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TD Cash Secured Credit Card review
Rebuild your credit and earn solid rewards with this card.
- Get this card if: you’re looking for solid rewards and to rebuild your credit.
- Pick something else if: you have fair or better credit.
- Apply if: you have a poor to fair credit score of 300 or higher.
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Up to 3x
Points
$29
Annual fee
22.99%
Purchase APR (variable)
300
Recommended credit score
Review by
Steven Dashiell
steven.dashiell@finder.comSteven Dashiell is a writer at Finder specializing in all things credit cards. With more than 300 articles under his belt, he aims to help readers embrace credit cards and maximize their rewards. Steve is studying to become a Certified Educator in Personal Finance, and is a frequent face on Finder’s YouTube channel, offering the latest in credit card hacks and advice. His expertise has been featured on numerous outlets, including U.S. News & World Report, Time, CBS, Fox Business, Lifehacker, Martha Stewart Living and more.
Expert review
The TD Cash Secured Credit Card helps you rebuild credit.
TD ups the ante on the standard secured card formula by offering a solid rewards program on common categories such as purchases for dining and groceries. This is an uncommon perk for secured cards and can help you create healthy spending habits while you rebuild your credit.
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.
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 22.99% 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
Not yet rated
| Find out more |
|---|
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Minimum credit score 300 |
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Annual fee $29 |
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Purchase APR 22.99% variable |
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Balance transfer APR 22.99% variable |
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Rewards 3% back on dining, 2% back on groceries and 1% back on all other purchases |
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Welcome offer N/A |
Citi® Secured Mastercard®
★★★★★
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Minimum credit score
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Annual fee $0 |
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Purchase APR 22.49% variable |
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Balance transfer APR 22.49% variable |
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Rewards N/A |
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Welcome offer N/A |
Self Visa® Credit Card
★★★★★
| Go to site |
|---|
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Minimum credit score 300 |
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Annual fee $25 |
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Purchase APR 21.74% variable |
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Balance transfer APR N/A |
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Rewards N/A |
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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
Images: td.com