This card will be replacing the GM Card that TD bank has discontinued.

The gist of the new TD Drivers Rewards Card is that you get ~1% cash back on regular purchases, ~2% on gas purchases (up to $700) and ~1.25% back on "automotive sales and service".

It does have no annual fee, which is nice, but other than that, there are better cards out.

It doesn't give you true cash back, but you earn TD rewards points, which currently work out to the above rates that you have to redeem against a car purchase, car lease or car parts (eg: spark plugs). In other words, you often won't even be able to access the money right away, while TD gets to earn off of your money.

Unless you're purchasing a ton of car parts, go with the MBNA Smart Cash, which gives you 1% cash back on regular purchases, and 3% on gas+groceries up to a certain reasonable amount. You get cash back as soon as you earn $50 via cheque, which is way better than TD's system. The MBNA Smart Cash is no-annual-fee as well.