TD Bank
TD Cash Secured Credit Card
Key Features
| Annual Fee | $29.00 |
| Sign-up Bonus | No signup bonus |
| Rewards Rate | 1-3% Cash Back on purchases |
| 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 fair option for individuals looking to build or rebuild their credit, offering a notable cash back rewards program for a secured card. Its primary strength lies in the tiered cash back structure (3%, 2%, 1% in rotating categories), which is quite generous for this market segment. The card also provides a clear pathway to establishing a credit history and the potential to graduate to an unsecured card, backed by the reliability of TD Bank. However, these benefits are significantly undermined by several major drawbacks. The most critical issue is the very high variable APR of 26.49% for purchases and balance transfers, making it very expensive to carry a balance—a common scenario for those building credit. Furthermore, the $29 annual fee is a notable detractor, especially when many competitive secured cards offer no annual fee. The absence of any sign-up bonus also reduces its initial appeal. While the rewards are good on paper, the annual fee eats into their net value, and the high APR makes the overall cost of ownership quite significant. Considering the essential need for cost-effectiveness for individuals rebuilding credit, the high APR and annual fee heavily impact the card's overall value proposition. Therefore, the TD Cash Secured Credit Card receives an overall rating of 2.3, signifying a 'Fair' card with notable limitations that diminish its competitiveness despite its decent rewards program.
Pros & Cons
What's great
- Cashback on purchases
- Rotating bonus categories
- Good for building credit
Things to consider
- Has annual fee
- No intro APR period
- High regular APR
- No sign-up bonus
- Foreign transaction fees apply
- High 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.
- Spend Categories Include: Dining Entertainment Gas Stations Grocery Stores Travel
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
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.