| Class | Standard |
|---|---|
| Type | Visa |
| Issuer | TD Bank |
| Annual Fee | $0 |
| Interest Rate | 19.99% |
| Min. Income | $12,000 |
| Reward Type | Pseudo Cash |
|---|---|
| Reward | 3% of all purchases |
| Reward Return | 3% |
| Sign Up Bonus | None |
| Grace Period | 21 days |
| Apply | Sign Up! |
The GM Visa offered by Toronto Dominion Bank pays one of the highest cash-like rewards of any currently available Canadian credit card and it does so without an annual fee! It allows you to earn 3% back on all spending towards the purchase of a new GM vehicle. This card has been around for quite some time now and when you consider that no fee cash back cards didn’t start offering returns higher than 0.5% until the last few years, you can easily see how a 3% return is very attractive. That said, the appeal of this card has dropped significantly as of late because the competition is getting much stiffer. Not only that but the TD GM Visa comes with some serious restrictions, including the obvious one of being locked in to buying a GM vehicle with your reward.
This card definitely has a place in the wallets of some Canadian consumers who are brand loyal to GM and know that they will be buying a brand new GM vehicle in the future. If that’s you, then you should investigate this card even further, ensure you completely understand all of the terms and conditions, and then go ahead and apply for it so you can start saving for your new GM vehicle!
If you are planning to buy a new or used vehicle sometime soon and would like a credit card with a more flexible rewards system that can be applied to almost any vehicle, then you should consider the Citi Driver’s Edge Platinum MasterCard. Or, if you just want to earn cash back for your purchases, should consider the best cash back credit cards currently available in Canada.
Positives:
- Highest overall non-tiered return of any current cash back or pseudo-cash credit card.
- No maximum on the amount of cash back that can be earned!
- Up to 3 free supplementary cards.
- No annual fee even with such a high percentage return.
Negatives:
- Can only be redeemed when purchasing or leasing a new GM vehicle.
- Maximum of $3500 redeemable per vehicle purchase.
- Model restrictions apply that can lower the maximum even further.
- Earnings expire 7 years from the date they are earned.
- Very poor insurance package.
Insurance Package:
- Travel Accident - $150,000.
Minor Perks:
- Preferred rates at Budget rent-a-car.
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