TD Canada Trust Credit Card Account Changes
While going through my mail I received a small brochure with my TD Visa bill which said that TD Canada Trust will be making changes to their credit card accounts effectively on April 1st, 2010.
In case you were not aware of this, I will list what will be changed as of April 1st, 2010.
TD Canada Trust will be increasing the interest rate for Cash Advances to 21.5%, which includes balance transfers, cash like transactions and TD visa cheques.
There will be no changes made to the TD Emerald Visa Account as it is at a low fixed rate. (More information on the TD Emerald Visa can be found here).
Interest rate on purchases shall increase 5% to 24.75% and interest rate on Cash advances shall increase by 5% to 26.5% if the minimum payment is not received within 30 days of the payment due date.
The next change is that the fees for cash advances on all cards except the TD U.S. Dollar Visa Card made outside of Canada are increasing to $5.00.
For the TD U.S. Dollar Visa Card, the minimum fee for cash advances will be changing to $5.00 U.S. This fee does not apply to Balance Transfers or TD Visa Cheques, but to cash like transactions.
If you sign, use or activate a card or the account as of or after April 1st, 2010, then it means you have agreed to be bound to these changes.
Hopefully this raises awareness of the changes in case you haven’t seen it in your mail yet.
Clay
Amy @ JobCred CV Builder
Keith Penny
Penn
Comments (3 )
Thanks. I did not and probably will not receive notice from TD. I have a VISA with them but keep it only because it is in my name rather than my husband’s. I recently updated my address (took a half hour while the teller shuffled through different computer programs) and used it once and got a refund the next day so no Visa bill.
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I’m hearing a lot of complaints as of late regarding TD’s customer service. I’m hoping they notify all their clients and hopefully improve the relationships they currently have their clients.
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These interest rates are beyond anything reasonable. I really feel sorry for Canadians who don’t investigate their alternative options. My theory is this: for most Canadians, a credit card is our first credit experience. They are easy to qualify for (relatively), and easy to use. For many, I fear, they don’t know that there are far less expensive ways to borrow money. If you are cash advancing and the like, it makes sense to get a line of credit and transfer your balances there. Some are as low as prime + 1.
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