TD Bank
TD Cash Secured Credit Card
Key Features
| Annual Fee | $29.00 |
| Sign-up Bonus | None |
| Rewards Rate | 1%-3% Cash Back |
| 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
- Build or rebuild credit
- Set your own credit limit
- No fee for balance transfers
Things to consider
- Annual fee
- High regular APR
- Foreign transaction fees apply
- High balance transfer fee
- Requires a security deposit
What this card offers
Sign-up bonuses
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
Other features
- Apply in minutes: Verify your information and submit your application. We'll notify you if your credit check has passed so you can take the next steps to building your credit
- Set your credit limit: Set the credit limit of your new card by choosing the amount of your required security deposit
- Choose a transfer method: Choose an account to transfer funds from for your refundable security deposit. Your application will not be complete until you make the deposit
- Congratulations! You're on your way to building credit: Build your credit by making purchases and making on-time payments like with any other credit card
- With responsible card use, you can graduate to an unsecured card and choose what to do with your refundable security deposit money.
- Credit Line $300–$5,000
- TD Bank reports your account to the three major credit bureaus which can help you build or rebuild your credit if you use your credit card responsibly.
- Security deposits are a minimum of $300 and can be as much as $5,000. Security deposits are held in a locked TD Simple Savings account until you graduate to an unsecured card.
- Transfers from an existing TD account or from a debit card happen instantly and at no fee.
- Transfers from an external account take 3-5 business days, but also at no fee.
Additional Notes
All rewards are earned as points redeemable for Cash Back. Eligible purchases do not include purchases of any cash equivalents, money orders, and/or gift cards or reloading of gift cards. Within 30 days of account opening, you will have a one-time opportunity to change the Spend Category that was initially assigned to the 3% and 2% Reward Tiers at account opening. This change will apply during the first calendar quarter following account opening.