Another credit card is being discontinued. This time it is the TD Drivers Rewards Visa Card. You may have noticed the following wording on the TD website:
Not only are new applications not accepted, existing cardholders will not be grandfathered either. Existing cardholders will have until September 26, 2017 to continue using the card.
I may never have written about this card before, but I still never like to see a credit card being discontinued, as it feels like it is shutting down the competition. For the miles and points world to strive, there needs to be as much competition as possible.
Below were the highlights of the credit card:
- No annual fee
- Earn 2 TD Drivers Rewards points for every $1 spent on gas (up to $700 of purchases per statement period
- Earn 1.25 TD Drivers Rewards points for every $1 spent automotive parts or services at eligible merchants
- Earn 1 TD Drivers Rewards point on all other purchases
With Aeroplan being so volatile, it really seems like TD is focusing more on promoting its cash back credit cards. I believe that they are trying to capitalise on people’s frustration over miles and points. Cash back is predictable because it is a fixed return.
If TD is going in the direction of cash back, I really do hope that they up their game and offer more competitive products that their current portfolio.