Credit Cards

TD Cash Visa [TD Bank N.A.]

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  • Oct 19th, 2019 1:45 pm
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[OP]
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Kiraly wrote:
Jun 16th, 2018 10:00 pm
You're going to need an outlet for buying USD that charges far less than 2.5% to make this type of card better than Canadian cards, even less than 1% by my calculations.

For simplicity let's assume 1 USD = 1.25 CAD on mid-market.

Spend US $1,000 with TD Bank card, you get bill for US $1,000. if you can get USD for 1% over mid-market, you pay CAD $1,262.50. You also earn $10 USD cash back on the card. Net you pay is CAD $1,250.
Home Trust Visa: US $1,000 converts to CAD $1,255.00 after Visa takes its ~0.4% cut. You earn $12.55 cash back on that card. Net you pay is $1,242.45.
Even Rogers Platinum: US $1,000 converts to CAD $1252.50 after Mastercard's 0.2% cut. Net rewards after 2.5% fee and 3% cash back are $6.26, so net is $1,246.24.

Granted, if you can get USD cheaply, then USD cards make a lot of sense, and this is a good one. I just wanted the rest of RFD readers to be aware.
+1

I too would like other forum users to be aware, and certainly this card is not for everyone.

However, if you were to choose between this and a no rewards USD currency credit card issued by one of the big five or ATB here in Canada, the hassle of paying this card as a US bill payee is worth it. Set up your deck, and take advantage of the perks.
bend3r wrote:
Jun 16th, 2018 11:57 pm
I don’t understand why there is a need to have a US credit card.

I do have USD I can use to pay without conversion. Not worried there.
I do have a card billed in USD which I pay from my USD account.

The reason I kept that setup is to avoid bad USDCAD conversion rate. That’s about it.

So what am I missing? Are you guys doing all that wrestling just so you have a card with US address and billed in USD?

Besides if you don’t have USD cash already and you really need to cheaply convert every time and then use this card - the benefit is pretty much the same as using any Canadian no FX card. So I am really trying to figure out the added benefit here.
Read OP. For me, it'd be merchant acceptance. I find telecommunications providers in the US often refuse foreign issued cards (in Canada it's generally TELUS who refuses foreign issued cards). Since there are means of acquiring USD on the cheap in terms of FTF (in some cases driving FTF into the negatives), it's worth it.

Everyone's lifestyle is different. I'm not a snowbird (at least for now). I don't buy crypto (also for now), and although there are other cards on the US market that interest me, grabbing them is not really urgent for me. But carrying one solid US issued card is worth it.
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bend3r wrote:
Jun 16th, 2018 11:57 pm
I don’t understand why there is a need to have a US credit card.

I do have USD I can use to pay without conversion. Not worried there.
I do have a card billed in USD which I pay from my USD account.

The reason I kept that setup is to avoid bad USDCAD conversion rate. That’s about it.

So what am I missing? Are you guys doing all that wrestling just so you have a card with US address and billed in USD?

Besides if you don’t have USD cash already and you really need to cheaply convert every time and then use this card - the benefit is pretty much the same as using any Canadian no FX card. So I am really trying to figure out the added benefit here.
For me, it's only about one thing: build up my U.S. credit history so that I'll be accepted when I apply for high sign-up bonus premium cards.
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bend3r wrote:
Jun 16th, 2018 11:57 pm
I don’t understand why there is a need to have a US credit card.

I do have USD I can use to pay without conversion. Not worried there.
I do have a card billed in USD which I pay from my USD account.

So what am I missing? Are you guys doing all that wrestling just so you have a card with US address and billed in USD?
1. USD card issued by Canadian bank gives you no reward, rather a fake "borderless" card.
2. US Card issued by American Banks give you better rewards worldwide.
3. Lots of people here use US cards and take advantage of fluctuation CAD/USD, real money saving right there.
4. Up to you to decide/
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titaniumtux wrote:
Jun 17th, 2018 12:41 am
How to apply
grab a free mail forwarding service or border warehouse parcel service on the east coast. That will be your new US address for footprint
Thanks, OP. Lots of useful info. I wonder what exactly (if anything) is sent to the US address? Also, what “free mail forwarding service” would people recommend (for this and perhaps other US cards)?

EDIT: Looking at the application form now.. I assume that one needs to check the box indicating that you are a US resident, but what should be put as the last 4 digits of your SSN in the first page if one only uses SIN to apply? Also, how do they notify you if you’ve been approved (email? Mail? To what address?), and how long does it take to actually receive this card?

EDIT 2: they indicate a 1-855 number to fax the application to on the application form which is different from the number in the OP. Is it perhaps better to use that number?
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TD Bank also support Samsung Pay, so this card should work on Samsung Pay in the US and support the magnetic swipe emulation (MST)
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I already have RBC USD Signature black VISA (issued by RBC Atlanta, Georgia), I guess there is no point getting this card then?
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ProfessorChaos wrote:
Jun 16th, 2018 9:20 pm
OP times the market and buys USD with CAD when the exchange rate is favourable whereas with a card like Rogers WE MC/HT the rate is converted into CAD by Visa at the time when the transaction posts into the account.

Basically, because it is USD, you can choose the point where YOU convert CAD to USD to pay.
Thanks for your explanation.

For the record, I believe this to be worth absolutely nothing. I guess one could argue there’s a psychological benefit to those who believe they are gaining some type of control/freedom. Dollars and cents, no benefit. If one believes in their currency movement prognostication abilities they should become currency traders and quickly make millions and eventually billions, forgetting this or other CC pittance.
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titaniumtux wrote:
Jun 16th, 2018 9:39 pm
There are services that allow exchanging CAD->USD for near spot (<0.5% FTF) and sometimes can be combined with other services that would even reward us on the exchange.
Are you able to provide examples? Even if no longer available. Thanks.
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As an aside, I will try to keep as much of my money in Canada with the trade and political situation as is stands, maybe until the next President. I normally frequent SoCal in the fall but I'll stay at home this year. That changes to a Euro trip this year.
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I find the main benefit of a USD card (whether issued in Canada or the US) is the ease of upfront conversion costs one time (buying a larger quantity of USD to fund a USD bank account) and then psychologically buying things and paying the card with USD giving the illusion that all one's US spend is at par with no FX, rather than worrying while away if the dollar is dropping for whatever reason.

If wants to to this, then of all the USD cards available to Canadians who have no SSN/ITIN, the TD Cash Visa is probably the best one for rewards. As the OP said, no AF, a sign up bonus, and real cash back. The RBC USD cards (gold issued in Canada and black issued in US) offer less rewards than the TD Cash card. The other USD cards for Canadians offer basically no rewards. So if one wants a USD card with rewards and has no SSN/ITIN, TD Cash is the best bet.
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mbmbkop wrote:
Jun 17th, 2018 4:03 am
Thanks, OP. Lots of useful info. I wonder what exactly (if anything) is sent to the US address? Also, what “free mail forwarding service” would people recommend (for this and perhaps other US cards)?

EDIT: Looking at the application form now.. I assume that one needs to check the box indicating that you are a US resident, but what should be put as the last 4 digits of your SSN in the first page if one only uses SIN to apply? Also, how do they notify you if you’ve been approved (email? Mail? To what address?), and how long does it take to actually receive this card?

EDIT 2: they indicate a 1-855 number to fax the application to on the application form which is different from the number in the OP. Is it perhaps better to use that number?
US address is just to establish an address within TD Bank's "footprint". Nothing needs to be sent there. They can and should use your Canadian mailing address.

Do not check box indicating US Resident. Check box for "other" with respect to the US address and do not enter any other details regarding that address. Put XXXX for last 4 digits of SSN. You want to check the box indicating Canadian address as mailing address and complete all relevant details with respect to that address.
[OP]
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@Kiraly you're right that this card is not for everyone. I included info in OP to describe those who need not apply for this card.
dekvitaly wrote:
Jun 17th, 2018 2:18 am
1. USD card issued by Canadian bank gives you no reward, rather a fake "borderless" card.
2. US Card issued by American Banks give you better rewards worldwide.
3. Lots of people here use US cards and take advantage of fluctuation CAD/USD, real money saving right there.
4. Up to you to decide/
  1. USD cards when used in the US for not benefit from superior merchant acceptance if issued in Canada (meaning Rogers MC WE and HomeTrust Preferred are obviously far superior to those lousy USD cards issued in Canada)
  2. +1
mbmbkop wrote:
Jun 17th, 2018 4:03 am

Thanks, OP. Lots of useful info. I wonder what exactly (if anything) is sent to the US address? Also, what “free mail forwarding service” would people recommend (for this and perhaps other US cards)?

EDIT: Looking at the application form now.. I assume that one needs to check the box indicating that you are a US resident, but what should be put as the last 4 digits of your SSN in the first page if one only uses SIN to apply? Also, how do they notify you if you’ve been approved (email? Mail? To what address?), and how long does it take to actually receive this card?

EDIT 2: they indicate a 1-855 number to fax the application to on the application form which is different from the number in the OP. Is it perhaps better to use that number?
OP has a tutorial that works. Feel free to fax to toll-free or to email. If your application is successfully processed through those means, feel free to report back and I can update OP.

Rather than asking "are you sure" questions, why not provide supplementary info based on experience so we can all benefit?

For notification, didn't think that was important. I called in to find out about approval and CL. They'll eventually mail you, but you can call in to find out.
komal wrote:
Jun 17th, 2018 7:38 am
TD Bank also support Samsung Pay, so this card should work on Samsung Pay in the US and support the magnetic swipe emulation (MST)
+1
mkl38s wrote:
Jun 17th, 2018 7:58 am
I already have RBC USD Signature black VISA (issued by RBC Atlanta, Georgia), I guess there is no point getting this card then?
No point?

RBC visa signature black:
  1. 1.5% FTF, including on USD charged outside of the US. Going to Ecuador or Panama where USD is the official currency? RBC card charges 1.5% FTF, even though you're spending in stars and stripes
  2. can't vouch for merchant acceptance since Americans can't get that card unless they have a credit history with RBC in Canada
  3. No category-specific accelerators on cashback
ProfessorChaos wrote:
Jun 17th, 2018 10:38 am
As an aside, I will try to keep as much of my money in Canada with the trade and political situation as is stands, maybe until the next President. I normally frequent SoCal in the fall but I'll stay at home this year. That changes to a Euro trip this year.
Use TD Cash in Europe. No FTF. Better cashback than HomeTrust Preferred. You're gonna eat out in Europe, right?
robsaw wrote:
Jun 17th, 2018 11:03 am

US address is just to establish an address within TD Bank's "footprint". Nothing needs to be sent there. They can and should use your Canadian mailing address.

Do not check box indicating US Resident. Check box for "other" with respect to the US address and do not enter any other details regarding that address. Put XXXX for last 4 digits of SSN. You want to check the box indicating Canadian address as mailing address and complete all relevant details with respect to that address.
Leave SSN field blank Smiling Face With Sunglasses
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dekvitaly wrote:
Jun 17th, 2018 2:18 am
1. USD card issued by Canadian bank gives you no reward, rather a fake "borderless" card.
2. US Card issued by American Banks give you better rewards worldwide.
3. Lots of people here use US cards and take advantage of fluctuation CAD/USD, real money saving right there.
4. Up to you to decide/
Except that I don't have a borderless card. I have an Amex billed in USD and I get MR points.
Taking advantage of fluctuations is exactly my point. You can only take advantage if you bought USD when CAD was stronger, it doesn't work if you convert every time you have to pay your bills.
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efrant wrote:
Jun 17th, 2018 2:15 am
For me, it's only about one thing: build up my U.S. credit history so that I'll be accepted when I apply for high sign-up bonus premium cards.
This I can understand. Perhaps a future move to US and taking a mortgage etc.

But I do have a question here. AMEX/HSBC can transfer your credit history to US - so does it matter in this case :) The only downside I see is that with TD card, the history build can be used with any other bank in US. With HSBC I am pretty much stuck with HSBC.
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titaniumtux wrote:
Jun 17th, 2018 11:23 am
OP has a tutorial that works. Feel free to fax to toll-free or to email. If your application is successfully processed through those means, feel free to report back and I can update OP.

Rather than asking "are you sure" questions, why not provide supplementary info based on experience so we can all benefit?
I just noticed that that 1-855 number on the application form is followed by a note that applicants who are not 21 yet need to fax their applications to [number listed in the OP] :)

While I do not yet have any first-hand experience with this card myself I suggest to actually discuss this in the OP so that people can make informed decisions about whether or not they should follow the OP to the letter... Of course, I am making a wild guess here that most people interested in this card are over 21.

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