Hey All -
So I have the TD Cash Signature Credit Card (unsecured) and was just fiddling around on the site - noticed that TD is offering a secured version of this card as well (this may be old news but I never saw it til today -- think it may actually be kinda new, so thought I'd share). Looks like an OK deal for anyone that lives in a TD service area and is looking for a another decent secured card to build/rebuild and earn rewards. You have to open it at a TD Bank branch - which is why I say it's for anyone that lives within their servicing area - and it requires you open a TD savings account (appears as though it can be a simple savings account or an interest bearing account) which will be frozen and serve as the collatoral for the card. The amount of your deposit will be your credit limit. The card has the potential to graduate to the unsecured version after 7 consecutive Billing Cycles.
Cons:
- Annual fee of $29 -- I assume this will be charged in the first month since there is a potential to unsecure after 7 cycles.
- 24.99% APR (Based on credit worthiness) - avoid by not carrying a balance.
- 5% Balance Transfer Fee - I wouldn't BT on a secured card anyway as it's meant for rebuilding.
Pros:
- Cash Back (3% Dining, 2% Groceries, 1% Everything Else)
- No FTF and it's a Visa so accepted everywhere.
- Credit Limit / Deposit range of $500 min - $5000 max - *there is some language in the T&C which suggests that you have to be approved for your deposit amount -- so you may only be approved to deposit $500 for a $500 CL, or you may be approved for more ("The amount you deposit up to your approved credit limit..."). Assume that point will be further clarified at the branch during the app process.
- Non-Predatory, Reports to all 3 bureaus
- Potential to graduate to the unsecured version (the unsecured version has no annual fee and the lowest APR is 14.99%; same cash back categories and also no FTF).
Again, just wanted to mention this card as another legitimate / non-predatory option.
@Anonymous wrote:Thanks for mentioning this! This sounds like a pretty good deal from a reputable bank. I gather it covers areas in the East Coast?
Another regional bank, Bank of the West, has a secured card as well. I'm toying with the idea of applying:
https://www.bankofthewest.com/personal-banking/credit-cards/secured.html (I can't get this page to load in Chrome for Mac OS X. I have to open it in Safari or on my phone for some reason.)
- No credit history or minimum credit score needed to qualify
- Credit limit is set by your deposit into an interest bearing savings account
- An opening deposit of $300 to $12,000 secures your card
- Build credit with on time payments, paving the way to becoming eligible for a standard credit card
- Pay-off and close the account at any time and get your entire deposit back with interest
- 22.99% variable APR
- $25 annual fee
It sounds pretty good. It doesn't sound like the card itself graduates, only that having it "paves the way" for a standard credit card. I like that there is interest on your deposit. (Though I can't imagine it would be much!) There is a fee but it's not too bad. The interest isn't the greatest, but presumably, anyone rebuilding shouldn't be carrying a balance anyway.
I have a checking and savings with Bank of the West, and am eyeing their Cash Back card (with 3% back on dining, gas, and groceries). If getting their secured card would give me a better chance of qualifying for the Cash Back card, I'm in!
Bank of the West covers Arizona, California, Colorado, Idaho, Iowa, Kansas, Minnesota, Missouri, Nebraska, Nevada, New Mexico, North Dakota, Oklahoma, Oregon, South Dakota, Utah, Washington, Wisconsin and Wyoming.
Hi @Anonymous, thanks for posting, this is great info. BoW sounds like a good deal also - with the exception of not graduating.
I've noticed a lot of builders / rebuilders have high interest in cards that eventually graduate - mainly so they can keep the age of the account - but, in my opinion, having a good card from a reputable lender is most important.
And yes, TD is regional as well: Northeast, Mid-Atlantic, Metro D.C., the Carolinas and Florida
Best of luck with your Bank of the West Cash Back card endeavor -- and if you think you may need to hold the secured card for a year and then apply for the Cash Back, go for it -- that's what I did with USAA. Their secured card doesn't graduate but I had zero revolving credit history (only student loans) so got the secured card in Oct 2017, used it for a year, then apped for one of their unsecured rewards cards and was approved for $8K. I just closed the secured card last month after I was approved for the unsecured and got my deposit back. Totally worth it.
Thank you for sharing the details on this card!
There are many good secured cards that don't graduate but will product change and keep your history. That is a good option if you know you are headed up FICO wise and the issuer does not require 800 FICO's to obtain an unsecured card.
Apple FCU is such a card. They also advertise 580 as a minimum TU FICO to be approved for an unsecured card. Affinity FCU is also this way according to a couple phone call I made. PSECU as well but you have to request a paper app. There are many. I do like the TD card but am geographically challenged in their mind.
Hi @Anonymous, thanks for posting, this is great info. BoW sounds like a good deal also - with the exception of not graduating.
I've noticed a lot of builders / rebuilders have high interest in cards that eventually graduate - mainly so they can keep the age of the account - but, in my opinion, having a good card from a reputable lender is most important.
And yes, TD is regional as well: Northeast, Mid-Atlantic, Metro D.C., the Carolinas and Florida
Best of luck with your Bank of the West Cash Back card endeavor -- and if you think you may need to hold the secured card for a year and then apply for the Cash Back, go for it -- that's what I did with USAA. Their secured card doesn't graduate but I had zero revolving credit history (only student loans) so got the secured card in Oct 2017, used it for a year, then apped for one of their unsecured rewards cards and was approved for $8K. I just closed the secured card last month after I was approved for the unsecured and got my deposit back. Totally worth it.
It sounds that between TD and Bank of the West, we have most of the USA covered! 
As I said in my previous post, TD has an edge up because of the rewards it offers on the secured card.
Bank of the West is an okay bank (I haven't had any problems with them, really) though they are a little "clunky" at times, a little later to show payments from PayPal, etc., but overall they're fine. I saw some Credit Card blog review list their Cash Back card as one of the best of 2017 for cash back, and so my ears perked up and I thought, "Hey! I already have a banking relationship with them!"
I agree that having a card with a reputable bank is most important. I have my little Green Dot card, which is fine so far, but it's got no future. The next card I get needs to have a future—with that bank, anyway.
@spiritcraft1 wrote:There are many good secured cards that don't graduate but will product change and keep your history. That is a good option if you know you are headed up FICO wise and the issuer does not require 800 FICO's to obtain an unsecured card.
Apple FCU is such a card. They also advertise 580 as a minimum TU FICO to be approved for an unsecured card. Affinity FCU is also this way according to a couple phone call I made. PSECU as well but you have to request a paper app. There are many. I do like the TD card but am geographically challenged in their mind.
Yess... excellent point on product changing to unsecured -- quite a few issuers allow this and it's a great alternative to simply closing the secured once it has served its purpose.
I agree that having a card with a reputable bank is most important. I have my little Green Dot card, which is fine so far, but it's got no future. The next card I get needs to have a future—with that bank, anyway.
Your Ex and EQ put on easy street for some very good secured cards. We all have our can't go back there list in this thread but there must be some oddball banks or CU's that you can set yourself up well with. Any family members in the service? 
Awesome info there!
I don't need the secured but that siggy version looks pretty darn good.
I'll have to keep this card in mind for the future. I've also been looking at Uber & Savor so I'll have to compare all three.
Thanks for sharing, this will be great for a lot of people..
