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Header Some tips for selecting the right TD credit card for your business
• Jul. 10, 2024

When you’re a business owner, every dollar counts. That’s why it’s important to simplify expenses, effectively track spending, and streamline finances – all things the right business credit card can help you do.

But just as no two businesses are the same, there’s no one-size-fits-all business card since every business has its own needs.

To learn more about the TD business credit card options that are available, we spoke to Andrew Szabados, Business Credit Cards Campaign Manager at TD, about what business owners should consider when deciding on a TD business credit card.

Understand your business needs

Before a business owner selects a TD business credit card, they should spend some time thinking about how their business operates, Szabados said, adding that it’s helpful for a business owner to identify their spending patterns, their travel needs, and everyday expenses.

“You should be asking questions like: will you be paying off your business credit card balance on a monthly basis?” he said.

“If that’s the case, ask yourself, does a credit card’s interest rate matter as much to you? But if you’re likely going to be carrying over a balance each month, you might opt for the TD business credit card with a lower interest rate1 than what other TD business cards have..”

Once business owners understand how they typically spend and what they might use their card for, they can then identify what TD business credit card features are a priority, Szabados said.

For some, a business card that allows them to earn travel rewards would be important, while other business owners might prefer a business card with no annual fee.

“Business owners should ask themselves, ‘What's the primary benefit I want to get out of my business credit card?’” Szabados said.

Understand how TD business credit cards work and their perks

Once a business owner understands their needs and what they want to get out of their TD business credit card, they can start looking at available options. The goal is to choose a card best aligned with the business owner’s professional priorities.

TD business credit cards offer features such as Purchase Security and Extended Warranty Protection3, which covers most eligible new items the business cardholder purchased with their TD business card should they be stolen or damaged within 90 days of purchase.

Business owners who have a TD business credit card can also add additional cardholders to their account, and have access to the TD Card Management Tool, which is a tool designed to offer a view into spending behaviour and business card balances in real-time. This tool also lets business cardholders create custom reports and track employee spending, adjust credit limits, and apply spending controls.

Each TD business credit card has its own features depending on the card, which can include no annual fees on certain cards, Aeroplan points on spending, travel insurance, and earning additional Starbucks Rewards on purchases. There is also the Visa SavingsEdge* Program2, which offers discounts of up to 25% off for business purchases made under the program.

"TD business credit cards provide value for business owners by focusing on business-specific benefits,” Szabados said. “For example, the TD Business Travel Visa* Card is focused on business travel, whereas the TD Business Cash Back Visa* Card offers Cash Back Dollars on eligible purchases.”

“TD also has a relationship with Amazon, and eligible TD business credit cardholders can redeem their TD Rewards Points towards Amazon purchases made with their eligible TD business credit card,” Szabados added.

For more information on available cards, business owners can read about each of the TD business credit cards here.

Compare cards

Once a business owner is familiar with how TD business credit cards work and what perks they include, they can compare TD business credit cards to choose which one is best for them.

On the TD business credit card catalogue page, business owners can select credit cards that are of interest to them and compare them side-by-side. They can look at features such as annual fees associated with the credit card, interest rates on purchases and cash advances, and any available perks, like car or travel insurance.

And, importantly, Szabados said that freelancers or sole proprietors can qualify for a TD business credit card, too. A business credit card is not just for business owners who own a company.

“A lot of people still use their personal credit card for their business expenses because they don't know that they could be eligible for a business credit card,” he said. “They can review the eligibility criteria for a TD business credit card and apply for one by booking an appointment or by calling a TD representative at 1-800-450-7311.”

1The TD Business Select RateTM Visa* Card has an interest rate of 11.99%, compared to a rate of 19.99% on the TD Business Cash Back Visa* Card

2The Visa SavingsEdge* Program is provided by Visa Canada. The Toronto-Dominion Bank and its affiliates accept no responsibility in respect of this Program.

3Underwritten by TD Home and Auto Insurance Company. To be eligible for this coverage, the item must be paid for in full using your TD Credit Card. Benefits, features and coverages are subject to conditions, limitations and exclusions that are fully described in the Certificate of Insurance included with your TD Credit Cardholder Agreement.

*Trademark of Visa International Service Association; Used under license.

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