TD Bank recently launched its Payment Plus credit card offering. I had the opportunity to briefly interview Mike Copley, who leads Retail Money-Out Products at TD Bank about the card’s specifics.
One of the cool things about TD is that they offer a same-day debit card when opening a new checking account. Does the credit card arrive quickly after approval?
TD Bank offers instant credit card approval in our stores for customers that are interested in any one of our products. Once you get approved, the card takes about 7 to 10 days to be delivered. If a customer requests that they need the card sooner, we have an expedited delivery process.
What kind of customer are you aiming for with the new card launch?
TD Bank is targeting customers who want the choice and control over paying down their balance: the more you pay, the more you save. Additionally, we want to target those customers who want the convenience of earning automatic rewards via the cash back statement credit, depending on how much the customer chooses to pay.
What’s the single best feature, in your opinion?
The single best feature is the cash back opportunity. This is based on the amount of monthly payments the customer chooses to make which can drive up to 50% instant cash back credit on their next statement.
Disclosures: Opinions expressed are mine alone, and I used to review credit cards for a living. Also, my web site has a financial relationship with several card issuers and banks. No financial relationship or position on any company mentioned in this story at time of publication.