A few days ago TD Bank announced a new partnership with the MasterCard Mastero Payment network, at the start of 2016 all TD Bank debit cards and prepaid cards will run on the MasterCard payment network. Currently these cards are running on the Visa network.
The reason this announcement is significant is that TD Bank also offers a suite of rewards credit cards that are quite lucrative, currently all the cards offer a sign up bonus of $200-$250 and one offers 5% cash back on dining, groceries, gas and cable, phone and utility bill payments for the first six months.
Typically when a card changes payment networks, the credit card issuer considers it a new product and it’s possible to get the sign up bonus again. At the moment TD Bank has not announced that credit cards will run on the MasterCard payment network, likely because they have an existing contract with Visa that isn’t due to expire in the short term. I suspect when that contract does come up for renewal that TD Bank will switch all of their credit card products to MasterCard and it will be possible to get the sign up bonus again, although that is merely speculation.
