TD Cash Secured Credit Card review

The perks

• Varied reward program. You’ll earn 3% cash back on dining purchases, 2% cash back at grocery stores and 1% cash back on all other eligible purchases.
• Graduate to an unsecured card. TD may approve you for an unsecured TD Bank credit card if you maintain good standing and make payments on time for seven consecutive billing cycles.

You’ll also like

• No foreign transaction fees. You won’t pay fees on purchases made abroad.
• Visa Zero Liability. You’ll receive Visa security on your purchases as well as protection against unauthorized charges on your card.
• Instant card replacement. You can go to your nearest TD bank to receive an immediate replacement card if your card is lost or stolen.

Compare TD Bank credit cards

What to watch out for

• Variable credit line. TD will approve you for a credit line ranging from $5,000 to $300 depending on your past credit and financial history.
• Deposit required. You’ll need to deposit the full amount of your credit line into a TD savings account before they’ll send the card. TD will freeze this account, so you won’t be able to retrieve this deposit.
• High APR. You’ll have a variable purchase APR of 25.24% when you open your account. This same rate applies to balance transfers as well.
• Annual fee. You’ll need to pay an annual fee of $29 to use this card. Note that some brand’s secured cards require no annual fee for use.
• Balance transfer fee. You’ll pay $5 or 3%, whichever is greater, of your balance transfer.
• Limited reward options. TD only offers cash back on this card.

Compare TD Cash Secured Credit Card with two similar cards

TD Cash Secured Credit Card	Capital One Quicksilver Secured Cash Rewards Credit Card	Self Visa® Credit Card
		★★★★★ Finder rating 4 / 5
Read Review	Apply now on Capital One's secure site	Apply now on Self Financial, Inc.'s secure site
Minimum Credit Score 300	Minimum Credit Score 300	Minimum Credit Score 300
Annual Fee $29	Annual Fee $0	Annual Fee $25
Purchase APR 25.24% variable	Purchase APR 26.99% variable	Purchase APR 26.24% variable
Balance transfer APR 25.24% variable	Balance transfer APR 26.99% variable	Balance transfer APR N/A
Rewards Up to 3x points	Rewards Up to 5% cash back	Rewards None
Welcome offer N/A	Welcome offer N/A	Welcome offer N/A

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Bottom line

If you have poor to fair credit and want to rebuild your score with a secured card with a good rewards program, consider the TD Cash Secured Credit Card. Just be sure to pay off your balance on time and in full to avoid the card’s high APR.

Compare your secured card options to find cards with lower APRs or other perks to help you rebuild your credit score.

Frequently asked questions

• When will I get my secured card?

  You’ll receive your secured card shortly after completing your security deposit in full. You have 15 days after credit approval to make this deposit.

• When can I graduate to an unsecured TD credit card?

  You’ll need to use and maintain your secured credit card account for seven consecutive billing cycles to become eligible for an unsecured card. During this period, you can’t commit an act of default under the TD agreement.

• What happens to my deposit after I graduate?

  TD will release your funds, allowing you to withdraw them from your savings account if you desire. You’ll also receive a prorated refund of the annual fee for that year.

Images: td.com