TD Low Rate Visa

Overview

The TD Low Rate Visa Card is TD Bank's low-interest personal card for Canadians who carry a balance. It charges 12.90% interest on purchases and cash advances — substantially below the standard 19.99% to 22.99% rates most rewards cards carry. The annual fee is $25 CAD. There is no income requirement, and the card earns no rewards — it's a pure cost-management tool for cardholders who don't pay their balance in full each month. A promotional 0% interest rate on purchases is offered for the first six months after account opening for new applicants.

Who this card is for

This card is for Canadians who routinely carry a balance on their credit card and want to reduce the interest cost. If you're carrying a $3,000 CAD balance month to month, the difference between 19.99% and 12.90% saves you roughly $211 CAD in annual interest — more than eight times the $25 CAD annual fee. It suits people transitioning away from a high-interest card, those on a fixed income managing monthly cash flow, or anyone who knows they won't always clear their full statement balance.

Key benefits

The 12.90% purchase interest rate is the primary benefit — this is approximately 7 percentage points below the standard rate on most Canadian credit cards. On a $5,000 CAD balance, that spread translates to roughly $350 CAD in saved interest annually over the cost of a standard-rate card. The introductory 0% promotional rate on purchases for the first six months gives new cardholders a window to make larger purchases and pay them off without accruing interest.

No-fee additional cardholders can be added to the account, which is useful for household members who share spending responsibilities. The card works where all Visa cards are accepted in Canada and internationally.

Potential drawbacks

The card earns no rewards whatsoever. If you pay your balance in full every month, the $25 CAD fee provides no benefit compared to a no-fee cashback card. The 12.90% rate is lower than standard cards but not the absolute lowest available — the MBNA True Line Mastercard and BMO Preferred Rate offer comparable or lower rates. Cash advance interest at 12.90% is also lower than typical, but cash advances generally remain a poor financial decision regardless of the rate.

How it compares

The MBNA True Line Mastercard has a 12.99% purchase rate with no annual fee and a 0% balance transfer promotion — making it a strong competitor for anyone whose priority is also managing transferred debt from another card. The TD Business Select Rate Visa Card offers 11.99% for business applicants at no annual fee. For pure low-interest on new purchases, the TD Low Rate Visa's $25 CAD annual fee is offset quickly if you're carrying any meaningful balance.

Bottom line

For Canadians who carry a balance on their credit card, the TD Low Rate Visa's 12.90% rate and $25 CAD annual fee is a modest cost that can generate meaningful interest savings. If you pay in full every month, skip this card and pick up a no-fee cashback option instead.