If ongoing rewards are important to you, consider a top cash back credit card like the Chase Ink Business Cash℠. It offers 5% cash back on telecommunications services (beating the 3% offered by the TD Solutions Business Card), as well as 5% on office supply store purchases.

Who the TD Bank Business Credit Card Is Right For

The TD Business Solutions Credit Card is best for business owners looking for a card that offers a low ongoing APR. It offers an APR as low as 15.24% for cardholders with excellent credit. You’ll probably need a credit score of 740 or higher to qualify for the lowest rate. If you have a lower credit score, consider the best credit cards for fair credit.

This is a decent pick for owners with high telecommunications expenses as it pays 3% on phone, internet and cable service. This card is available only to residents of 15 states in the Northeast, Mid-Atlantic, Carolinas, and Florida.

TD Business Solutions Credit Card Costs

This TD Bank business credit card comes with a 0% APR introductory offer that’s good for purchases, but not balance transfers. The ongoing APR is as low as 15.24%, which is better than the average small business credit card charges.

Financing costs and fees on the TD Business Solutions Credit Card include:

• Introductory APR: 0% for the first six billing cycles on purchases
• Ongoing APR: 15.24% to 25.24%, which will adjust with the prime rate
• Annual fee: None
• Balance transfer fee: $5 or 3% of the transfer, whichever is higher
• Foreign transaction fee: None
• Cash advance fee: $10 or 5% of the advance, whichever is higher
• Late payment fee: Up to $37
• Returned payment fee: $39
• Penalty APR: None

The first time you pay late, you’ll be assessed a late payment fee equal to the minimum payment due or $27, whichever is less. Pay late again over the next six billing cycles and the fee may jump to as much as $37. The introductory APR is a bit short and doesn’t include balance transfers.

How to Avoid Paying Interest on the TD Business Solutions Credit Card

Your payment due date is at least 25 days after the close of the business cycle when you receive your bill. Most credit cards have a due date 20 to 25 days after the close of the business cycle. Pay your balance in full by the due date to avoid interest charges. If you are charged interest, you’ll pay no less than $1. Your minimum payment will be the greater of $35 or 1% of the new balance plus interest charges, any transaction fees or any late payment fee.

TD Business Solutions Credit Card Rewards

The TD Business Solutions Credit Card pays its highest rewards on phone, internet, and cable services, but cardholders also will earn bonus cash back on dining and gas station purchases. TD Bank offers modest introductory rewards if you spend $3,000 within the first 90 days, so this may not be the best credit card if you own a startup.

Introductory Rewards

Earn $300 cash back when you spend $3,000 in eligible purchases within the first 90 days. The top business credit cards like the Chase Ink Business Unlimited℠ offer $500 cash back after you spend $3,000 within the first three months following approval.

Ongoing Rewards

Earn the following ongoing rewards when using your card:

• 3% cash back on phone, internet, and cable services
• 2% cash back on dining and at gas stations
• 1% cash back on other eligible purchases

The TD Bank Business Solutions Credit Card offers its highest return on phone, internet and cable services. However, the 3% cash back falls short of the 5% you could earn from the Chase Ink Business Cash℠ card for the same purchases. You’ll also earn more on gas at 4% and dining at 3% with the Costco Anywhere Visa Business Card.

Rewards Restrictions

The TD Business Solutions Credit Card won’t reward bonus cash back for the following types of transactions:

• Wireless phone service payments made in a retail store location only qualify for 1% back
• Merchants who offer a variety of services including cable/streaming services ― and do not categorize this as their primary business function ― may only qualify for 1% back
• Large warehouse-type stores are generally not classified as gas stations and may only qualify for 1% back
• Balance transfers, cash advances, purchases of travelers’ checks, money orders, lottery tickets, gambling chips, wire transfers, foreign currency, and purchases or reloading of prepaid cards are not eligible to earn cash back

Most small business credit cards place similar restrictions on earning rewards on balance transfers and other similar purchases. Cards that offer rewards for gas station purchases also frequently place restrictions on earning rewards at warehouse club gas stations.

How You Can Redeem Your Rewards

Rewards are issued as points that may be converted into cash back, but that’s not the only way you can redeem your rewards. There are four primary ways to redeem your rewards: cash back, gift cards, merchandise, and travel. Each point is worth at least $0.01 when redeemed for cash back, gift cards, and travel, but may be worth more or less than 1 cent when redeemed for merchandise. The best travel rewards credit cards offer redemption rates of 1.25 cents or higher.

You may redeem your points for cash back beginning at 2,500 points. To redeem, log into the rewards website and enter your username and password.

TD Business Solutions Credit Card Features

TD Bank offers a limited number of additional benefits, including protection against liability for unauthorized charges and the ability to transfer your card to a digital wallet. Many small business credit cards offer features like extended warranty protection, purchase protection, and auto rental collision damage waivers.

TD Business Solutions Credit Card Visa Zero Liability

You won’t be held responsible for unauthorized charges if your card is used to commit fraud. Federal law caps liability at $50, but if you report the loss of your card to the issuer before any fraudulent charges are made, you are liable for no charges. Both Visa- and Mastercard-branded small business cards offer zero liability protection, so this is a common benefit.

TD Business Solutions Credit Card Digital Wallet

Add your TD Bank credit card to Apple Pay, Samsung Pay, or Google Pay to allow you to pay with the tap of your phone. This feature is available to use online, in-store and with in-app purchases. Most small business credit cards have this capability.

TD Business Solutions Credit Card Instant Card Replacement

If your card is lost or stolen, you can get an immediate replacement by visiting a TD Bank branch. This will allow you to continue using your card without having to wait up to 10 business days for a replacement to arrive in the mail. This is a different approach than other issuers take. Chase, for example, will replace a card when you report it lost online or via phone. A new card should arrive within three to five business days.

Adding TD Business Solutions Credit Card Employee Credit Cards

TD Bank says you may request additional cards and permit authorized users to have access to your card or account. The bank says it “may limit the total number of cards,” but doesn’t set an explicit cap on the number of employee cards you can get. Some issuers like Wells Fargo set limits of as many as 200 employee cards while others like Chase don’t have an explicit limit.

What the TD Business Solutions Credit Card Is Missing

The TD Business Solutions Credit Card offers lower introductory and ongoing rewards than other small business credit cards. It also offers no introductory 0% APR on balance transfers and a short six billing cycles interest-free on purchases. If you need a longer interest-free period, consider the American Express Blue Business® Plus, which offers 0% APR on purchases and balance transfers for 12 months (see rates & fees).

TD Business Solutions Credit Card Reviews

We scoured the web and found that TD Business Solutions Credit Card reviews are mixed. Users like that the card comes with no annual fee and charges no foreign transaction fee on purchases made outside the United States. However, others dismiss the rewards as being too low in comparison with other cards. Some say they’re disappointed TD Bank reports card activity to consumer credit bureaus, which could impact your personal credit score.

How to Apply for the TD Business Solutions Credit Card

You can apply online for the TD Business Solutions Credit Card. Fill out a basic application containing both business and personal information, and you could be approved instantly. Once you’re approved, you’ll receive your card in the mail within five to seven business days. If your application requires further review, TD Bank will mail its decision to you within 30 days. Before you apply, learn the four steps to get a business credit card.

How to Login to Your TD Business Solutions Credit Card Account

Login to your TD Business Solutions Credit Card account at tdcardservices.com by providing your user ID and password. You can also contact customer service for this TD Bank credit card at 888-561-8861.

Alternatives to the TD Business Solutions Credit Card

Some small business credit cards may offer cash back rewards better suited to your business. If your business doesn’t have a large budget for telecommunications expenses, you may want to consider a cash back card that offers better rewards on office supply spending.

3 Alternatives to TD Business Solutions Credit Card

For rates and fees on the American Express Blue Business® Plus Card, please click here.