TD Cash Secured Credit Card

Curious about the TD Cash Secured Credit Card? Let Responsible Economy guide you. We offer a detailed insight into the card’s main attributes, from fees and interest rates to minimum deposit stipulations. Additionally, we juxtapose this card with other top secured credit cards available. Let´s get started

Features

In this section, we will go through all the features one by one.

Fees

When evaluating financial products, such as credit cards, fees are an important factor to consider. The TD Bank Secured credit card has an annual fee of $29, which makes it less appealing than other secured credit cards that do not charge fees.

We also show you other credit card fees:

Rates and feesWhat you pay
Credit Line$300–$5,000
Annual Percentage Rate (APR) for Purchases27.99% variable APR
APR for Balance Transfers27.99% variable APR
Balance Transfer Fee$5 or 3% of transfer whichever amount is greater
Minimum Interest Charge$1
APR for Cash Advances30.24% variable APR
Cash Advance Fee$10 or 5% of advance whichever amount is greater
Annual Fee$29 annual fee
Foreign Transaction Fee3% of each transaction in U.S. dollars
Late PaymentUp to $40
Returned PaymentUp to $40
Rates and fees for TD Cash Secured Credit Card

APR

Should you delay your payments on the TD Cash Secured Credit Card, expect a surge in interest rates. The card comes with a Purchase Annual Percentage Rate (APR) of 27.99%, which sits on the steeper side. Remember this while settling your dues.

While some cards entice with a promotional 0% interest offer, the TD Cash Secured Credit Card lacks this feature. Thus, interest begins accumulating on your expenditures right away.

Cash back

You can earn up to 1% Cash Back on certain purchases. The TD Bank website does not specify which purchases earn you a 1% Cash Back.

Minimum deposit

The minimum deposit for the TD Cash Secured Credit Card is $300, and the maximum is $5,000. If you are a good payer, they will increase your credit limit over time.

Welcome bonus

Unlike numerous other credit cards that provide sign-up bonuses, sometimes reaching $1,000 or beyond, the TD Secured Credit Card lacks such incentives. Consequently, you won’t reap any rewards from your purchases during the initial months of card usage.

Summary table

We have created a table summarizing all the features:

FeaturesPremier Bankcard Secured credit card
Fees$29
APR27.99% on balance for deferred payments
Cash BackUp to 1%
Initial Deposit$300-$5,000
Welcome Bonus$0
TD Secured Credit Card summary table

Comparison with the Best Secured Credit Cards

We have conducted a comparison of TD Bank Secured Credit Card with the best secured credit cards available for application in the United States:

Capital One Quicksilver Secured Credit Card Logo
  • Fees: $0
  • Cashback: 1.5%
  • Welcome bonus: $0
  • Credit Score: No
Discover it Cash Back
  • Fees: $0
  • Cashback: 1%-5%
  • Welcome bonus: up to $300
  • Credit Score: 690-850
  • Fees: 0
  • Cashback: No
  • Welcome bonus: No
  • Credit Score: No
Bank of America customized cash rewards secured credit card
  • Fees: 0
  • Cashback: Up to 3%
  • Initial deposit: $200-$5,000
  • Welcome bonus: No
  • Credit Score: No
Opensky plus secured credit card
  • Fees: 0
  • Cashback: 0%
  • Initial deposit: $300
  • Welcome bonus: No
  • Credit Score: No
Bankamericard secured credit card
  • Fees: 0
  • Cashback: 0%
  • Initial deposit: $200-$5,000
  • Welcome bonus: No
  • Credit Score: No
OpenSky secured credit card
  • Fees: $35
  • Cashback: 0%
  • Initial deposit: $200
  • Welcome bonus: No
  • Credit Score: No
Bank of america unlimited cash rewards secured
  • Fees: 0
  • Cashback: 1,5%
  • Initial deposit: $200-$5,000
  • Welcome bonus: No
  • Credit Score: No
U.S. Bank Secured Visa credit card
  • Fees: 0
  • Cashback: 1,5%
  • Initial deposit: $200-$5,000
  • Welcome bonus: No
  • Credit Score: No

Pros and cons

Here’s a table summarizing the pros and cons of the TD Bank Secured Credit Card:

AdvantagesDisadvantages
Opportunity to build credit responsiblyNo welcome bonus incentives
Up to 1% cash backHigher interest rates when deferring payments
No initial 0% interest rate period
Foreign transaction fees
TD Secured Credit Card pros and cons

Requirements

Here are the minimum requirements to be eligible for the TD Bank Secured Credit Card:

  • U.S. residency: This card is only available to people who live in the United States.
  • Age: You must be at least 18 years old to apply for this card.
  • Employment verification: You must provide proof of employment to show that you can manage the card responsibly.
  • Social Security number: A valid Social Security number is required for identity verification and credit history assessment.
  • Minimum deposit: You must make a minimum deposit of $300.

Frequent questions

Now we’re here to address any questions you might have about the Premier Bankcard Secured credit:

Conclusion and opinions

After the analysis we’ve conducted, our opinion is that the TD Bank Cash Secured Credit Card is not a competitive credit card because it has an annual fee of $29 that can’t be waived, an interest rate of 27.99% APR, and it doesn’t offer any welcome bonus or introductory APR offer. It provides 1% cash back on certain purchases, but doesn’t specify which categories qualify. On the upside, TD Bank is one of the leading banks in the United States.

To conclude, you have more related content about secured credit cards:

Updated the day 1 September, 2023 by Alfredo Barandiarán

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