TD Bank has launched a new suite of credit card products geared towards giving small business owners and consumers increased financial control and flexibility.
This includes the introduction of two new credit card models, TD Clear and TD FlexPay, along with improvements to the TD Double Up and TD Cash credit cards. The bank’s increased investment in the credit card space shows their commitment to providing a diverse range of credit solutions to meet the varying needs of small businesses.
TD Clear is a unique, subscription-based credit card that charges a simple monthly fee rather than interest, offering two models: a $10 monthly fee for a $1,000 credit limit and a $20 monthly fee for a $2,000 limit. “Our research indicated that many customers want a simple solution to credit. TD Clear provides simplicity with a predictable monthly payment,” said Chris Fred, Head of Credit Cards and Unsecured Lending at TD. This card may be a great tool for small business owners, providing a clear, predictable expense that can be more easily budgeted for than typical, interest-based credit cards.
The TD FlexPay card offers the cardholder increased flexibility, allowing them to schedule a Skip a Payment once a year, a feature that could help small business owners better manage their cash flow during periods of financial instability or unexpected expenses. As Fred mentioned, “TD FlexPay offers cardholders a moment of respite, giving them a chance to catch their breath between payments and take care of what matters most to them at the time.”
Improvements to the existing TD Double Up and TD Cash credit cards offer enhanced benefits for small business owners. TD Double Up now provides a flat 2% Cash Back on all purchases without any extra requirements, an upgrade from the previous model where cardholders could only earn the full 2% if they redeemed their rewards into a qualifying TD Bank Deposit account.
The TD Cash card continues to provide flexible 3-2-1 rewards, allowing 3% and 2% Cash Back in specific spending categories and 1% on everything else. An enhancement to this card lets cardholders customize these categories each quarter to optimize their rewards, providing more flexibility to small business owners to tailor their rewards towards their specific business expenses.
Besides these attractive rewards, all these credit cards also come with additional benefits in partnership with Visa, like cell phone protection for cardholders who pay their cellular bill with their card, roadside assistance options, and Visa Purchase Protection.
This initiative by TD Bank offers a diverse range of credit card options to small businesses. As Matt Boss, Head of Consumer Products at TD, rightly said, “The best credit card comes down to fit. Everyone’s needs are different, and our research and customer feedback clearly indicated there was an opportunity for us to create a wider range of options.” With this approach, TD Bank seems to be paving the way for innovative, flexible, and small business-friendly banking solutions.
For the latest, follow us on Google News.
Do they have higher monthly minimum payment requirements? Or do they make up the difference by collecting the monthly subscription charges even on current accounts? Interesting model though.