TD FlexPay Credit Card Review: Excellent 0% Intro APR for Balance Transfers
Looking to tackle debt? The TD FlexPay Credit Card could be your answer with its 0% intro APR on balance transfers for 18 months. But is it the right fit for your wallet beyond that?
| Annual Fee | $0.00 |
| Sign-up Bonus | Not applicable |
| Rewards Rate | Not applicable |
| Intro APR | 0% introductory APR on balance transfers for the first 18 billing cycles, for balance transfers made within the first 90 days of account opening. After that, 17.49%, 19.49%, 22.49%, 25.49% or 27.49% variable APR based on your creditworthiness. |
| Regular APR | Annual Percentage Rate (APR) for Purchases: 17.49%, 19.49%, 22.49%, 25.49% or 27.49% variable APR based on your creditworthiness. After that, 17.49%, 19.49%, 22.49%, 25.49% or 27.49% variable APR based on your creditworthiness. APR for Cash Advances: 28.74% variable APR |
| Other Fees | Balance Transfer Fee: Intro fee of either $5 or 3% of the amount of each transfer, whichever is greater, on transfers made within the first 90 days of account opening. After that: Either $5 or 5% of the amount of each transfer,whichever is greater. Minimum Interest Charge: $1 Cash Advance Fee: $10 or 5% of advance whichever amount is greater Foreign Transaction Fee: 3% of each transaction in U.S. dollars Late Payment: Up to $40 Return Payment: Up to $40 |
Overview
The TD FlexPay Credit Card is a straightforward tool designed with one primary goal in mind: helping you pay down existing credit card debt. Its main attraction is a lengthy 0% introductory APR on balance transfers for the first 18 billing cycles, giving you a year and a half to chip away at your balance without accruing interest. With no annual fee, it's an affordable option for anyone looking to consolidate debt and create a clear runway for repayment.
Once the introductory period ends, however, the card's value diminishes. It doesn't offer a rewards program for spending or a sign-up bonus, and the regular APR can be quite high, making it unsuitable for carrying a balance long-term. The card also charges a foreign transaction fee, so it's not a good companion for international travel. While small perks like annual late fee forgiveness and Visa cell phone protection are nice to have, they don't make up for the lack of ongoing rewards.
Ultimately, the TD FlexPay Credit Card is best for someone with good credit who has a specific plan to transfer a balance and pay it off within the generous introductory window. If you're looking for a no-frills card to eliminate debt, it's a strong contender. If you want rewards, travel perks, or a card for everyday spending, you'll want to look elsewhere.
Pros & Cons
What's great
- No annual fee
- Intro APR period
- Cell phone protection
- Late fee forgiveness
Things to consider
- High regular APR
- No rewards
- No sign-up bonus
- Foreign transaction fees apply
- High balance transfer fee
Benefits
The primary appeal of the TD FlexPay Credit Card lies in its generous introductory offer for balance transfers. New cardholders receive a 0% introductory APR for the first 18 billing cycles on balances transferred within the first 90 days of opening the account. This extended period provides a valuable window to pay down existing high-interest credit card debt without accruing new interest charges, potentially saving you hundreds or even thousands of dollars. Paired with a $0 annual fee, this card is a straightforward and cost-effective tool for debt consolidation.
Beyond its core balance transfer feature, the card includes a few surprisingly helpful perks not always found on no-annual-fee cards. Most notably, TD offers automatic forgiveness for your first late fee each year, providing a valuable safety net for an occasional oversight. The card also comes with cell phone protection through its Visa benefits; simply pay your monthly mobile bill with the card, and you can get coverage against damage or theft. This is a significant value-add that provides peace of mind without any extra cost.
Drawbacks
The primary limitation of the TD FlexPay Credit Card is its singular focus. It offers no sign-up bonus and no ongoing rewards program, meaning you won't earn any cash back, points, or miles on your purchases. This makes it a poor choice for everyday spending, as its value is entirely concentrated in its introductory balance transfer offer. Once you've paid off your transferred debt, the card provides little reason to keep it in your wallet.
After the generous 0% intro APR period on balance transfers ends, the card’s ongoing variable APR can be quite high, potentially creating a new debt problem if you haven't paid off your balance in time. Furthermore, the card isn't suitable for international use, as it charges a 3% foreign transaction fee on all purchases made abroad. While its main feature is balance transfers, be aware that these transfers aren't free; they come with a fee of 3% to 5% of the amount transferred.
Decision Guidance
This card is a powerful tool if your primary goal is to eliminate existing credit card debt, thanks to its exceptionally long 0% intro APR on balance transfers and no annual fee. However, the lack of a rewards program and a high standard APR means its value is almost entirely limited to that promotional period. Consider this card a specialized solution for debt consolidation, not a long-term choice for everyday spending.
Summary
The TD FlexPay Credit Card is a highly effective, single-purpose tool for anyone serious about tackling existing credit card debt. Its exceptionally long 0% introductory APR on balance transfers provides a clear, cost-effective runway for repayment without the burden of an annual fee. However, the card's value plummets after the intro period due to its lack of rewards, making it unsuitable for everyday spending or long-term use once your balance is paid off.