TD Rewards Points Value (2026): Every Redemption Rate Compared

TD's own programme terms commit to exactly one redemption rate: 200 TD Rewards Points are worth $1 when you book through Expedia For TD. That is half a cent a point. For every other way of spending them — statement credits, merchandise, gift cards, travel booked anywhere else — the terms say only that TD "may let you" redeem "in other manners that we may allow from time to time", and name no rate at all.

One guaranteed rate and an open-ended list of discretionary ones is an unusual way to run a loyalty programme. It is also the single most important thing to know before you choose a TD card for its points.

What a TD Rewards Point is worth

Half a cent through the travel portal. Unstated everywhere else.

The TD Rewards Program Terms and Conditions put it exactly this way: "When you make a Travel Purchase directly through Expedia For TD, every 200 TD Rewards Points are worth $1. You can only redeem in increments of 200 TD Rewards Points at the time of booking."

Then section 3.3 covers everything else: "In addition to Travel Purchases through Expedia For TD, we may let you redeem TD Rewards Points in other manners that we may allow from time to time (including for Travel Purchases made through a travel agency, supplier or provider that is not Expedia For TD)."

Read that carefully. Not "will". Not at a stated rate. Every non-portal redemption route in this programme sits outside the rate commitment.

How that compares to other Canadian programmes

Half a cent is at the low end, and the disclosure is at the low end too.

The comparison that matters is not the cents — a point's size is arbitrary, and what counts is the return on your spending. It is the right-hand column. Scene+ tells you what every route pays, including the bad one. TD tells you what one route pays.

That matters because a points balance you cannot price is a balance you cannot compare against cash. If you are weighing a TD travel card against a cash back card, the only rate you can hold TD to is the portal rate.

What half a cent means on your spending

Multiply the points-per-dollar earn rate by 0.5 and you have the percentage.

This is the same arithmetic trap as every multiplier-based programme: a point denominated at half a cent makes every earn rate look twice as generous as the equivalent cash back figure. Four points per dollar is 2%, the same as an ordinary flat-rate cash back card, in a currency that mostly spends through one travel portal.

Three rules in the terms that cost people points

Two of them can freeze or forfeit a balance you have already earned.

• Miss two minimum payments in a row and you cannot redeem. The terms are explicit: "if you miss making 2 minimum payments in a row, you cannot redeem your TD Rewards Points." You must bring the account back into good standing first. The points are not gone, but they are frozen at the moment you are most likely to want them.
• A year of no activity makes the account inactive. "If you do not earn or redeem any TD Rewards Points for a period of 1 year or more, the Account is considered inactive for the purpose of the Program." The terms then direct you to the section on expiry and forfeiture. A single small purchase a year prevents this.
• Over-redeeming is capped, not refunded. If the dollar value of the points you redeem exceeds the purchase, TD will not credit the account for more than the purchase amount.

The 200-point increment is also worth planning around: you redeem in $1 blocks at the time of booking, so a balance that is not a multiple of 200 always leaves a remainder behind.

Is TD Rewards worth collecting?

Only if you will genuinely book through the portal.

That is not a criticism of Expedia For TD — a travel portal at a fixed, published rate is a perfectly reasonable product, and 0.5 cents with no blackout dates and no award availability to chase is more predictable than any airline programme. The point is that it is the only rate you are promised, so the programme should be judged on it alone.

If you book travel through an airline directly, or through a travel agent, or if you mostly want your rewards as a statement credit, you are relying on routes the terms do not price. Compare the portal rate against a flat cash back card using the rewards calculator before paying an annual fee for points.

Every quotation above is from TD's own TD Rewards Program Terms and Conditions and its public redemption page, read on 9 October 2026. We have not printed a rate for statement credits, merchandise, gift cards or non-portal travel, because TD does not publish one on either source — not because we could not find it. Cross-programme figures come from each programme's own published terms, linked above. See TD's full lineup in our TD card list.

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