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 fees | What you pay |
|---|---|
| Credit Line | $300–$5,000 |
| Annual Percentage Rate (APR) for Purchases | 27.99% variable APR |
| APR for Balance Transfers | 27.99% variable APR |
| Balance Transfer Fee | $5 or 3% of transfer whichever amount is greater |
| Minimum Interest Charge | $1 |
| APR for Cash Advances | 30.24% variable APR |
| Cash Advance Fee | $10 or 5% of advance whichever amount is greater |
| Annual Fee | $29 annual fee |
| Foreign Transaction Fee | 3% of each transaction in U.S. dollars |
| Late Payment | Up to $40 |
| Returned Payment | Up to $40 |
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:
| Features | Premier Bankcard Secured credit card |
|---|---|
| Fees | $29 |
| APR | 27.99% on balance for deferred payments |
| Cash Back | Up to 1% |
| Initial Deposit | $300-$5,000 |
| Welcome Bonus | $0 |
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:
- Fees: $0
- Cashback: 1.5%
- Welcome bonus: $0
- Credit Score: No
- Fees: $0
- Cashback: 1%-5%
- Welcome bonus: up to $300
- Credit Score: 690-850
- Fees: 0
- Cashback: No
- Welcome bonus: No
- Credit Score: No
- Fees: 0
- Cashback: Up to 3%
- Initial deposit: $200-$5,000
- Welcome bonus: No
- Credit Score: No
- Fees: 0
- Cashback: 0%
- Initial deposit: $300
- Welcome bonus: No
- Credit Score: No
- Fees: 0
- Cashback: 0%
- Initial deposit: $200-$5,000
- Welcome bonus: No
- Credit Score: No
- Fees: $35
- Cashback: 0%
- Initial deposit: $200
- Welcome bonus: No
- Credit Score: No
- Fees: 0
- Cashback: 1,5%
- Initial deposit: $200-$5,000
- Welcome bonus: No
- Credit Score: No
- 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:
| Advantages | Disadvantages |
|---|---|
| Opportunity to build credit responsibly | No welcome bonus incentives |
| Up to 1% cash back | Higher interest rates when deferring payments |
| No initial 0% interest rate period | |
| Foreign transaction fees |
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.
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Updated the day 1 September, 2023 by Alfredo Barandiarán
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