Td Cash Secured Credit Card: Pros, Cons, and Everything In Between

The TD Cash Secured Credit Card is a great option for those who want to build credit without breaking the bank. It has a low annual fee of $59.

You can apply for the card with a minimum security deposit of $300, which becomes your credit limit. This allows you to start building credit right away.

The card earns 1% cash back on all purchases, which is a decent rate for a secured credit card. However, it's worth noting that the cash back rewards can be redeemed for statement credits, not cash.

The card also comes with a 24.24% variable APR, which is relatively high compared to other credit cards. However, this is to be expected with a secured credit card.

The TD Cash Secured Credit Card has a range of rates and fees that you should be aware of before applying.

The credit line for this card is between $300 and $5,000.

The Annual Percentage Rate (APR) for purchases is 27.49% variable APR. This means that if you don't pay off your balance in full each month, you'll be charged interest on your purchases.

The APR for balance transfers is also 27.49% variable APR. This is the same rate as for purchases, so make sure you understand the terms before transferring any balances.

The balance transfer fee is $5 or 3% of the transfer, whichever amount is greater. This can add up quickly, so be careful when transferring balances.

The minimum interest charge is $1. This is the smallest amount you'll be charged if you don't pay off your balance in full.

The APR for cash advances is 29.74% variable APR. This is a higher rate than for purchases or balance transfers, so be careful when using cash advances.

The cash advance fee is $10 or 5% of the advance, whichever amount is greater. This can be a significant expense if you're not careful.

The annual fee for this card is $29. This is a one-time fee that's charged each year.

The foreign transaction fee is 3% of each transaction in U.S. dollars. If you travel abroad or make online purchases from international merchants, this fee can add up quickly.

Here's a summary of the rates and fees for the TD Cash Secured Credit Card:

The TD Cash Secured Credit Card offers a solid rewards program, with the ability to earn 3% cash back on your choice of spend categories, and 1% cash back on all eligible purchases.

You can switch your categories quarterly, which is great for people who have changing spending habits. For example, if you spend a lot on gas during the summer, you can switch to a category that earns 3% cash back on gas stations.

Here are the details on how the rewards work:

To redeem your rewards, you'll need to accumulate at least 2,500 points, which can be redeemed as a statement credit or direct deposit.

The TD Cash Card offers a rewards program that's worth taking a closer look at. You can earn 3 points per $1 spent in your chosen category, which translates to 3% cash back, and 2 points per $1 spent in another category, equivalent to 2% cash back.

The card also offers 1 point per $1 spent on all eligible purchases. This means you'll earn at least some cash back on every transaction. To redeem your rewards, you'll need to accumulate at least 2,500 points, which is equivalent to $25 in rewards.

One of the unique features of the TD Cash Card is its rotating bonus categories. You can choose from categories like dining, entertainment, gas stations, groceries, and travel, and switch them up quarterly. This can help you maximize your rewards earnings.

Here's a breakdown of the TD Cash Card's earning rates:

The TD Cash Card also comes with some great travel benefits, including lost luggage reimbursement, car rental benefits, and travel and emergency assistance services. These benefits can provide peace of mind when you're traveling, and can even save you money in certain situations.

To give you an idea of the rewards potential, the TD Cash Card offers a welcome offer of $200 cash back when you spend $1,000 within the first 90 days after account opening. This is a nice bonus, especially considering the card has no annual fee.

Building a good credit score is a crucial step in unlocking rewards and benefits. Understanding your credit score and report can help you make informed decisions about your financial health.

Your credit score is a three-digit number that represents your creditworthiness. To improve it, you should get to know your credit score and report.

Here are some key factors to consider:

By focusing on these areas, you can take control of your credit score and start building a good credit history. Regularly checking your credit report can also help you identify any errors or inaccuracies that may be affecting your score.

The TD Cash Secured Credit Card has its advantages and disadvantages. One of its main pros is a high rewards rate, which can help you earn cash back on your purchases.

On the other hand, there are some restrictions to be aware of. For example, applications are restricted to residents in select U.S. states, which may limit who can apply.

The card also has a few drawbacks. It charges foreign transaction fees, which can add up quickly - 3% of each transaction in U.S. dollars. Additionally, you're limited to redeeming cash back rewards once you've met a minimum threshold.

The pros and cons of credit cards can be overwhelming. One of the main advantages is the potential for high rewards rates.

A high rewards rate can earn you a significant amount of cash back or points on your purchases. This can be a game-changer for those who use their credit cards frequently.

Qualifying for a credit card with bad credit is also a notable benefit. This can be a great option for those who have struggled with credit in the past.

However, it's essential to consider the cons as well. While some credit cards may offer high rewards rates, they can also come with steep interest rates and fees.

The TD Cash Card has some restrictions that might not be ideal for everyone. Applications are limited to residents in select U.S. states, so if you live outside of these areas, you're out of luck.

One thing to keep in mind is that you can only select a category for cash back rewards once per quarter. This means you'll need to plan ahead and choose wisely each time.

To redeem your cash back rewards, you'll need to meet a minimum threshold. Unfortunately, that's all the information provided about this requirement.

If you plan on traveling abroad, be aware that the TD Cash Card charges foreign transaction fees of 3% on each transaction in U.S. dollars. This can add up quickly, so it's something to consider before using the card internationally.

The TD Cash Secured Credit Card has some straightforward application rules. You'll need to live in a state with a TD branch, which includes 14 states and Washington, D.C.

Geographical restrictions aside, TD Bank has relatively few application rules. There are no published limitations on the number of TD cards you can have at once, nor are there restrictions on the amount of time that needs to elapse between applications.

A hard inquiry will be performed on your credit report when you apply for the TD Cash Secured Credit Card, which can result in a slight decrease in your credit score.

However, this effect is temporary and will only last for a short period of time. Putting down a bigger security deposit can also increase your secured credit card's limit.

To increase your chances of approval, it's a good idea to check your credit report and score before applying.

The TD Cash Secured Credit Card has some great features, but it's not the only option out there. If you're looking for alternatives, here are a few popular choices to consider.

The Discover it Secured Credit Card is a great option for those who want to improve their credit score. It has a 4.7 WalletHub rating and offers 1 - 2% cash back on all eligible purchases.

The OpenSky Plus Secured Visa Credit Card is another option to consider. It has a 3.9 WalletHub rating and requires a minimum deposit of $300.

If you're interested in earning 2% cash back on all eligible purchases, the TD Double Up Card is worth checking out. It has no annual fee and offers an unlimited 2% cash back on all eligible purchases.

Here are some key features of these cards:

The Wells Fargo Active Cash Card is another great option for those who want to earn cash back. It offers unlimited 2% cash rewards on purchases and has a $0 annual fee.

If you're looking for a card with bonus spending categories, the Chase Freedom Unlimited is a great choice. It offers 5% on travel purchased through Chase, 3% on dining at restaurants and drugstores, and 1.5% on other eligible purchases.

The TD Cash Secured Credit Card has a starting credit limit of $300, which is the amount you'll need to fund into a security deposit.

You can't increase the credit limit after making the deposit, but you can graduate to an unsecured card, which may allow for a credit limit increase.

The credit limit for the TD Cash Secured Credit Card ranges from $300 to $5,000.

The Annual Percentage Rate (APR) for purchases and balance transfers is 27.49% variable APR.

A balance transfer fee of $5 or 3% of the transfer, whichever is greater, will be applied.

The minimum interest charge is $1.

The APR for cash advances is 29.74% variable APR, and a cash advance fee of $10 or 5% of the advance, whichever is greater, will be applied.

The annual fee for the card is $29.

There are only 4 reviews for the TD Cash Secured Credit Card available.

The TD Cash Secured Credit Card offers a rewards rate on-par with some unsecured cards for bad credit, earning 1% cash back on all purchases.

The annual fee for this card is $10 less than the Credit One Platinum Visa, which is another secured credit card option.

The cash back potential and modest annual fee make this card an enticing option for those with financial missteps in the past.

Cardholders enjoy a rewards rate on-par with some unsecured cards for bad credit.

The TD Cash Secured Credit Card doesn't have pre-approval, so you'll need to apply directly to see if you qualify.

You can't check for pre-approval before applying, but you can use WalletHub's CardAdvisor tool to find the right credit card for you.