Payments
TD Bank's Double Up Credit Card offers customers double the cash back
March 22, 2021
TD Bank is launching its Double Up Credit Card featuring a 2% cash back rewards program. Double Up Credit Card holders can earn 1% cash back on all purchases and then an additional 1% cash back when rewards are redeemed into an eligible TD deposit account, according to a press release.
TD's new card is in response to the change in consumer spending habits during the pandemic. According to TD Bank's annual Consumer Spending Index which gauges shifts in spending behaviors and credit usage of Americans, nearly half of all respondents (49%) view rewards in the form of cash back or points as the most valuable credit card benefit. COVID-19 has led many consumers to re-evaluate how they spend and approach credit card usage. About a quarter (23%) of card holders said they're spending more on their credit cards now, the primary reason being to earn rewards. Nearly half (48%) of respondents said their credit card is their primary method for making day-to-day purchases – and those purchases can add up to big rewards.
The average American spends about $800 on their credit card each month, Paramita Pal, Head of U.S. Bankcard at TD Bank, said in the release.
"For a customer earning a combined 2% back when they spend and redeem into their TD account, this equates to nearly $200 each year in rewards. Cash back rewards allow consumers to use this additional money how they want or need to, whether it's splurging on a nice meal out, covering a utility bill or adding to savings."
The Double Up Credit Card has no annual fees, no limit, caps or expiration dates when redeeming rewards. Double Up card customers will receive a $75 statement credit when they spend $500 in the first 90 days.
