TD Bank
TD Cash Secured Credit Card
Key Features
| Annual Fee | $29.00 |
| Regular APR | Annual Percentage Rate (APR) for Purchases: 26.49% variable APR APR for Balance Transfers: 26.49% variable APR APR for Cash Advances: 28.74% variable APR |
| Other Fees | Balance Transfer Fee: Either $5 or 5% of the amount of each transfer, whichever is greater. Minimum Interest Charge: $1 Cash Advance Fee: $10 or 5% of advance whichever amount is greater Foreign Transaction Fee: 3% of each transaction in U.S. dollars Late Payment: Up to $40 Returned Payment: Up to $40 |
| Network | Visa |
About this card
The TD Cash Secured Credit Card is a reasonable option for individuals with poor credit seeking to build or rebuild their credit, but it has several drawbacks that prevent it from being a top-tier choice. Its strengths lie in offering cash back rewards on purchases and the potential to graduate to an unsecured card. However, the high APR, annual fee, and foreign transaction fees significantly detract from its value. The card's reputation is mixed, with some users finding it adequate but many noting better alternatives with clearer paths to graduation and more compelling rewards. The rewards are good, but the card is middle-of-the-road because it is hampered by the high APR and annual fees. The TD Cash Secured Credit Card receives an overall rating of 2.3, reflecting a 'Fair' card with notable limitations. Strengths: cash back rewards, opportunity to build credit, option to graduate to unsecured card. Weaknesses: annual fee, high APR, foreign transaction fees, unclear graduation path.
Pros & Cons
What's great
- Cashback on purchases
- Builds credit with responsible use
- Option to graduate to an unsecured card
Things to consider
- Annual fee
- High regular APR
- Foreign transaction fees apply
- Balance transfer fee
What this card offers
Rewards
- Earn 3% and 2% Cash Back on your choice of Spend Categories. Plus, you can switch your categories quarterly. Earn 1% Cash Back on other purchases
- At time of card opening, the card Spend Categories will default to 3% Cash Back on Dining, and 2% at Grocery Stores.
Other features
- Make purchases like with any credit card
- Build your credit by making on-time payments
- Your linked savings account works as a security deposit
- Apply online for your card
- If you are conditionally approved, you will receive instructions on how to open and fund a TD Simple Savings account as your security deposit. Your credit limit will be $300–$5,000, subject to credit approval
- Open your savings account
- Open a TD Simple Savings account and deposit a minimum of $300 to secure your credit line. The deposit is your credit limit, so you can deposit up to your conditionally approved amount. You can use funds from another TD Bank account, your debit card or an external account
- Graduate to an unsecured card
- If you use and maintain the card and keep it in good standing, you may be eligible to graduate to an unsecured TD Bank Credit Card. Please keep in mind, not all accounts qualify for graduation. A decision to graduate is based on responsible credit management across all of your credit cards and loans, including TD and others
Additional Notes
Credit Line $300–$5,000. All rewards are earned as points redeemable for Cash Back.