I've been recently rebuilding my credit over the past year and the first step I took was getting a secured TD Green Visa. I also had TDs Infinity Chequing account which requires a minimum balance of $3000 to waive the $12.95 monthly fee. I adhered to that minimum balance and was happy to hear that the $1000 credit limit secured for my TD Green Visa via my chequings account still counts toward my minimum monthly balance.
I soon realized that by maintaining a minimum balance of $5000 would allow me to get TDs Select Service chequing account and be fee free. This account includes a lot of perks such as a Small Deposit Box, Unlimited Interac ABM and Plus system withdrawals, Borderless Plan with a US Chequings Account and plus they waive the annual fee on the TD Gold Elite Visa for both you and one additional cardholder.
To that end I realized I could switch my secured card to the $5000 limit TD Gold Elite card. This card offers 1% cash back and Emergency Roadside (which I already pay for with CAA) assistance plus some other perks.
So basically here is what I did.
Got my chequings account up to $5500 or so
Changed my account type from Infinity to Select Service
Changed my secured TD Green Visa with $1000 limit to TD Gold Elite Visa with $5000 limit (still secured on my chequings account)
Now I can never drop below $5000 on my Select Service account due to the security deposit and incur the $24.95 monthly fee (this helps me beat the temptation to dip below for unimportant expenses) plus the annual fee for my TD Gold Elite Visa is waived.
- All the perks of Select Service account = $300 yearly savings
- Annual fee waived on TD Gold Elite Visa = $99 yearly savings
- Free Deluxe TD Auto Club Membership = $79 yearly savings
- Unlimited Interac ABM and PLUS system withdrawals = $40 yearly savings
- 1% Annual Cash Rebate on purchases = $80 dollar earned
- More perks with TD Gold Elite Card
- Trip Interruption Insurance
- No-Fee Travellers Cheques
- Common Carrier Travel Accident Insurance
- Emergency Travel Assistance Services
- Delayed and Lost Baggage Insurance
- CardAssist Card Registry Service
- Purchase security and extended warranty protection
- More perks with TD Select Service Chequings Account
- Free drafts and certified cheques
- Free small safety deposit box (subject to availability)
- No commission fee for Canadian and U.S. dollar travellers cheques
- 1/4% interest bonus on 1 - 5 Year GICs
- Free Borderless Plan with U.S. Dollar Daily Interest Chequing Account
I'm not sure if I could currently find a better investment for this $5000. I'm certainly not going to lose any of its value. It's tied up and unavailable but that can always be cancelled in case of an extreme emergency but I have an account with Ally for that. I don't maintain a balance at all. I monitor and pay my credit card weekly.
The fact that my credit card is secured shouldn't be essential. It just enforces my minimum monthly balance helping me beat some temptations at the expense of dipping below and being charged $25. I'm not trying to sell TD here or anything, just thought I'd recommend this option to people who could value from all of the perks, especially existing TD customers.
Thanks for listening