TD Clear Credit Card Review: Pay a Monthly Fee to Enjoy No Interest Charges TD Clear Credit Card Review: Pay a Monthly Fee to Enjoy No Interest Charges

TD Clear Credit Card Review: Pay a Monthly Fee to Enjoy No Interest Charges

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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.

TD Clear Visa Platinum Credit Card
TD Clear Visa Platinum Credit Card
Annual Fee$20 monthly membership fee
Featured Offer A credit card with no interest, just a simple monthly fee.
The TD Clear Visa Platinum Credit Card offers a straightforward approach to credit by replacing traditional interest charges with a fixed monthly fee. This card is ideal for individuals seeking predictable payments and a simplified credit experience.
  • 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.

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.

Man holding a credit card and looking at his cell phone.
Credit: Mikhail Nilov/Pexels

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.

a person browses bags of chips in a large supermarket
Credit: Dollar Gill/Unsplash

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.

Wells Fargo Active Cash® Card
Wells Fargo Active Cash® Card
Welcome Bonus Earn a $200 cash rewards bonus after spending $500 in purchases in the first 3 months.
Annual Fee$0On Wells Fargo's website
Rates & Fees
Credit ScoreExcellent, Good
  • Earn unlimited 2% cash rewards on purchases
Citi Simplicity® Card
Citi Simplicity® Card
Welcome Offer 0% Intro APR for 21 months on balance transfers and for 12 months on purchases; after that, the variable APR will be 18.24% - 28.99%, based on your creditworthiness. (Balance transfers must be completed within 4 months of account opening.)
Annual Fee$0
Credit ScoreExcellent, Good
This card doesn't earn any rewards. If you're looking for a card that combines rewards with a great intro APR, you'll find other options on our list of best 0% APR credit cards for balance transfers.
Bank of America® Travel Rewards credit card
Bank of America® Travel Rewards credit card
Welcome Bonus 25,000 online bonus points after you make at least $1,000 in purchases in the first 90 days of account opening - that can be a $250 statement credit toward travel purchases.
Annual Fee$0
Credit ScoreExcellent/Good
  • 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.

TD Clear Visa Platinum Credit Card
TD Clear Visa Platinum Credit Card
Annual Fee$20 monthly membership fee
Featured Offer A credit card with no interest, just a simple monthly fee.
The TD Clear Visa Platinum Credit Card offers a straightforward approach to credit by replacing traditional interest charges with a fixed monthly fee. This card is ideal for individuals seeking predictable payments and a simplified credit experience.
  • 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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