Secured credit cards are credit cards that are backed by a security deposit. Canadians who want a secured credit card must deposit funds with the credit card issuer. The funds may be one or two times higher than the available credit limit.
The deposit is “secured” because it protects the user in situations where they cannot pay the bill. If you have a bad credit history and want to build credit, a secured credit card is the way to go. TD has a variety of secured credit cards, the best of which will be reviewed shortly.
1. TD First Class Travel Visa Infinite Card
The TD First Class Travel Visa Infinite Card is a worthy option when considering the big sign-up bonus, great earn rates, and comprehensive insurance coverage this credit card has to offer. It is also the clear choice for account-holders with the travel bug to earn travel rewards.
• Annual Fee: C$120 waivable for the first year
• Welcome bonus: 60,000 TD points worth C$300
• Point value: 1 TD point = C$0.0005 redeemable for travel on ExpediaForTD
• Income requirement: C$60,000 single or C$100000 household
• Earn rate: 9TD points/C$1 online spending on ExpediaForTD; 3TD points/C$1 on any other spending
• Purchase Rate: 19.99%
• Special features: significant earn rate on travel purchases @4.5%; flexible travel program with access to Expedia products
• For who: travelers who frequently fly with different airlines and want a mixed bag of redemption rewards
What To Know About TD First Class Traveler Infinite
TD Rewards Program earn you Points
For every dollar you spend on daily purchases, you receive 3TD points at a 1.5% earn rate. Purchase on Expedia earns you x3 the points at a 4.5% earn rate.
Points value does not change regardless of your travel destination, making it simple to understand the TD points system. TD Points are redeemable on any airline not exclusive to Star Alliance Partners or Air Canada.
Hefty Welcome Bonus
The TD First Class Traveler Visa Infinite rewards you with 20,000 TD Points after making your first purchase and a further 40,000 TD Points for spending at least C$1500 with your card within the first three months.
A total of C$170 waivable on annual fees for you (C$120) and additional cardholder (C$50).
Lounge access discounts and travel insurance
Up to C$1m in travel medical insurance in the first 21 days of the trip plus added benefits for the following:
• Trip cancellation
• Trip interruption
• Delayed and lost baggage insurance
• Travel accident insurance
• Travel assistance services
Holders also get discounted access to Priority Pass.
2. TD Cash Back Visa Card
If you think it is impossible to have your cake and eat it, you’ve not used the TD Cash Back Visa Card. This credit card is one of the few secured credit cards provided by TD Bank that allows you to redeem cash rewards just by using them.
The best thing about the TD Cash Back Visa Card is the zero annual fees, zero minimum requirement, and straightforward approach.
Annual Fee: C$0
• Welcome bonus: nil
• Income requirement: nil
• Rewards: 1% cash back on grocery shopping, recurring bill payments, and gas. 0.5% on any other purchase.
• Purchase Rate: 19.99%
• Special Features: Zero annual fees, redeem cash back anytime, an entry-level card with no income requirement
• For Who: For newcomers to Canada, students, and users who want to build or rebuild credit history.
What to know About TD Cash Back Visa Card
Earn as You Spend
Cardholders earn 1% on recurring bills, gas, and groceries while any other purchase redeems 0.5%. TD Bank imposes a C$5000 spending limit within each bonus category.
Once you reach the limit, the bonus drops from 1% to 0.5% for the remainder year. Spending limit resets in the subsequent year.
Different Options on Redemption Rewards
Many cash back credit cards specify a date and time to redeem rewards, or it expires. However, TD Cash Back Visa Card allows you to redeem rewards anytime as long as the value is a minimum of C$25.
Cash rewards will never expire if your account stays open and you make the minimum payments when due.
Zero Annual fees and no income requirements
This secured credit card is accessible to virtually anyone. Because of the zero fees and no income requirements, the TD Cash Back Visa Card is an excellent option for students or beginners who want to build a credit history. It is a free-to-carry card like most entry-level credit cards.
Basic Perks Included
All the benefits of owning a credit card are included in this secured credit card. It has security and extended warranty protection enabling users to shop with confidence. Get a discount of at least 10% off the lowest rates on car rentals in Canada and the US and 5% off the lowest rates on rental brands Avid and Budget.
Pay off your balance in full and when due, and you won’t pay any interest. Users who do otherwise will pay an interest rate of 19.99% yearly and 20.99% on cash advances.
3. TD Cashback Visa Infinite
The standout attraction with this secured credit card is the 3% return in the spending categories of groceries, gas, and recurring bill payments. Also included is the 1% base rate applicable to any other purchase, thus putting the TD Cash Back Visa Infinite amongst Canada’s most lucrative cash back cards.
To sweeten the deal, TD Bank ensures your cashback never expires, allowing you to claim your rewards whenever you want.
What To Know About TD Cash Back Visa Infinite
Excellent Travel Insurance
The travel medical insurance package is worth your while at C$2m on trips up to ten days and covers lost or delayed baggage. Car enthusiasts will love the deluxe membership into the TD Auto Club, including discounts at car rentals Avid and Budget.
Other benefits include 24/7 concierge service and access to Gourmet Events at the best Canadian restaurants. Besides, you also get exclusive perks for booking your stay at any of the 900 designated properties around the world.
• Annual Fee: C$120
• Interest (purchases): 20.99%
• Interest (Cash Advances): 22.99%
• Additional cardholder: +C$50
• Eligibility: C$60,000 for personal or C$100,000 for household
• Special features: 3% Cash Back Dollars on gas, groceries, and recurring payments. 1% on all other purchases. Spending limit of C$15,000 for each category.
4. TD Rewards Visa Card
Many TD credit cards have a high minimum requirement and annual fees north of C$100. Fortunately, the TD Rewards Visa Card allows you to enjoy Rewards Points’ benefits without a minimum income requirement or yearly fee.
• Zero annual fees
• Sign-up bonus: 2500 TD Rewards Points on first purchase
• Additional 2500 TD Rewards Points each on first three consecutive month purchase not less than C$250
• 3 TD Rewards Points per C$1 spent on Expedia Booking
• 2 TD Rewards Points per C$1spent on restaurant, fast food, grocery, and recurring bill payments
• 1 TD Point per C$1 spent on any other purchase
• Redeem TD Rewards Points on everyday items like gift cards, cash back, and more
• Purchase covered by security and extended warranty protection
What to Know About TD Rewards Visa Card
All About TD Rewards
The TD Rewards makes it simple to earn rewards when you purchase groceries, eat in a restaurant, or book your travel via ExpediaForTD. It had no minimum income requirement or annual fee, ensuring the credit card remains accessible to all.
Limited Time Offer
New cardholders may expect to earn a maximum of C$50, which translates to C$10,000 TD Points. However, this depends on certain factors like keeping the account open, paying all fees in full and on time for the first 90 days. The promotional rate for purchases is an affordable 9.99% but jumps to 19.9% after six months.
Does TD Offer Secured Credit Cards?
Absolutely yes. Some of the secured credit cards on the TD Bank roster 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
What Credit Score is Needed for a TD Credit Card?
You need a credit score of at least 750 to get an unsecured credit card. However, TD Bank has secured credit cards that can help to rebuild your credit score.
Why Would You Get Denied For a Secured Credit Card?
Getting a rejected application for a secured credit card might seem impossible; after all, you are using a secured deposit to back the credit card. Nonetheless, the card issuer might reject your application if you have a bankruptcy history on your file, record of missed payments, inadequate income, or other red flags.
Do Secured Credit Cards Build Credit?
Secured credit cards are one way to improve your credit. Since payment history forms a part of your credit report, paying on time and ensuring the right balance will enhance your credit score over time.
Can you Rent a Car with a Secured Credit Card?
Yes, you can. However, you’d need sufficient credit to maintain the hold the rental agency will put on the card.
How much can you put on a Secured Credit Card?
You can put as little as C$200 up to C$10,000—the more your security deposit, the higher your credit limit.