I'd call this a decent no-fee card from a big bank, mostly because of what comes with it rather than the points. It has no fee and no income test, earns 3 points per dollar on groceries, dining and transit, and includes mobile device insurance up to $1,000, which few $0 cards include.
The thing to understand is the points. TD Rewards Points are worth 0.5 cents each at best, through Expedia For TD, so 3 points per dollar works out to about 1.5% back and the 1 point base rate to 0.5%. From what I can tell, it makes the most sense for someone who already books travel through Expedia and wants a simple no-fee card with phone coverage built in.
Welcome offer
TD is offering 15,152 TD Rewards Points when you spend $500 in net purchases within 90 days of opening the account, verified on the TD page on October 13, 2026. TD describes the bonus as a value of $50 on Amazon.ca, and the offer has been in effect since September 1, 2026, with no end date printed.
The bonus is not available if you activated or closed a TD Rewards Visa in the last 12 months, and the points arrive within 8 weeks of meeting the spend. Booked as travel through Expedia For TD, the same points cover about $76 (200 points per $1), so where you redeem changes what the bonus is worth.
The $500 target is low enough that a month of normal spending clears it. Redeem the bonus through Expedia For TD rather than Amazon.ca if you have a trip coming up, since each point goes about 50% further there.
Fees & eligibility
The card has no annual fee, and up to 3 additional cardholders are also $0. TD's only eligibility requirement is that you are a Canadian resident at the age of majority in your province, so there is no minimum income.
Purchases carry a 21.99% interest rate and cash advances 22.99%, current as of September 1, 2026. TD does not list a foreign transaction fee waiver on the page, so this is not a card to use abroad. As with any rewards card, the points only come out ahead if you pay the balance in full every month.
Earning rewards
Travel booked through Expedia For TD earns 4 points per dollar. Groceries, dining and public transit earn 3 points per dollar, recurring bill payments and streaming, digital gaming and media earn 2 points per dollar, and everything else earns 1 point per dollar.
At 0.5 cents per point (cpp) through Expedia For TD, that is about 2% back on Expedia travel, 1.5% on groceries, dining and transit, 1% on bills and 0.5% on everything else. Linking the card to Starbucks Rewards earns 50% more points at participating Starbucks stores.
Redeeming rewards
TD Rewards Points have a different value depending on where you spend them. Travel booked through Expedia For TD is the best use: 200 points = $1, or 0.5 cpp, redeemed in 200-point increments at the time of booking. Amazon.ca Shop with Points values each point at $0.0033, about 0.33 cpp.
Other options, such as Pay off Purchases, Pay down Balance, Starbucks Stars or travel booked somewhere other than Expedia For TD, are priced by TD at the time you redeem, with a guaranteed minimum of 400 points per $1 (0.25 cpp). There are no airline or hotel transfer partners.
Perks & benefits
The headline perk is Mobile Device Insurance up to $1,000, unusual on a card with no fee. Beyond that, linking the card to Starbucks Rewards earns 50% more TD Rewards Points plus more Stars, eligible cardholders can get a free 3-month Uber One trial, and you save at least 10% at participating Avis and Budget locations in Canada and the U.S.
There is no lounge access, no travel credit and no foreign transaction fee waiver. TD Auto Club roadside assistance is available as a paid add-on rather than included.
Insurance
The coverage is short but includes one useful item. Mobile Device Insurance pays up to $1,000 for loss, theft, accidental damage or mechanical breakdown, based on the device's depreciated value (2% a month) less a deductible of $25 to $100. You need to charge at least 75% of the cost to the card, or finance the phone through a wireless plan and charge every monthly bill to the card; coverage starts 30 days after purchase and lasts up to 2 years.
Purchase Security covers most new items for 90 days, and Extended Warranty Protection adds up to 1 extra year to a manufacturer's warranty, with a $60,000 lifetime maximum across all your TD cards. There is no travel medical, trip cancellation, baggage or rental car coverage.
My take
I'd get this card if you want a no-fee card with phone insurance and you book travel through Expedia; I'd skip it if you want simple cash back or points that transfer.
The 3 and 4 point multipliers read well, but the currency halves them. At 0.5 cpp, the best case is about 1.5% back on groceries, dining and transit, up to $5,000 each a year, and 0.5% on everything else. That is fine for a no-fee card, and the $1,000 mobile device insurance is a real extra, but it only holds up if you redeem through Expedia For TD.
If you would rather not think about redemption values, a no-fee cash back card is simpler. If you like the TD Rewards setup and spend more, I'd look at TD's First Class Travel Visa Infinite, which earns 6 points per dollar in the same categories with $25,000 caps and 2 points elsewhere, and weigh its $139 fee against the extra earn.
The good
- No annual fee and no minimum income
- 3 points per dollar on groceries, dining and transit
- Mobile device insurance up to $1,000
The catch
- Points are worth 0.5 cpp at best, less outside Expedia For TD
- Each bonus category is capped at $5,000 a year
- No travel insurance or foreign transaction fee waiver