TD Bank offers numerous credit card options for consumers. This is a bank whose employees understand not all consumers are created equal, and everyone comes complete with their own credit card needs and situations. For this reason, the bank offers a variety of cards for each person who wants one. This includes a secured credit card. If you’re unfamiliar with a secured card, it’s the type of card people turn to when they need help fixing a bad credit score or building credit from the start. There’s a lot to learn abou the TD Bank Secured card, but it’s all good information.
How a Secured Card Works
The TD Bank Secured card works very simply. It’s called secure because the bank is given a deposit, and that equals your credit limit. If you are credit challenged, you can provide the bank with approximately $300 to hold onto. They keep your money, provide you with a credit card that contains the same credit limit as your deposit, and you can use it just like any other credit card. The bank keeps your deposit, and you make at least the monthly payment each billing cycle. This allows you to build your credit because the bank provides your information to the credit bureaus each month. If you use it correctly, the information helps raise your credit score.
After a year or so, most consumers are eligible to receive their deposit back and end up with an unsecured card in its place. TD Bank is in the business of helping their customers make the best financial decisions, and that’s why they offer their customers this kind of credit card offer.
Applying for a TD Bank Secured Credit Card
This is a great card to apply for, but the downfall is the lack of application available online. There is an application available at your local TD Bank branch. To apply, head down to the bank and ask for this application. You can talk to a bank employee to understand the card better, and to get a good idea whether this is the right card for you. You’ll provide some basic personal information:
- Contact information
- Social Security Number
- Employment information
- Financial information
- Deposit equal to the amount you’d like your credit limit to be
Once you provide this information, your card application is submitted. If you are approved, the bank will provide you with a brand new secured credit card. Those who have this card love it, but it helps that many people understand the value of using this card correctly.
TD Bank wants their customers to be happy with their credit card offers, so they provide each customer with stellar customer support 24/7. Those who have this card working on their credit are appreciative of all it offers, how it works just like their usual credit card, and what it means for their credit score. It is the kind of card perfect for those going through financial education to improve their financial future.