TD Cash Secured Credit Card® - credit card review

About Credit Card

The TD Cash Secured Credit Card® is a credit card that requires a security deposit to be made, which becomes the credit limit for the card. This means that the credit limit is determined by the amount of the security deposit made by the cardholder. The TD Cash Secured Credit Card® is designed to help people build or rebuild their credit score.

As a cashback card, the TD Cash Secured Credit Card® offers rewards for purchases made with the card. Cardholders earn 1% cashback on all purchases made with the card, and there is no limit to the amount of cashback that can be earned. In addition, the TD Cash Secured Credit Card® does not have an annual fee, making it an affordable option for those looking to build their credit.

The TD Cash Secured Credit Card® also offers a number of other benefits, including fraud protection, online account management, and the ability to add authorized users to the account.

Features

Security deposit. You can establish your credit line by making a security deposit of $300-$5,000.
Credit line. The amount of your credit line is equal to the amount of your security deposit. The minimum credit limit is $300.
Annual fee. The card has an annual fee of $29.
Cash back rewards. You can earn cash back rewards of 1% on all eligible purchases. You can also earn a bonus of $25 when you make your first purchase within the first 3 billing cycles.
Foreign transaction fee. The card charges a foreign transaction fee of 3% on all purchases made outside the US.
Other features. The card comes with features such as zero liability, travel and emergency assistance services, and chip technology for added security.

Benefits

The TD Cash Secured Credit Card comes with several benefits, including:

Helps build or improve credit. With the TD Cash Secured Credit Card, you can build or improve your credit score by making on-time payments and using the card responsibly.
Easy approval process. As a secured credit card, the TD Cash Secured Credit Card has an easier approval process than traditional credit cards, making it a good option for those with limited or poor credit histories.
Earn cash back rewards. You can earn 1% cash back on all eligible purchases made with your card. Plus, there are additional rewards available through the TD Cash Rewards program.
No annual fee. The TD Cash Secured Credit Card has no annual fee, helping you save money while you build credit.
Competitive interest rates. The card comes with a competitive interest rate, so you can save money on interest charges.
Chip technology. The card has chip technology for added security, reducing the risk of fraud.
Access to credit education. TD Bank provides resources and tools to help you learn about credit and how to manage it responsibly.

Overall, the TD Cash Secured Credit Card is a good option for those looking to build or improve their credit while earning cash back rewards.

How to apply for TD Cash Secured Credit Card®?

You can apply for TD Cash Secured Credit Card® online or by visiting a TD Bank location. Here's how to apply online:

Go to the TD Bank website and navigate to the TD Cash Secured Credit Card® page.
Click on the "Apply Now" button.
Fill out the application form with your personal information, employment details, and financial information.
Provide details about the security deposit you will be making to secure the card.
Review and submit your application.

You should receive a decision on your application within a few business days.

Rates and Fees

Here are the rates and fees associated with the TD Cash Secured Credit Card®:

Annual fee: $29
APR for purchases: 22.99%
APR for balance transfers: 22.99%
APR for cash advances: 25.99%
Balance transfer fee: 3%, with a minimum of $5
Cash advance fee: 5%, with a minimum of $10
Foreign transaction fee: 3%

Note that rates and fees are subject to change and can vary depending on the cardholder's creditworthiness and other factors. It's important to review the card's terms and conditions carefully before applying.

Pros and Cons

Here are some potential pros and cons of the TD Cash Secured Credit Card®:

Pros

Can help you establish or improve your credit history
No annual fee
Cash back rewards on eligible purchases
Ability to increase your credit limit with an additional security deposit
Access to online and mobile banking services

Cons

Requires a security deposit, which will be equal to your credit limit
Lower credit limit than unsecured credit cards
No introductory APR offers
Cash back rewards rate is lower than some other cash back credit cards
No balance transfer or cash advance offers

It's important to note that not all of these may be relevant to your personal financial situation, so it's important to carefully evaluate the card's features and fees before applying.

Requirements

Be at least 18 years old
Be a resident of the United States
Have a Social Security number
Meet TD Bank's credit criteria
Have funds to make a security deposit that will be equal to your desired credit limit

It's important to note that even if you don't have an established credit history, you may still be eligible for this card because it is a secured credit card. With a secured credit card, you are required to make a security deposit that is used as collateral for your credit limit. This can be a good way to establish or improve your credit history.

Issue and Repayment

The TD Cash Secured Credit Card requires a security deposit to be made by the cardholder, which serves as collateral for the credit line. The credit limit on the card is typically equal to the amount of the security deposit, which can be anywhere from $300 to $5,000.

To use the card, the cardholder charges purchases to the card and makes payments on the balance. The card can be used to make purchases anywhere Visa is accepted. Payments can be made online or by mail. If the cardholder misses a payment or fails to make the minimum payment, they may be subject to fees and their credit score may be negatively affected.

If the cardholder decides to close the TD Cash Secured Credit Card account, they will receive their security deposit back as long as the account balance is paid in full.