TD Bank Secured Credit Card is one of the products that the bank severing currently to its customers. This is a Visa Card which you can use anywhere the Visa is accepted. TD bank started in 1852 at Portland. Toronto-Dominion Bank is the parent organization of the TD Bank. The Headquarters located in Cherry Hill, New Jersey.
They have several subsidiaries in the business. TD Auto Finance, TD Banknorth, TD Insurance Agency, Banknorth Leasing Group, Diversified Venture Incorporation are some of the subsidiaries. Currently, they have more than 26,000 members. Present Chie Executive Officer of the TB Bank is Gregory B. Braca since 2017.
Rates and Fees of the TD Bank Secured Credit Card
- The Annual Percentage Rate for purchases is 22.99%. This is not fixed. The rate is depending on the cardholder’s creditworthiness and the prime rate.
- The Annual Percentage Rate for Balance Transfers is 22.99%. (based on the prime rate)
- The Annual Percentage Rate for Cash Advances is 25.24%. this will vary with the market conditions and the prime rate.
- The Minimum interest charge is $1.
- You have to pay $29 as the annual fee.
- The Transaction Fee for Balance Transfers is either $5 or 3% of the transfer amount, whichever is greater.
- The Transaction Fee for Cash Advances is $10 or 5% of the advance amount, whichever is greater.
- Penalty Fee for late payments is applicable up to $37.
- Penalty Fee for returned payment is up to $37.
- No fee is applicable for foreign transactions.
Requirements of the TD Bank Secured Credit Card
- The Credit Score required is 300.
- You have to maintain a security deposit between $300-$5,000.
- Your age should be at least 18.
Advantages of the TD Bank Secured Credit Card
- You will have different types of cashback options. On dining purchases, you can get 3% of the cashback.
- The cashback option for groceries is 2% of the net amount.
- For all the other eligible purchases the cashback rate is 1%.
- The Bank will check your credit card behavior for seven billing cycles. Furthermore, the bank will upgrade your card into an unsecured credit card.
- No Foreign Transaction fee is applicable for the card.
- Visa card benefits are available to the TD Bank cardholders.
- The unauthorized purchases on your account is not your responsibility.
- The bank will provide you with an immediate replacement card if your card gets lost or stolen.
Disadvantages of the TD Bank Secured Credit Card
- Small security deposits lead to a lower credit limit.
- Not like other cards, it is a must to start a security deposit to have this credit card.
- The Annual Percentage Rate is applicable for purchases, transfers, advances are quite high.
- You have to pay an Annual Fee of $29.(if you are looking for a free annual fee credit card mercury credit card is the best option for you)
- There is a balance transfer fee applies.
- Only cashback options are available on this card. Not many rewards are given.
How to Apply?
Through the application portal of the TD Bank website, you can apply for a credit card online. Moreover, the application process and the Process status are available on your online account. you should log in to the TD bank credit card port to manage your credit card.
You can contact a customer service provider online. Or else, you can connect them through FaceBook.
How to Cancel?
You can cancel your card at any time you want. Before that, you should settle the outstanding balances of your card.