The TD Clear Platinum Visa with $1,000 Credit Limit card makes sense for particular circumstances. Here’s why you might not want it.
Rewards: No rewards to round out value
This card doesn’t earn any rewards on purchases. While the card’s main purpose is to avoid interest and have predictable monthly payments, credit card rewards are always a welcome sight.
Earning rewards for your credit card spending is one of the best reasons to have a credit card. And many cards for people with good credit offer at least 1 percent cash back or 1X points on spending. The lack of rewards on this card — despite its lack of interest charges — can reduce its long-term value.
Fees: Not worth it if you never carry a balance
While the card doesn’t charge interest, it has a $10 monthly fee, which adds up to $120 per year. Many high-end premium cards charge less than that and provide a ton of top-level benefits in exchange for an annual fee.
If an annual fee is worth it to you, you should explore rewards credit cards that charge a sub-$100 annual fee. Many of them offer extra benefits and statement credits with which you can extract more value than the annual fee. And if you never carry a balance, you won’t pay interest charges anyway.
If you have good or better credit and need to carry a balance, you may be better off with one of the best 0 percent intro APR cards. If you know you have large upcoming expenses that you can’t pay in full upfront, having a 0 percent intro APR offer gives you the time and flexibility to pay it off without accruing interest. This is also helpful for saving your budget for when unexpected expenses arise.
Perks: Limited cardholder perks can’t justify fees
Having any of the Visa Platinum benefits is a handy feature to have when emergencies arise. The main perk that the TD Clear Platinum Visa with $1,000 Credit Limit offers is cell phone protection. If you pay your cell phone bill with the card, you have coverage for up to two claims per 12-month period at up to $500 for each claim, totaling $1,000.
While this is a helpful perk, the $10 monthly fee for the card makes it hard to justify. Plenty of no-annual-fee cards have similar cell phone protection plans.
Geographic restrictions: Only available around the East Coast
Even if you decide this card is a good fit for you, you won’t be able to get it unless you live on the East Coast. The TD Clear Platinum Visa with $1,000 Credit Limit card is only available in the following states: Connecticut, Delaware, Florida, Massachusetts, Maine, Maryland, North Carolina, New Hampshire, New Jersey, New York, Pennsylvania, Rhode Island, South Carolina, Virginia, Vermont, and Washington, D.C.