TD Bank Double Up Card Review: Earn Unlimited 2% Cash Back

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Are you looking for a rewards credit card that gives benefits every time you swipe? A new offering from TD Bank may be just what you need.

The TD Bank Double Up Card debuted in March 2021 as a new cash back credit card that offers up to 2% back on every purchase you make.

This type of everyday cash back card is money expert Clark Howard’s favorite choice for most consumers thanks to the predictability of the rewards structure.

“My favorite reward cards are ones that actually pay you money. I want cash, because nobody can tell you when you can or can’t spend your cash,” Clark says.

In this review, Team Clark will dig into the details of this TD Bank card, and we’ll take a look at how it compares to some of the top 2% cash back cards on the market.



What Is the TD Bank Double Up Card?

TD Bank Double Up Card

The TD Bank Double Up Card is a no annual fee credit card that offers up to 2% cash back on all of your purchases.

You get 1% back when you spend and an additional 1% back if you redeem your cash back into an approved TD Bank account.

There are no category restrictions or spending caps on your rewards.


Card Specs and Perks

You don’t have to have a TD Bank account to apply for this card, but you will want to open one if you want to maximize the card’s rewards and receive your full 2% back.

Rewards Program

We’ve talked a lot about cash back rewards, but you will actually earn points as rewards with this card. Those can then be converted into cash back rewards.

Here’s how that works:

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You earn one point per dollar spent. Points are valued at $0.01 and can be redeemed for things other than cash.

If you’re willing to deposit your points into an approved TD Bank deposit account, you will receive a redemption bonus that doubles the rewards. This will give you an extra $0.01 per dollar spent for a total of 2% cash back in your account.

The eligible TD Bank deposit accounts include both checking and savings options.

If you’re not willing to use your points for a TD Bank deposit, you can cash them in for:

  • Merchandise
  • Gift cards
  • Travel rewards

But keep in mind that these redemption methods do not qualify for the redemption bonus that doubles your rewards. So you’d be getting $0.01 per dollar spent, which is the equivalent of a 1% cash back card.

In order for the rewards from this card to compete with some of the best cards on the market, you’re going to need to take advantage of the deposit redemption bonus.

Top Cardholder Benefits

  • Welcome Bonus: You can earn $75 Cash Back in the form of a statement credit when you spend $500 within the first 90 days of card membership. This is a relatively small welcome bonus when compared to some other cards on the market, but it is actually pretty good for an unlimited cash back card. Most competing 2% cards don’t offer a welcome bonus.
  • Balance Transfer Offer: 15-month period for 0% APR on balance transfers. This transfer is subject to a 3% fee with a $5 minimum.
  • Zero Liability on Fraud: This card is protected by Visa’s security measures if something goes awry with your account. This includes coverage if your card is ever lost, stolen or used fraudulently.
  • Digital Wallet Availability: This card is compatible with Google Pay, Apple Pay and Samsung Pay. If you don’t already have a digital wallet, find out why Clark suggests trying it out.

Cardholder Fees

  • Annual Fee: None
  • Balance Transfer Fee: 3% of the amount of the transfer with a $5 minimum
  • Cash Advance Fee: 5% of the amount of each advance with a $10 minimum
  • Foreign Transaction Fee: 3% of each transaction
  • Late Payment Fee: Up to $40

TD Bank Double Up Card vs. Other 2% Cash Back Cards

Money expert Clark Howard’s standard credit card recommendation is to get a rewards card that pays unlimited 2% back on all purchases without an annual fee.

This card fits that bill, but it has some stiff competition.

Clark carries the Citi Double Cash in his wallet, and also recommends the Fidelity Rewards Visa for 2% rewards that can be applied to savings and investing.

There also are unlimited 2% cards from Paypal, SoFi and Fifth Third Bank on the market.

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So which one is best for your wallet? We’ve done a side-by-side comparison to help you decide:

Side-by-Side Comparison

Here’s a quick look at some of the high-level details for the TD Bank card vs. five of the top 2% cash back cards:

Card CharacteristicTD Bank Double UpCiti Double CashFidelity Rewards Visa SignaturePayPal Cashback MastercardSoFi Credit CardFifth Third Preferred
Annual FeeNoneNoneNoneNoneNoneNone
Cash Back RateUnlimited 2% (1% when you buy, 1% when you redeem in TD Bank account)Unlimited 2% (1% when you buy, 1% when you pay your bill)Unlimited 2%Unlimited 2%Unlimited 2%Unlimited 2%
Cash Back Redemption OptionsMust deposit rewards into TD Bank account to receive full 2%, value drops to 1% otherwiseCheck, statement credit or credit for linked Citi bank accountInvestment account credit, travel, merchandise, gift cards, statement creditPayPal balance creditMust use toward qualified SoFi product for full value, drops to 1% as statement creditCheck, statement credit, credit for a connected Fifth Third account or loan
Welcome Bonus$75 if you spend $500 or more within the first 3 monthsNoneNoneNoneNoneNone
Intro APR Offer for New PurchasesNoneNoneNoneNoneNone None
Intro APR Offer for Balance Transfers0% for 15 months0% for 18 monthsNoneNoneNoneNone
Foreign Transaction Fee3% in U.S. dollars per transaction3% in U.S. dollars per transaction1%NoneNoneNone
Cell Phone ProtectionNoNoNoNoYesYes

The Big Takeaways

Here are some things to consider coming out of that comparison:

  • In terms of rewards redemption, this TD Bank card most closely resembles the Citi Double Cash card in that it requires cardholders to take action to get the second half of their 2% benefit. If you don’t follow through with the redemption requirements, the rewards drop to just 1%.
  • TD Bank is the only card on our list that offers a welcome bonus. It may seem meager at $75, but as you can see on the chart, flashy welcome bonuses and APR offers are hard to find in this card category. If you’re looking for that type of reward, you should read our roundups of the best credit card welcome bonuses or best 0% credit cards.
  • Are you bringing a balance over from a previous credit card? The TD Bank card is one of the best options for you in this category with a 15-month 0% APR period. However, the Citi Double Cash is probably your best choice out of the 2% cards for that. It offers an 18-month period of 0% APR on balance transfers, which is among the best in that card category.
  • If cell phone protection is important to you, the SoFi card and the Fifth Third card are the only 2% cash back cards that offer it. Clark says this is a better way to protect your cell phone than paying for insurance through your wireless provider, so this factor may make this card worth considering.
  • If you’re planning to use your cash back card abroad, the TD Bank card may not be the best choice. It charges 3% on purchases while SoFi, Fifth Third and PayPal don’t charge foreign transaction fees with their cards.

Final Thoughts

Are you considering adding the TD Bank Double Up Card to your wallet?

Let’s review some of the major pros and cons of the card before you make your final decision:

Pros and Cons

ProsCons
Up to 2% cash back on all purchasesMust deposit rewards to qualified TD Bank account to get the full 2% back
15 months of 0% APR on balance transfersWelcome bonus is small relative to the best on the credit card market
No annual fee3% foreign transaction fee on purchases made outside the United States

Bottom Line

If you don’t already have a 2% cash back credit card, this is an option that’s worth adding to your wallet.

You’re going to need a TD Bank account to get the full rewards, but that’s a relatively small hurdle to clear.

If you’re looking for an everyday spender, Clark prefers 2% back cards to cards that may offer higher percentages on certain spending categories because the straight 2% allows you to lock in a strong return on every purchase you make.

And you know you’re doing it without any annual fees or hoops to jump through.

So while he carries the Citi Double Cash in his wallet, this card makes for a fine alternative.

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