The
TD Clear Visa Platinum Credit Card is a good credit card for people with
excellent credit who would pay more than $20 in interest per month with any other credit card. This card is unique because it does not charge interest on balances carried from month to month, but it does have a $20 monthly fee instead. It also has a credit limit of up to
$2,000, which limits the appeal for big spenders.
People who qualify for the
TD Clear Visa Platinum Credit Card have plenty of other options they should consider as well. For example, the
best credit cards with 0% introductory APRs give you up to 21 months without interest and don’t charge membership fees. A credit card with rewards on purchases could potentially cost you less than $20 per month, too, even if you’re charged interest.
You can use
WalletHub’s credit card interest calculator to price out your options, and you can learn more about the
TD Clear Visa Platinum Credit Card below.
TD Clear Visa Platinum Credit Card Review Highlights
$2,000 credit limit
If you are approved for a
TD Clear Visa Platinum Credit Card, you will receive a credit limit of
$2,000. This limits could help you finance certain emergency expenses in a pinch, but it might prove insufficient for more significant long-term financing.
No interest charges
The
TD Clear Visa Platinum Credit Card’s main draw is the fact that it doesn’t charge interest. It doesn’t even have an interest rate. This unique feature certainly is appealing to people with experience combatting high-interest credit card debt, but it’s only a good deal in the right situation.
No annual fee or late fee
You won’t have to pay for a full year of membership fees right when you open your account. Plus, you won’t have to pay a penalty fee if you fail to make the $40 - $70 minimum payment by the due date one month. However, if you don’t pay, your spending privileges may be suspended.
$20 monthly fee
Did you hear that? It was either the other side of the coin or the other shoe dropping, in the form of the
TD Clear Visa Platinum Credit Card’s $20 monthly fee. This fixed finance charge is basically just interest packaged differently.
For comparison, if you carried an average daily balance of $100 on a credit card with a 25% APR but no monthly fee, you would pay around $2 per month in interest. Or, if you carried a $1,000 balance on the same card, you would pay around $20 per month.
Worse still, you’ll get charged the
TD Clear Visa Platinum Credit Card’s monthly fee even if you don’t carry a balance or use your card. So, take the card’s lack of an interest rate with a grain of salt.
No rewards on purchases
Some low-interest credit cards will reward you with cash back, points or miles for making purchases, but the
TD Clear Visa Platinum Credit Card is not one of them. It’s best to use a
credit card with rewards for everyday purchases that you’ll pay off fully by the due date each month.
The
TD Clear Visa Platinum Credit Card does have some perks worth mentioning, though. It doesn’t charge foreign transaction fees, for one thing, and it can provide cell phone insurance if you use the card to pay your phone bill. This insurance protects you against damage or theft.
750+ credit score recommended
The
TD Clear Visa Platinum Credit Card would be more appealing if you didn’t need
excellent credit to get it. Such a requirement means you need a credit score of at least
750, in addition to enough income for monthly bill payments, if you want good approval odds. And if you meet the requirements, you should be able to qualify for most credit cards.
You can
check your credit score for free right here on WalletHub, and you can also check out WalletHub’s picks for the
credit cards with the best rates if you want more options.
Note: This review is not provided, commissioned or endorsed by any issuer. Opinions and ratings are our own.