TD Bank Secured Credit Card – Read This First!

January 30, 2013 No Comments »
TD Bank Secured Credit Card – Read This First!

Looking to obtain a TD Bank secured credit card in 2013?

If you’ve been searching around for this secured card for a while now, you’re certainly not alone. TD Bank makes it nearly impossible to find, however, they do in fact offer one.

Even though TD Bank is continually shifting their customers towards online banking, to obtain their secured credit card you’ll actually have to stop by a local branch. And unfortunately for nearly half the country, this means we are ineligible as the bank solely operates on the east coast (see branch locations above).

TD Bank Secured Card Features:

As far as features go, this card has very little. Granted most secured cards aren’t know for any sort of perks or bonuses, but this card barely seems to have the essentials. It appears the card reports to the three major credit bureaus, which will indeed help you get your credit back on track, however, it doesn’t seem to report very often. At least not every month like Citi and Chase‘s old secured cards did. In fact, with the TD secured card it will take 2 years before you are eligible to open a regular credit card.


Update July 2013 - See today’s top 10 secured credit cards on the market here.


This is a pretty substantial wait. With the other top secured cards on the market, you can expect to be upgraded to a basic credit card within one year of good credit standing, but this may vary slightly depending on how beaten down your credit score is.

The one positive feature with this card is that, while it takes nearly twice as long to upgrade to a regular credit card, the maximum balance and credit line seems to be pretty flexible. The maximum will start at $5,000 but you can add to your security deposit at any time to increase your limit.

TD Bank Secured Card Fees:

TD Bank’s secured credit card fees are pretty much on par with other cards in this category.

Annual Fee - $29

Minimum Deposit - $500

Interest Rate - 19.99% plus prime

Final Word:

This is a rather ho-hum secured card with nothing really setting it apart from other offers on the market. Plus, you can expect it to work for you at half the pace most secured cards do. When banks report to the credit bureaus each month, it actually costs them money to do it, so you’ll need to keep tabs on this and make sure they are reporting frequently. The more frequently they report, the faster your credit score can climb.


Update July 2013 - See today’s top 10 secured credit cards on the market here.



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