Is there a TD Bank Secured Credit Card?

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 for “secured credit card” nothing will show up. So I called the customer service number to find out what’s going on with it…

TD Bank locationsSo 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:

Visa card benefits
(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.

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Regardless keep up the good work.

I just found out that TD Bank revised their secured card policy. They now will review the account every 6-8 months for the unsecured card. If approved they will convert the current card to an unsecured card and refund a prorated portion of your annual fee.

This becomes one of the best secured cards around because of the policy change.

You need savings account. Put money in it for security. If u want credit for $1000 have $1000 in ur account this all is done at ur local branch. Than a week later u get approval letter and u have to make a trip to ur local branch again who will require that approval letter. Than they finish the rest of their formality and give u a card

Quite frankly, I wish they’d follow the example they set up north. My Canadian TD secured card has no annual fee and a 19.99% APR. No rewards, but that’s not what the average person looking a secured card is looking for. In my case I got it because I go to Canada every so often and they’re starting to reject American cards or ask for ID on cards without PINs.

I have a business I would like to open a business secure card please let me know if its possible thanks, looking forward for the answer

For the secured cards you don’t get the 5x bonus.points

I have had this card for about 13 months now. It is a visa platinum card and has the same rewards as the cards online. Don’t count on the bonus points though. I never got mine or even a call back from management. If I would had known you had to wait 2 years to get your account reviewed at the time I would have chose a different card. If you have pretty bad credit and need 2 years to build it up this might be a good card BC of the rewards. However if your were like me and credit wasn’t that bad but was just trying to raise your score and you don’t want to tie up your deposit for 2 years you probably don’t want this card. UNDER no circumstances that I am aware will they release your money without you closing the account before the 2 years is up and maybe not even then. They did offer me an unsecured card and told me I could take the the new account and close my secured one. Very bad advise, always keep your oldest account open. I will say I now have about 715 credit score. So it gas increased my score and the do report to all 3 bureaus every month.

****UPDATE*** Just to clarify I do get my rewards on a monthly basis. I have never tried to cash them in though. But the 5,000 points I was told I would get for signing up and 5x points for the first 6 months I never got. And if I call they tell me they will have to have someone call me back but never do on 3 different occasions.