Q: Does TD Bank have a secured card? Someone on the forum said they do but I only see three cards on their website and all of them are unsecured.
A: Yep they do have one, but they don’t promote it much. In fact, if you search on TDBank.com for “secured credit card” nothing will show up. So I called the customer service number to find out what’s going on with it…
So how do you get one?
TD Bank’s secured credit card application is only available at their branches. You can’t apply for it online.
So to get one you will have to go to a local branch. Since all of their locations are on the east coast (see map) it means you should cross them off your list if you live outside those areas.
The good news is that even though you have to go to a TD Bank to apply, there is no requirement to have a bank account with them.
How much is it?
This card is one of the better values on the market…
- Annual Fee = $29
- Interest Rate = 19.99% + prime (currently that’s 23.24%)
- Minimum Deposit = $500
- Maximum Deposit = $5,000
I asked them if you can increase your security deposit later on to get a higher credit limit and they said yes. Most secured cards will let you do that, but surprisingly there are a few that don’t like the USAA secured card (which I recommend avoiding).
Can you upgrade it later on?
The good news? Yes, you can upgrade it.
The bad news? It might not be for a very long time.
The phone rep I spoke to said that they automatically review accounts after 24 months to see if they qualify for graduating to unsecured.
She said “every 24 months” but I’m not sure if she misspoke… does that mean they review it only once every 24 months? Or does that mean they will regularly review it after the first 24 months? Either way, having to wait 2 years is too long in my book.
What are the benefits?
Not much. She did refer to it as the TD Bank secured Visa card, but when I asked her what tier of Visa it was (such as regular, platinum, etc) she couldn’t tell me. But all Visa credit cards come with these benefits at a minimum:
(the above is copy/pasted from Visa’s website)
As far as anything beyond that, I asked more than once “are there any noteworthy benefits” and she didn’t have anything to add.
Should you get it or not?
This appears to be a basic no-frills credit card… which is exactly what you should go for when you’re rebuilding your credit score. My only complaint about it is the part that you have to wait 24 months to see if you qualify for unsecured. Rather than wait that long, I would recommend trying to apply for a basic unsecured card after 12-18 months or so. If you get approved for an unsecured, don’t cancel your TD Bank secured since that will be your oldest credit card.
Remember you can only apply at a local branch . If you want a good choice that you can apply for online, I recommend you check out this secured MasterCard. I regularly hear many positive reviews from people who use it.