Is the TCF Bank Secured Visa® Card worth it? | June 2018

Review: TCF Bank Secured Visa® Card – June 2018

We know that everyone's situation is unique and we aim to help you find the right product for you. We may receive compensation when you visit our partners' sites or are approved for their products. You can read more about how we maintain editorial independence and how we make money here.

For a $25 p.a. annual fee and a $300 minimum deposit, you can work your way towards good credit.

  • Get this card if… you want to upgrade to an unsecured card by maintaining a good payment history.
  • Pick something else if…you don’t want to pay annual fees or wish to earn rewards.
  • Poor to fair credit score of 300 to 679 recommended.
Product NameTCF Bank Secured Visa® Card
Balance Transfer Rate (not intro)21.49% variable
APR for Purchases ( Purchase Rate )21.49% variable
Annual fee$25
Cash Advance Rate26.74% variable
Card TypeVisa
Interest Free Period
The interest-free period on purchases is the period or number of days you do not have to pay interest on your card purchases. You will be charged interest either from the day you make a purchase or from the statement date, unless you pay the closing balance in full by the due date (or within the interest-free period) on your statement.
Up to 21 days
Returned Payment Fee$35
Foreign Currency Conversion Fee (VISA)
Foreign currency conversion fees are charged when you make a transaction that is converted by a credit card network, such as MasterCard, Visa or American Express, from Australian dollars to a foreign currency. You’ll also incur a currency conversion fee if you make a purchase or obtain a cash advance in Australian dollars while overseas or shopping online with a foreign merchant or financial institution.
3% of transaction value
Minimum Interest$1.75
Minimum Credit ScorePoor (Below 660)
Minimum Age18 years of age
Min credit limit
This is the lowest credit card limit that you can request. It is possible to apply for a higher credit card limit but not a lower one than this figure.
Max credit limit
This credit limit may not be issued to you immediately on application. This is the maximum credit limit for this card which must be applied for or offered to you after you are approved and have already opened the account.
Annual fee$25
Returned Payment Fee$35
Late Payment Fee$35
Cash Advance Fee$15 or 5% of the amount of each cash advance, whichever is greater

The Basics

If you have poor or no credit, it may be difficult to qualify for a credit card. Secure cards can help by requiring a deposit that also becomes your credit limit. This is helpful if you’re looking to get your credit back on track.

The TCF Bank Secured Card lets you set your credit limit from $300 to $5,000, a deposit you’ll get back after you move to an unsecured card. It also gives you the chance to check your FICO score for free once a month.

If you need a card that comes with a lower minimum deposit, you might want to check what the Secured Mastercard from Capital One has to offer.

The perks

  • Build or repair your credit. If you use this card responsibly by making on time, monthly payments, you’ll be on your way to building or repairing your credit.
  • Set your own credit limit. By making a deposit between $300 and $5,000 you set your own credit limit.
  • Qualify for an unsecured card. If you maintain a good payment history, you may qualify for a secured TCF Bank credit card in as little as 11 months. You’ll then get your security deposit back.

You’ll also like…

  • Access to FICO score. Use the TCF Bank online banking system to view your updated FICO score each month, for free.
  • Personalize your card. Make the card truly yours by using any photo to personalize your TCF Bank Secured Card.
  • Safety and security. This chip enabled Visa card comes with fraud monitoring and zero liability.

How to make this card worth it

The card doesn’t offer cash back or rewards so you won’t be able to offset its annual fee. Although, by making on time payments, you can improve your creditworthiness and qualify for an unsecured card within a year. In addition, you can also improve your credit utilization ratio by using only a small portion of the card’s available limit.

What to watch out for

  • Annual fee. You’ll pay an annual fee of $25 p.a. for the life of the card.
  • Penalties and fees. Late and returned payments come with penalties of up to $35. Foreign transactions, balance transfers and cash advances attract fees as well.

Consider other cards if …

What to know before you apply

Apply for the TCF Bank Secured Visa Card if you’re:

  • At least 18 years of age.
  • A resident of the US.

You’ll need to make a deposit of at least $300 when you apply in order to be considered a potential cardholder.

Always consider your options and your financial situation before you apply for a credit card.

Information you’ll need

In order to apply for the TCF Bank Secured Card, you’ll need to provide the following information:

  • Your full name, Social Security number and contact information.
  • Housing status and monthly rent or mortgage payment.
  • Employment status and gross annual income from all sources.
  • Bank account information you want to use to make your initial deposit.

What credit score do I need?

Applying with a credit score of 300 or higher increases the possibility of your application’s approval.

How to apply for the card

1. On the TCF Bank Secured Visa Card website, click Apply Online.

TCF Bank Secured Visa Card step 1

2. Provide the required personal, employment and financial information and review your information.

TCF Bank Secured Visa Card step 2a

TCF Bank Secured Visa Card step 2b

TCF Bank Secured Visa Card step 2c

TCF Bank Secured Visa Card step 2d

3. Verify the information is correct and click Submit.

How long will it take to be approved?

TCF Bank processes its applications online, and you’ll typically learn your application’s conditional approval soon after submitting it.

I got the card. Now what?

  • Make timely payments. Register your account online to monitor your spending and make payments.
  • Avoid interest. Make use of the 21-day grace period after each billing cycle to avoid paying interest on purchases.
  • Avoid unnecessary fees. Ensure that there are adequate funds in your bank account when making payments to avoid stiff late fees and bounced-payment penalties.
  • Customer service. Online help is available on the TCF banking platform, or call 800-823-2265 for support. You can also connect with Twitter @TCFCares or Facebook @TCFbank.

Bottom line

It’s important to rebuild your credit, and getting a secured card is a good start. However, TCF Bank claims this is a card to help ‘build and rebuild your credit.’ But it’s not easy to find whether it reports your responsible use to any of the three major credit bureaus. If you’re looking to increase your credit score, choose a different secure card that specifically advertises its reporting to help you get your credit score back on track.

Common questions about TCF Bank Secured Visa Card

Adrienne Fuller

Adrienne Fuller leads the publishing team at She has one goal: to deliver the accurate and transparent information she wishes she had when she made some of life's important financial decisions. When she's not helping folks save money, she's hiking with her two Catahoulas around her home in San Diego.

Was this content helpful to you? No  Yes

Ask an Expert

You are about to post a question on

  • Do not enter personal information (eg. surname, phone number, bank details) as your question will be made public
  • is a financial comparison and information service, not a bank or product provider
  • We cannot provide you with personal advice or recommendations
  • Your answer might already be waiting – check previous questions below to see if yours has already been asked

Finder only provides general advice and factual information, so consider your own circumstances, or seek advice before you decide to act on our content. By submitting a question, you're accepting our Terms and Conditions and Privacy Policy.

2 Responses

  1. Default Gravatar
    AJJanuary 9, 2018

    I have the TCF secured credit card and have made on time payments for a year, how do I convince them to convert it to an unsecured credit card?

    • Staff
      RenchJanuary 9, 2018Staff

      Hi AJ,

      Thanks for your inquiry. Please note that we are not affiliated with TCF or any company we feature on our site and so we can only offer you general advice.

      For TCF Bank Secured Visa® Card, if you maintain a good payment history, you may qualify for a secured TCF Bank credit card in as little as 11 months. You’ll then get your security deposit back. By making on time payments, you can improve your creditworthiness and qualify for an unsecured card within a year.

      Please contact TFC bank directly to further inquire how you can qualify to upgrade to an unsecured card.

      Best regards,

Go to site