topic Re: TD BANK SECURED !!!! in Credit Cards

TD Bank Secured Card Graduation Process

Anonymous — Thu, 24 Sep 2020 20:42:15 GMT

In the process of getting the TDbank secured card online (now that they allow it without going to a branch), how quickly does it graduate?

Will it matter how much I put initially into my limit in regard to when it graduates and the limit I get then?

Thanks!

TD BANK SECURED !!!!

Velar_nyc19 — Wed, 30 Sep 2020 13:27:03 GMT

Apparently, they have changed the terms and condition for this card, at least for me in NY. You can now apply online and have an approval before going to the bank to open a sacvings account to put your collateral, and also yit states that after making your first 7 consecutives payments the card will graduate to unsecure.

Can someone confirm ?

http://docs.tdcardservices.com/pdfs/TDCash-secured-card-agreement.pdf

Re: TD BANK SECURED !!!!

Anonymous — Wed, 30 Sep 2020 14:16:09 GMT

Yes to all that except the graduation.

It says "may" be eligible. It is not guaranteed.

Re: TD BANK SECURED !!!!

jaxstraw — Thu, 01 Oct 2020 01:53:48 GMT

@Velar_nyc19 wrote:
Apparently, they have changed the terms and condition for this card, at least for me in NY. You can now apply online and have an approval before going to the bank to open a sacvings account to put your collateral, and also yit states that after making your first 7 consecutives payments the card will graduate to unsecure.

Can someone confirm ?

http://docs.tdcardservices.com/pdfs/TDCash-secured-card-agreement.pdf

My TD Secured was graduated after 7 months.

Re: TD BANK SECURED !!!!

Horseshoez — Sat, 27 Feb 2021 03:37:24 GMT

I opened my Secured TDCash card late in the month last June in person at a branch; at the time there was no way to open it online.

Regarding the whole 7-month thing, that is in reference to the seventh statement, which in my case at least, really meant after 6-months of usage. As mentioned above, I opened my card with a $5,000 deposit in late June, received the card during the first week of July and started using it immediately. TDBank "unsecured" my card exactly 6-months to the day following my first charge, and by the time the savings account was unlocked, it had earned a whopping $1.27 in interest.

A few additional comments regarding the conversion from Secured to Unsecured:

The rewards for the secured version of the card simply earns a flat rate of 1% on all purchases, once the card is unsecured, it earns 3% on dining, 2% on groceries, and 1% on everything else.
Upon conversion, your earned rewards are effectively rolled over into the new rewards plan and your earnings history is deleted for all purchases prior to the conversion; in my case, 11,474 "points", equal to $114.57, were rolled over into the full TDCash Rewards plan.
Per their agreement, a pro-rated refund of the "annual" security deposit of $29 is credited to your account upon conversion, in my case a credit of $14.50 showed up on my next statement.

Given my Chapter 13 had recently been discharged before I applied for my TDCash card, I was thrilled to find a card with such a low annual fee, the cash rewards were just icing on the cake; I didn't find a single other card with such generous terms for those of us starting over from a credit perspective.

Re: TD Bank Secured Card Graduation Process

Anonymous — Sat, 06 Mar 2021 06:54:24 GMT

Hi, I know this is a belated reply, but just speaking from my experience:

I got a TD Secured in 2017, the terms were that it would be reviewed for graduation after 7 months.

Did not put a lot of spend on it, between $80-300 ($1000 on one month) everyday spend for 7 months with full payment every month, and I was graduated after the 7th statement cut.

I don't think the limit really matters for how long it takes to graduate, but maybe others have different experiences.

The limit you had sticks when you graduate though--for me that was the max $5,000. Fast forward 3 years and a half, and still stuck at $5,000. No auto CLIs despite using it reguarly for the first two years, and healthy credit scores and income. I gave up and sock drawered it, as I have since gotten better cards for its bonus categories.

I would always recommend checking the terms in your credit card agreement though to be sure.

Interesting to note somebody is trying to file a class action for net getting graduated: https://classactionsreporter.com/td-bank-secured-credit-card-promises-of-graduation-class-action/

Re: TD BANK SECURED !!!!

Anonymous — Sat, 06 Mar 2021 07:43:59 GMT

@jaxstraw wrote:
My TD Secured was graduated after 7 months.

Same here.

Re: TD Bank Secured Card Graduation Process

Horseshoez — Sun, 07 Mar 2021 04:05:50 GMT

@Anonymous wrote:
Hi, I know this is a belated reply, but just speaking from my experience:
I got a TD Secured in 2017, the terms were that it would be reviewed for graduation after 7 months.
Did not put a lot of spend on it, between $80-300 ($1000 on one month) everyday spend for 7 months with full payment every month, and I was graduated after the 7th statement cut.

I don't think the limit really matters for how long it takes to graduate, but maybe others have different experiences.
The limit you had sticks when you graduate though--for me that was the max $5,000. Fast forward 3 years and a half, and still stuck at $5,000. No auto CLIs despite using it reguarly for the first two years, and healthy credit scores and income. I gave up and sock drawered it, as I have since gotten better cards for its bonus categories.

I would always recommend checking the terms in your credit card agreement though to be sure.
Interesting to note somebody is trying to file a class action for net getting graduated: https://classactionsreporter.com/td-bank-secured-credit-card-promises-of-graduation-class-action/

LOL, after reading that complaint, I guess my "graduation" didn't happen after all and I just imagined moving the security money into a different account and closing the previously locked savings account.

Re: TD Bank Secured Card Graduation Process

Anonymous — Tue, 23 Mar 2021 16:56:09 GMT

This is of interest to me. Sadly I had no idea accounts neither close for inactivity, or vanish after a period of time being closed. After paying off my home & vehicles after retirement -- I went 100% into a Debit Card Only phase for about 10-15 years to maximize my savings and minimize my spending. As a result I ended up losing an 800+ score, a 50+ year old Sears card, a 35+ year old BoA & a 30 year old Discover Card. ☹️

So now at 90 years old, I am starting from blank like some college kid. It is so disheartening!

Does TDBank offer regular/easy CLI's? Generous limits after graduation?

Re: TD Bank Secured Card Graduation Process

Horseshoez — Tue, 23 Mar 2021 17:24:14 GMT

@Anonymous wrote:

Does TDBank offer regular/easy CLI's? Generous limits after graduation?

I'm not sure how much I can offer here, I started my TDCash card as a Secured Credit Card with a $5,000 security deposit (which is put into an interest bearing savings account and then locked until the card is "unsecured"). When the card is initially unsecured, the credit limit stays the same as what it was while secured; in my case, it has only been about 2.5 months since my card was unsecured, so I am not expecting a CLI just yet, so I cannot comment on that aspect.

Re: TD Bank Secured Card Graduation Process

GrandBay — Fri, 28 May 2021 03:14:36 GMT

@Horseshoez did you get a CLI?