Secure CC for TD VISA

[phetstar]

Did anyone know that TD Visa actually offers Secure Credit Card? If you have a bad credits or no credits, they can still give you a credit card....pretty handy

[gerbil]

What does "Secure Credit Card" means on the Fined Print of the Application?

[phetstar]

What does "Secure Credit Card" means on the Fined Print of the Application?

...secured cc is basically the same as any other ccs' out there, BUT to apply for it, you'll need to make a small deposit(depending on where you applying) to receive the card - here's a capital one secured cc http://capitalone.ca/canada/cards/guaranteed-secured-mastercard/index.php?linkid=CAN_Z_Z_Z_CNCMPMP_C1_01_T_CNCPSE

[Jucius Maximus]

...secured cc is basically the same as any other ccs' out there, BUT to apply for it, you'll need to make a small deposit(depending on where you applying) to receive the card - here's a capital one secured cc http://capitalone.ca/canada/cards/guaranteed-secured-mastercard/index.php?linkid=CAN_Z_Z_Z_CNCMPMP_C1_01_T_CNCPSE

I think you miss the point ... he is making a joke about your use of Engrish (http://en.wikipedia.org/wiki/Engrish). :)

[phetstar]

I think you miss the point ... he is making a joke about your use of Engrish (http://en.wikipedia.org/wiki/Engrish). :)

..hahahhahaha...right - what I meant was "SECURED CREDIT CARD"

[casperr]

Take advantage of this, not the one with capitalone if you dont have a credit or bad credit, you will regret opening an account with capitalone especially if you are closing it

[shelly0983]

One thing to keep in mind, if you want this secured credit card, they will still do a credit check and can still refuse to open the secured credit card for you.

[Thalo]

Don't let them lock in the security for multiple years. Often I've seen people's credit establish or improve so quickly that they're eligible for a non-secured visa after only one year, but they're still locked into a 3yr GIC for the security. Get them to do a 1yr GIC instead.

[phetstar]

One thing to keep in mind, if you want this secured credit card, they will still do a credit check and can still refuse to open the secured credit card for you.

they don't

[shelly0983]

For a fact there will be a credit check, when I applied for one, a year ago, they did a credit check, and the bank rep said that not everyone will be approved, and obviously this is because they do a credit check, they need something to base their rejection to provide the cc.

[shelly0983]

My only experience of course is with the TD secured credit card, as originally posted

[krazy]

they don't

You are right, they don't do any credit check.

I had a friend who is a tourist and he wanted a credit card just for the heck of it (not to carry too much cash around).... Ofcourse being a non resident there is no way for him to get any credit card, not to mention any credit check on him would result in nothing.

He opened an account in TD and put in $2000 deposit and got a secured td visa card. The lock in period is the validity of the card itself.

[phetstar]

You are right, they don't do any credit check.

I had a friend who is a tourist and he wanted a credit card just for the heck of it (not to carry too much cash around).... Ofcourse being a non resident there is no way for him to get any credit card, not to mention any credit check on him would result in nothing.

He opened an account in TD and put in $2000 deposit and got a secured td visa card. The lock in period is the validity of the card itself.

$2000??..they only said $500 for me....but I didn't take it though, I'll go back and ask them

[BillyParadise]

The higher the limit you want, the higher the deposit.

[phetstar]

The higher the limit you want, the higher the deposit.
...true - how does the card look like though?..any other td's cc?

[Thalo]

You can choose whichever credit card you want, even a gold card, the only difference is that you put down a deposit.

In regards to the credit check, if you have a file at the bureau then there is a credit check. Usually those with very bad credit have more stringent requirements on the secured visa (ie: 150% security). If you are an immigrant with no file at the credit bureau, a check is still attempted, but of course it's futile.

[phetstar]

You can choose whichever credit card you want, even a gold card, the only difference is that you put down a deposit.

In regards to the credit check, if you have a file at the bureau then there is a credit check. Usually those with very bad credit have more stringent requirements on the secured visa (ie: 150% security). If you are an immigrant with no file at the credit bureau, a check is still attempted, but of course it's futile.
nice...i'm going to check this out

[Value Hunter]

Is TD the only big bank to offer secured credit cards?

[rdtx2002]

Is TD the only big bank to offer secured credit cards?

if you have 5000 dollars you can get a secured Aerogold visa from CIBC

[vm_fan]

Whether TD does a credit check or not, or how much the deposit is, etc., really depends on the individual, especially on how long you've been a (good) customer with the bank.

[Thalo]

I think TD's one of the only big banks that does secured credit cards on a regular basis and promotes it as a way for people with bad or non-existant credit to get a card. TD also has the highest proportion of immigrant clientele of any major bank.

[zfmduel]

they hit me with the same offer~ but I refused! I want a real CC!

[yodiyokun]

I opened one at TD myself and my $500 deposit is in a savings account and not GIC.

I think a credit score is computed after 6 months of using the card.

I had to succumb to a secured card after RBC refused to give me a normal credit card even with 10 months banking relationship.

[Thundercloud]

Hmm... Went to TD today, they're running a credit check on me and will call me tomorrow to let me know whether or not I'm approved for the secured visa...

[phetstar]

Hmm... Went to TD today, they're running a credit check on me and will call me tomorrow to let me know whether or not I'm approved for the secured visa...

...are you are TD customer?

[Thalo]

They can only do a secured visa upon decline of a regular visa application. Thus the credit check.

[phetstar]

They can only do a secured visa upon decline of a regular visa application. Thus the credit check.

that too

[Ridikulus]

Certain TD branches will actually approve a UNsecured card (usually for $500) for those without a credit history.

[Thundercloud]

...are you are TD customer?Nope.

I specifically asked if the credit check was for unsecured visa, but I was told it's for secured.

Edit:

Went back to TD today. She told me she was going to offer me 1% extra (2.8% -> 3.8%) and will ask Visa if it's okay to release my deposit after one year. Then I asked her if Visa does release my deposit, would I lose all my interest if I withdraw the money after the first year.

So then she switched me to 1 + 1 GIC instead with 3.2% the first year and 4.5% the second year (Effective Annual Yield 3.848%, whatever that means).

I'm happy.

[dalen112]

Here is the info

i got a green visa limit 650 Gic deposit 1000$. The security deposit depends on your credit score . Its either you get 100% of your deposit meaning 1000 gic for a 1000$ credit limit or 75% or 50% sometimes up to a refusal totally. It takes aprox 18months of good history for them to give you a unsecured credit card WITHOUT having to do a credit check. The only thing is the lady in the bank told me the investment was for a year only but stupid me i didnt pay attention it said triple value GIC insted. Anyhow that is all the info regarding the secured visa. I hope it was helpfull.

[Value Hunter]

Here is the info

i got a green visa limit 650 Gic deposit 1000$. The security deposit depends on your credit score . Its either you get 100% of your deposit meaning 1000 gic for a 1000$ credit limit or 75% or 50% sometimes up to a refusal totally. It takes aprox 18months of good history for them to give you a unsecured credit card WITHOUT having to do a credit check. The only thing is the lady in the bank told me the investment was for a year only but stupid me i didnt pay attention it said triple value GIC insted. Anyhow that is all the info regarding the secured visa. I hope it was helpfull.

That is helpful new information. I thought everyone just got 100% of their gic deposit as their credit limit.

[ah_be]

Take advantage of this, not the one with capitalone if you dont have a credit or bad credit, you will regret opening an account with capitalone especially if you are closing it

i applied for one and still havent got it in the mail yet..and is already regretting it...i already paid a deposit

[phetstar]

i applied for one and still havent got it in the mail yet..and is already regretting it...i already paid a deposit
...usually takes a week...

[mikelarocque]

Ok so after reading all this i went of to shop the banks.

First of all, to explain my situation… Mostly a ex girlfriend with a second card “DO NOT DUE UNLESS SHE HAS A RING”!

I had my credit checked and seen all the fun stuff on my credit file which consisted of a written off account from a electronic dept store which was paid. A Royal Bank Visa written off under 2000 and a Capital One Mastercard written off around 500-1000. All of these were like 2-6 years ago.

Second of all, skipped the banks I had previous problems with.

Third of all, Trips to two banks I knew had secured cards.

CIBC – Have been with for 10 years – I Have $500 and looking for a $500 secured card – Main big branch

- Walked in discussed Visa and secured
- They immediately did a credit check
- Told me they don’t usually request secured cards of only 500 I am a exception and not a big enough customer “yes she actually said that”.
- She said it takes about 2 weeks to find out if I am approved.
- I left and never went back!

Final word – If you try with CIBC and have no credit or are foreign or new to Canada your approved, if your like me try a small branch that needs the customers most likely they will treat you like a customer and not a panhandler.

TD Canada Trust – Have been with for 1 years – I Have $500 and looking for a $500 secured card –Main big branch

- Walked in discussed Visa and secured
- They immediately did a credit check
- Told me they couldn’t believe what CIBC said and apologized for CIBC’s treatment
- He sent a application only for a secured card of $500
- He said it takes about 24 hours to find out if I am approved.
- Called me 24 hours later and told me I was approved
- Droped my $500 in a GIC
- I left and moved all my banking to TD Canada Trust
- Waiting for my card

Final word – Great people, great customer service. Whet the extra mile and at least tried for me the little guy. Thanks TD I Love you!

Everyone needs a second chance, burn the second chance. Don’t expect a third!

Usually I am a sponge on forums taking in al the information and running, however I would have never know of a secured card till now thanks to all of you.

[casperr]

TD has always been awesome with me. Thats the reason why I do all my banking needs with them - nothing else. Their people are just amazing, so easy to deal with.

[Thalo]

Up until the past year or so TD was requiring more than 100% security (ie: $750 on deposit for your $500 credit card) for people with bad credit, but 100% security for new immigrants. They since changed this. Glad it's working out.