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The TD Clear credit card is unique in offering predictable monthly payments without charging interest if you carry a balance. Although this card doesn't earn rewards, it can be a good alternative to traditional credit cards for those looking to build a credit history while simplifying their finances.
The TD Clear Visa Platinum Credit Card charges a $10 or $20 monthly fee, depending on your credit line. In exchange, cardholders can carry a balance without accruing interest and avoid other common credit card charges like foreign transaction fees and penalties for late or returned payments.
Let's dig into the details to see if TD Clear is right for your wallet.
- No hidden fees: No foreign-transaction fees, annual fees, cash-advance fees, over-the-limit fees, or returned-payment fees
- Enjoy Visa benefits like cell-phone protection, emergency card replacement and Visa Zero Liability
- Must be a resident of CT, DC, DE, FL, MA, MD, ME, NC, NH, NJ, NY, PA, RI, SC, VA or VT.
Page Contents
TD Clear Pros
- No interest charges.
- No late fees.
- No foreign transaction fees.
- Visa Platinum benefits, like cell phone insurance.
TD Clear Cons
- Applications are restricted to residents in select U.S. states with a TD branch.
- Monthly fee of $10 or $20, depending on your credit limit.
- Does not earn rewards of any kind.
TD Bank only offers credit cards to customers based in Connecticut, Delaware, District of Columbia, Florida, Maine, Maryland, Massachusetts, New Hampshire, New Jersey, New York, North Carolina, Pennsylvania, Rhode Island, South Carolina, Vermont, and Virginia. If you aren't physically located in one of these states, you'll be unable to apply for TD Bank credit cards discussed below.
How the TD Clear Credit Card Works
When you apply, you'll elect a credit line to apply for and your monthly fee will reflect that decision. A $1,000 credit line will cost $10 per month, and a $2,000 credit line will cost $20 monthly. The card will require a minimum payment on top of the monthly fee — what TD calls a “predictable monthly payment” — of $45 for the $1,000 credit line option and $70 for the $2,000 credit line option.
Since the card doesn't charge interest and has no late fees, you won't be charged extra fees if you fail to pay your predictable monthly payment, though your spending privileges may be revoked.
Benefits of the TD Clear Card
Cardholders of the TD Clear Visa Platinum can enjoy a handful of primary benefits. Here's an overview.
No interest charges
The TD Clear Visa Platinum has no interest charges whatsoever. In fact, the card doesn't even have an APR. Instead, card members pay a $10 or $20 monthly fee. You won't be subject to interest charges if you carry a balance month-to-month. Rather, the card will require a monthly minimum payment of $45 or $70 (which includes the monthly fee), depending on whether you have the $1,000 credit line or $2,000 credit line version.
No ancillary fees
Some key benefits of the TD Clear Visa Platinum are no late fees, balance-transfer fees, foreign transaction fees, or returned payment fees. This can greatly simplify things for a cardholder, but remember, you will have a monthly fee to cover.
Related: No-Annual-Fee Cards Are Not No-Fee Cards. Here's Why.
Cell phone protection
Cell phone protection is a benefit that many cards have added in recent times. This is a Visa Platinum Card benefit, which the TD Clear Visa Platinum is.
Keep in mind that you'll need to pay your monthly cell phone bill with this card to qualify for coverage. Limitations are $500 per claim and up to two claims per 12-month period, with a $50 deductible per claim.
Entertainment access
Sofar Sounds is a way for cardmembers to get early access to Sofar Sounds shows and a free ticket to each show with one ticket purchased during the presale period.
I've yet to use this benefit on any of my credit cards, but it does seem that bigger artists host Sofar Sounds shows from time to time. Depending on your city of residence, you might benefit from this perk.
Discounted Shipt membership
The TD Clear Visa Platinum offers three months of a Shipt membership for free, then nine months at 50% off. The service offers free delivery when orders total $35 or more.
No Welcome Offer or Rewards
There is no welcome offer for the TD Clear Visa Platinum. This card has no sign-up bonus, intro period for balance transfers or purchases, or any other discernible benefit to entice you to sign up — outside of its “no fee” benefits and Visa Platinum perks. In addition, the TD Clear Visa Platinum earns no rewards for spending on the card.
If your credit is good enough, you'll likely be better off getting one of this month’s top credit card offers instead.
Application Restrictions
The most significant restriction on the TD Clear Visa Platinum is the geographical restrictions to apply. You'll need to be living in a state that has a TD branch, which includes:
- Connecticut
- Delaware
- Florida
- Maine
- Maryland
- Massachusetts
- New Hampshire
- New Jersey
- New York
- North Carolina
- Pennsylvania
- Rhode Island
- South Carolina
- Vermont
- Virginia
- Washington, D.C.
Outside of geography restrictions, TD Bank doesn't have the onerous application rules and restrictions you'll find with other issues. There are no published limitations on the number of TD cards you can have at once, nor are there restrictions on the amount of time that needs to elapse between applications. With that said, you should remember that frequent card applications can negatively impact your credit score.
Cards That Compete With the TD Clear Card
The TD Clear Visa Platinum is a unique card with a unique fee structure, but it competes with a few other cards on the market.
- If you're ineligible for the TD Clear Visa Platinum because of geographic restrictions, consider the Wells Fargo Active Cash® Card. The Active Cash Card offers unlimited 2% cash rewards on purchases and a great welcome offer — all with a $0 annual fee. For more information, check out our full Active Cash Card review.
- If you prefer a card with low fees, look into the Citi Simplicity® Card. This card is also among one of the most forgiving products on the market — with no late payment fees or penalty APR rate if you miss a payment.
- If you want to earn rewards while reducing interest payments on outstanding debt, consider the Bank of America® Travel Rewards credit card. This card charges a 0% Intro APR for 15 billing cycles for any balance transfers made in the first 60 days, making it a valuable tool to help consolidate debt. Plus, it charges a $0 annual fee. Learn more about the card in our full Bank of America Travel Rewards Card review.
Rates & Fees
- Earn unlimited 2% cash rewards on purchases
- 1.5 points for every $1 you spend on all purchases
Bottom Line
It goes without saying that the TD Clear Visa Platinum is certainly a unique card. For the right wallet, no interest charges, no late fees, and a digestible monthly fee can make a lot of sense.
However, the card has some very clear (pun intended) limitations. For starters, you need to live in a state with a TD branch in order to apply. Plus, the TD Clear Visa Platinum doesn't earn rewards of any kind. So, it's not, by definition, a rewards card. Unless you fit the target audience for this card, you may be better off looking at other options.
- No hidden fees: No foreign-transaction fees, annual fees, cash-advance fees, over-the-limit fees, or returned-payment fees
- Enjoy Visa benefits like cell-phone protection, emergency card replacement and Visa Zero Liability
- Must be a resident of CT, DC, DE, FL, MA, MD, ME, NC, NH, NJ, NY, PA, RI, SC, VA or VT.
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