If you’re a TD customer or just interested in their credit card offerings, you might be disappointed to learn that TD does not offer a secured credit card to Canadians. So, if you’re trying to improve your score with a secured card, you’ll have to find another issuer.
Check out some of TD’s other unsecured credit cards and take a look at some of the best secured cards from other providers to get a sense of the best card for you. If you do go for a secured credit card, you can always upgrade or apply for an unsecured card once you’ve built your credit.
Key Takeaways
- TD doesn’t offer a secured credit card, so you’ll have to apply for one with a different card issuer.
- TD offers several unsecured credit cards, like the TD Rewards Visa, that you may qualify for.
- Consider your spending habits and card needs before deciding on a secured credit card.
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The best TD secured credit card
TD does not offer a secured credit card in Canada, but TD in the U.S. does. While TD’s help page states you can ask at your local branch about secured cards, we suspect the representatives will steer you towards a credit card that you’re more likely to qualify for.
For example, you might be told you qualify for a normal unsecured TD credit card, so let’s take a look at what’s on offer.
Best TD credit cards
We analyzed all of TD’s available credit cards to select their top three options.
| Card name | Welcome offer | Annual fee | Features | Apply now |
|---|---|---|---|---|
| TD Aeroplan Visa Infinite Privilege Credit Card | Up to 85,000 bonus points (terms) | $599 | * Premium card with huge welcome bonus * Travel benefits like free checked bags, insurance, and preferred pricing | Apply now |
| TD Rewards Visa Card |  $20 GeniusCash + Up to 15,152 bonus points (terms) | $0 | * Earn up to 4 points per $1 for travel * Flexible redemption options | Apply now |
| TD Low Rate Visa Card | $20 GeniusCash + None | $25 | * 0% promotional balance transfer rate * 12.9% rate on purchases, balance transfers, and cash advances | Apply now |
Best secured credit cards
If you need a secured credit card, here are a couple of your best options.
| Card name | Welcome offer | Annual fee | Features | Apply now |
|---|---|---|---|---|
| Secured Tims Mastercard | $20 Tims digital gift card (terms) | $0 | * $50 minimum deposit required * Includes basic insurance * Earns Tim Hortons rewards for Tim Hortons and everyday purchases | Apply now |
| Neo Secured Credit | None | $95.88 | * $50 minimum deposit required *Ability to earn 1% cash back on gas and groceries * Earn an average 5% back with Neo retail partners | Apply now |
| Home Trust Secured Visa Card | None | $0 | * $500 minimum deposit * Lower foreign exchange fee of 2% | Apply now |
Secured Tims Mastercard
If you’re looking for a very basic card to get used to using a secured credit card, we recommend the Secured Tims Mastercard. You only have to load $50 to get started, and you’ll get a sweet $20 welcome bonus gift card along with a 40-ounce tumbler after you make your first purchase.
You’ll earn points for all your purchases and can cash them in at Tim Hortons. You’ll also get extended warranty and purchase protection, which are rare benefits for a secured credit card.
Why we like it:
- Earn 2 points per $1 at Tim Hortons
- Earn 2 point per $1 on groceries, gas, EV charging, and transit
- Redeem points for Tim Hortons
What to watch for:
- Can only redeem rewards at Tim Hortons
- Points only worth 0.5 cents each
- Low base earn rate of 1 point per $2 spent
Neo Secured credit card
The Neo Secured Credit is a secured card that lets you earn cash back on your purchases. You’ll get 1% back on gas and groceries (up to $500 in each spending category per month) and an average of 5% back when you shop with Neo retail partners.
We also love the ease of access with this card – you’re only required to put down a minimum of $50 before you’re off and running.
Why we like it:
- Low minimum deposit requirement
- Ability to earn cash back on purchases
- Earn increased cash back for partner purchases
What to watch for:
- Card not issued by a bank
- No insurance included
- Limited rewards outside of Neo partners
Home Trust Secured Visa
You may be familiar with Home Trust, a bank associated primarily with mortgages. They offer the Home Trust Secured Visa Card, which can help you rebuild your credit. You do have to put down a hefty minimum deposit, but you’ll get a reduced foreign exchange fee, which is valuable if you frequently travel out of Canada.
This card also gives you an unusual choice of paying an annual fee of $59 to get a lower interest rate.
Why we like it:
- Issued by a bank
- Lower foreign exchange fee of 2%
- Ability to pay a monthly fee for a lower interest rate
What to watch for:
- No rewards on purchases
- $500 minimum security deposit
What is a secured credit card?
Instead of an unsecured card, which allows you to borrow from a line of credit, a secured credit card requires you to put down a deposit to use the card. The amount you deposit becomes your credit limit (you’ll get the money back if you decide to close the account and it’s in good standing).
Basically, you’re borrowing against your own money. As you make payments, you open up access to those funds again. By using secured funds, you guarantee you won’t spend more than you have.
If you use the card responsibly, your card issuer will report that to the credit monitoring bureaus, which can help you build a solid credit score. Down the road, you may even qualify for an unsecured credit card that offers more rewards, perks, and benefits.
Alternatives to secured credit cards
If you’ve got a low or nonexistent credit score, secured credit cards aren’t your only way to access a credit card. Take a look at these additional options:
- Prepaid credit cards: To use a prepaid card, you’ll purchase a Visa or Mastercard and load the card with money. As you make purchases, your balance drops. Prepaid cards are great for making purchases online if you can’t qualify for an unsecured credit card, but they typically don’t build your credit score or offer rewards.
- Student credit cards: These credit cards are designed with easy credit score and income qualifications, so students and people new to credit cards can qualify. They usually have low annual fees, too, making them great starter credit cards.
- Low interest credit cards: If you know you’ll be carrying a balance from month to month, using a low interest credit card could save you money on interest, which could help you tackle your debt faster.
- No fee credit cards: These cards don’t charge an annual fee, but they usually don’t have as competitive rewards or benefits as those of premium cards. However, they often have easier eligibility requirements.
FAQ
Does TD Bank have secured credit cards?
TD Canada does not offer a secured credit card (although TD US does). According to TD’s website, you can speak to representatives at your local branch to learn about secured card options, but they don’t list any cards on their site.
Do Canadian banks offer secured credit cards?
Several Canadian fintech companies, like Neo and EQ Bank, offer secured credit cards, but so does Home Trust, which is a Canadian Bank. If you want to work with a brick and mortar bank, Home Trust is currently your only card issuer option.
Which bank has the best secured credit card?
Not many banks offer secured credit cards, but Home Trust does. You can select between 2 Visa options: one with no annual fee and another with a modest fee and a lower interest rate.
Can you tell me how to get a $1,000 secured credit card?
When you open a secured credit card, the amount you deposit becomes your card’s credit limit. So, to get a $1,000 secured credit card, you’d need to deposit $1,000 into the card’s account.
What's the best secured credit card?
The Secured Tims Mastercard made it to the top of our best secured credit card in Canada list. You’ll earn points not just at Tim Hortons, but on everyday purchases as well, making it a useful card to have.
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