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TD Double Up: New contender for the best flat-rate cash back card

This card offers 2% cash back – but your redemption options are limited

Summary

If you already have accounts open with TD Bank, this card can be a good option for you. But if you need something more flexible, there are better options out there.

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The Bank of America content was last updated on May 3, 2021.

No, you’re not seeing double. TD Bank just launched the TD Double Up Card, which is very reminiscent of the popular Citi® Double Cash Card. Both cards essentially give 2% cash back on every purchase, which lands them near the top of the list of the best flat-rate cash back credit cards.

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Rewards

Technically, the Citi Double Cash gives 1% cash back when you make a purchase and another 1% when you pay it off. The TD Double Up gives 1% cash back when you make a purchase and another 1% when you redeem your rewards into an eligible TD deposit account. New TD Double Up cardholders also earn a $75 statement credit after spending $500 in the first 90 days after opening their accounts. The Citi Double Cash does not currently advertise a welcome bonus.

Balance transfers

Both of these cards have lengthy 0% balance transfer promotions: 18 months for the Double Cash and 15 months for the Double Up. They both charge a balance transfer fee of $5 or 3%, whichever is greater. After the 0% term, the variable APR on the Double Cash ranges from 13.99% to 23.99%. The Double Up charges a variable APR of 14.99%, 19.99% or 24.99%, depending on creditworthiness.

Who’s eligible

By requiring a deposit into a TD Bank account, the TD Double Up is attempting more of a loyalty play. An important thing to note is that TD only has branches in Connecticut, Delaware, Florida, Maine, Maryland, Massachusetts, New Hampshire, New Jersey, New York, North Carolina, Pennsylvania, Rhode Island, South Carolina, Vermont, Virginia and Washington, D.C. And you can only open an account online if you live within 100 miles of a TD branch.

The Double Cash is more flexible because you don’t need to have a Citi deposit account in order to earn an effective 2% cash back. Once you’ve accumulated at least $25 in rewards, you can redeem them for a statement credit, request a check or send the funds to your bank account (if it’s not a Citi account, it needs to be a checking account that you’ve used to pay your Citi credit card at least twice). It’s also possible to convert your cash back rewards into Citi ThankYou points. In that case, you need to convert at least $1 of cash back, and every $1 equates to 100 ThankYou points. This opens up even more redemption avenues.

Other options

The simplest 2% cash back card is the PayPal Cash Back Mastercard. Cardholders earn 2% cash back on all purchases. They can redeem those rewards into external bank accounts or PayPal Cash and Cash Plus accounts.

The Fidelity Rewards Visa Signature card and the SoFi credit card can also yield 2% cash back on all purchases, but like the TD Double Up, they both have a catch. The Fidelity offering requires cardholders to redeem their rewards into an eligible Fidelity brokerage, cash management, college savings or retirement account.

The SoFi card gives 2 points per dollar on all purchases, but those are only worth 0.5 cents apiece when redeemed for statement credits (so basically 1% cash back). The points are worth a full cent apiece (for a total of 2% cash back) when you use them to save, invest or pay down eligible debt with SoFi.

None of these cards charge annual fees. It’s possible to get 2.5% cash back on all purchases if you’re willing to pay a $99 annual fee (which is waived the first year) on the Alliant Visa Signature Card. The 2.5% rate applies on up to $10,000 in purchases per billing cycle. Annually, you need to spend at least $20,000 to come out ahead with this card, compared with a no-annual-fee 2% cash back card. The TD Double Up is the only one of these cards that currently offers a welcome bonus.

Best options if you have a high net worth

You could potentially earn an even higher return (2.625%) on all of your spending if you have the Bank of America® Travel Rewards credit card. That no-annual-fee card normally gives 1.5 points per dollar on all purchases. If you hit the top tier of the bank’s Preferred Rewards program – which requires at least $100,000 in eligible deposits or investments – you earn a 75% bonus, which brings you to 2.625 points per dollar. Those are worth 1 cent apiece when redeemed for statement credits that offset previously purchased travel. That means the 25,000-point introductory bonus (after spending $1,000 in the first 90 days) would be worth $250 if applied to travel expenses.

The Bank of America® Premium Rewards® credit card is another solid option, especially if you have a six-figure deposit or investment account balance. Cardholders earn an unlimited 2 points per dollar on travel and dining, 2 points per dollar on grocery store purchases (through 12/31/21), and 1.5 points per dollar on everything else. With the 75% bonus, that translates to 3.5 and 2.625 points per dollar, respectively. With this card, your points are worth 1 cent apiece when you redeem them for statement credits or deposit them into eligible Bank of America or Merrill deposit or investment accounts. It charges a $95 annual fee, although this can be offset by up to a $100 annual airline fee statement credit. New cardholders who spend $3,000 in the first 90 days receive 50,000 online bonus points.

Bottom line

With varying degrees of complexity, these eight cards offer the best cash back payouts on the broadest range of spending categories. Of course, you can do better in specific categories elsewhere with cards that lean into specific areas such as groceries, travel, dining, gas and more. But if you’re looking for a single card with broad, lucrative cash back appeal, you can’t beat the cards on this list.

 Have a question about credit cards? E-mail me at ted.rossman@creditcards.com and I’d be happy to help.

Editorial Disclaimer

The editorial content on this page is based solely on the objective assessment of our writers and is not driven by advertising dollars. It has not been provided or commissioned by the credit card issuers. However, we may receive compensation when you click on links to products from our partners.

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