A TD secured credit card can help you build or repair your credit.
Compared to its top competitors, i.e. RBC, BMO, Scotiabank, and CIBC, TD Bank lists several credit cards you can apply for if you can provide security funds.
Read on to learn about the best TD secured credit cards and alternatives.
TD Secured Credit Cards
TD has 6 unsecured credit cards that are also available as secured cards. They include:
- TD First Class Travel Visa Infinite Card
- TD Platinum Travel Visa Card
- TD Rewards Visa Card
- TD Cash Back Visa Infinite Card
- TD Cash Back Visa Card
- TD Emerald Flex Rate Visa Card
1. TD First Class Travel Visa Infinite Card
The TD First Class Travel Infinite Card has a $120 annual fee.
Cardholders earn 9 TD points per $1 spent on travel purchases via Expedia for TD and 3 points on all other purchases.
You need a $60,000 annual personal income to qualify or $100,000 for household income.
In addition to rewards points, this card offers comprehensive travel insurance benefits, roadside assistance, and more.
The interest rates are:
- Purchase interest: 19.99%
- Cash advances interest: 22.99%
Supplementary cards cost $50 each.
2. TD Platinum Travel Visa Card
This travel rewards card has an $89 annual fee.
Cardholders earn 5 TD rewards points for every $1 spent on travel purchases via Expedia for TD, 3 points per $1 spent on grocery and recurring bill payments, and 2 points per dollar spent elsewhere.
The TD Platinum Travel Visa also provides travel insurance coverage, discounts on Priority Pass membership, and more.
Interest rates are:
- Purchase interest: 19.99%
- Cash advances interest: 22.99%
The first supplementary card costs $35/year, and subsequent ones are free.
3. TD Rewards Visa Card
This card has no annual fees and offers 3 TD rewards points on travel purchased using ExpediaForTD.com, 2 points per $1 spent on groceries, restaurants, and recurring bills, 1 point per $1 spent elsewhere.
Cardholders get a discount on a Priority Pass membership and can save 10% or more on car rentals at Avis Rent-A-Car and Budget Rent-A-Car.
You can redeem points earned for merchandise, gift cards, cash back, and more.
Interest rates are:
- Purchase interest: 19.99%
- Cash advances interest: 22.99%
4. TD Cash Back Visa Infinite Card
This card is one of the best cash back cards in Canada.
It has a $120 annual fee and you earn 3% cash back on grocery and gas purchases, and 1% cash back on all other purchases.
You can redeem cash back earned towards your statement balance.
The TD Cash Back Visa Infinite provides access to exclusive Visa Infinite perks, travel medical insurance, delayed and lost baggage insurance, roadside assistance, and car rental insurance coverage.
Interest rates are:
- Purchase interest: 20.99%
- Cash advance interest: 22.99%
Your first supplementary card costs $50 per year. Subsequent ones are free.
Learn more about this card in this TD Cash Back Visa Infinite Card review.
5. TD Cash Back Visa Card
This TD credit card has no annual fees and offers 1% cashback on grocery, gas, and recurring bill payments. For all other spending, you earn 0.50% cash back.
There is a $5,000 annual cap for the 1% cash back earn rate, and additional spending in the related categories earns at a 0.50% rate.
Interest rates for this card are:
- Purchases: 19.99%
- Cash advances: 22.99%
Supplementary cards are also free.
6. TD Emerald Flex Rate Visa Card
This variable interest rate credit card has a $25 annual fee.
The interest rate on purchases and cash advances is TD Prime + 4.5% to 12.75%. How much you end up paying depends on your credit and TD’s annual prime rate.
The TD Emerald Flex Rate Visa Card does not offer cash back rewards or points.
How To Apply For a TD Secured Credit Card
To apply for a TD secured credit card, visit a TD Canada Trust branch near you.
You will need the following:
- Convenient-issued photo ID
- Social Insurance Number
- A security deposit if your application is approved
Your security deposit is usually held in a savings or GIC account and is your credit limit.
If you keep your account in good standing, you may be able to “graduate” to an unsecured credit card after some time.
Best Secured Credit Cards in Canada
In addition to TD secured credit cards, you could also consider this no-fee secured cash back card:
Neo Secured Credit
Rewards: Earn an average of 5% real cash back on purchases.
Welcome offer: Up to 15% cashback on your first-time purchases, plus a $25 welcome bonus.
Interest rates: 19.99% – 29.99% for purchases; 22.99% – 31.99% for cash advances.
Annual fee: $0
Credit limit: Starts at $50.
Credit score required: Poor or bad credit score.
The Neo Secured Card is one of the best secured credit cards in Canada. It has no annual fees, and you earn rewards typical of a premium credit card, including:
- Up to 5% cash back at thousands of Neo partner stores
- At least 1% cash back at non-participating retailers
New cardholders also earn 15% cash back (welcome bonus) on their first purchases at multiple locations.
You can redeem your cash back as a statement credit.
This Neo Card offers guaranteed approval and comes with a $25 welcome bonus. Learn more about how it works in this review.
Benefits of a Secured Credit Card
The pros of a secured credit card are:
- Easy approvals even if you have a bad credit score
- Can be used to repair credit
- The best ones also offer rewards
- Your deposit is refundable when you close your account
Downsides of a Secured Credit Card
The cons of a secured credit card are:
- You will need to provide a security deposit to qualify
- Some have annual fees and monthly maintenance fees
- Interest rates may be higher than a regular credit card
Secured vs. Regular Credit Cards
Regular credit cards are also known as “unsecured” credit cards.
These cards don’t require a security deposit as part of the application/approval process.
Both secured and unsecured credit cards report your transactions to the credit bureaus.
Conclusion
A TD secured credit card can help you build and improve your credit.
For a no-fee secured card that also offers an impressive array of rewards, you can apply for the Neo Secured Card.
Not sure what your credit score looks like? You can find out here for free.
TD Secured Credit Card FAQs
Yes. TD Bank is one of the top-5 banks in Canada by market capitalization, and it is one of the most reputable banks in the world.
If you make your credit card payments on time and maintain all your accounts in good standing, you may be able to graduate from a secured TD credit card to an unsecured card.
The minimum deposit varies for each card. For example, the minimum credit limit for the TD Rewards Visa card is $500. Your security deposit is equal to your credit limit.
Yes. TD reports your credit payment history, credit limit, and balances to the credit bureaus – Equifax and/or TransUnion.
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