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TD Bank Clear Platinum Visa with $2,000 Limit: An interesting missed opportunity

A credit-building card that was created for the wrong audience. 

 /  10 min
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Snapshot

4.1

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Rating: 4.1 stars out of 5

Bottom line

Given its low cost, this kind of card would be a terrific opportunity for people with a poor credit score as an ideal way to rebuild credit. Unfortunately, the card requires a good to excellent credit score for approval and is only available for residents in select states, which severely limits who can best benefit from the card.

4.1
Rating: 4.1 stars out of 5
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N/A

Rewards rate

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Annual fee

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Intro offer

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Regular APR

The Clear Platinum Visa Credit Card with $2,000 Credit Limit overview

What could have been an innovative entry into the credit card market ultimately falls short. The Clear Platinum Visa Credit Card with $2,000 Credit Limit is the ultimate “simple” card: it earns no rewards, has no intro offers and charges almost no fees whatsoever save for a $20 monthly fee.

The catch: you’ll need a good to excellent credit score to qualify for the card. This requirement throws a wrench into what is otherwise an interesting card. If it were available for people with poor or no credit, it would be one of the safest and most forgiving credit-building cards on the market. But it offers very little to people with good or excellent credit who already have a great selection of valuable rewards cards available to them. And while the card seems like a great zero-interest option for paying off purchases over time, the low credit limit waylays the card from becoming a good option for that purpose.

  • Credit Card Cash Back

    Rewards

    • This card doesn’t offer rewards

    Expert Appraisal: Weak
    See our expert analysis

  • Credit Card Search

    Rates and fees

    • Monthly fee: $20
    • Ongoing purchase APR: None
    • Foreign transaction fee: None
    • Cash advance fee: None
    • Balance transfer fee: None

    Expert Appraisal: Good
    See our expert analysis

  • Congrats

    Other cardholder perks

    • Cell phone protection
    • 3 months of free Shipt membership 
    • Sofar perks 

    Expert Appraisal: Weak
    See our expert analysis

How the Clear Platinum Visa Credit Card with $2,000 Credit Limit works

The Clear Visa Platinum Credit Card with $2,000 Limit is a credit card that doesn’t have an ongoing APR. This makes it an incredibly rare breed on the credit card market: most credit cards that don’t charge an ongoing APR are charge cards and require you to pay your balance in full each month.

Instead of charging interest on any balance you carry, the Clear Platinum Visa Credit Card with $2,000 Credit Limit just has a $70 minimum monthly payment, which includes the $20 monthly fee. If you charge $1,500 in purchases on your first month and make no payments on your account for the next two months, you’ll owe just $1,340, accounting for the $160 you spent on minimum payments and monthly fees.

Clear Platinum Visa Credit Card with $2,000 Credit Limit pros and cons

Pros

  • Checkmark

    Doesn’t charge an APR, which allows you to carry a balance month to month without accruing interest.

  • Checkmark

    This card has almost no fees whatsoever, which makes it forgiving if you miss a payment.

Cons

  • You’ll pay a $20 monthly fee to use the card ($240 annually).

  • Despite requiring a good to excellent credit score, the card offers no rewards or perks like other cards with similar credit requirements.

  • Only available in a handful of states and Washington, D.C.

Why you might want the Clear Platinum Visa Credit Card with $2,000 Credit Limit

This card's interesting features make it a solid choice for anyone who wants to limit surprise fees or interest charges when using credit.

No APR: Carry a balance without incurring interest

The main selling point of the Clear Platinum Visa with $2,000 Credit Limit is the ability to carry a balance without ever incurring interest. Instead, you only pay a $20 monthly fee. This is unlike any other credit card on the market. The closest equivalent may be charge cards, but even that isn’t a great comparison — charge cards charge a fee if you fail to pay off your balance at the end of the month.

This feature means the Clear Platinum Visa can offer some impressive flexibility if you need to make a modestly large purchase and can’t afford to pay in full for a few months.

Rates and fees: Almost zero card fees to speak of

There are almost no credit card fees to worry about on the Clear Platinum Visa with $2,000 Credit Limit. You won’t encounter late payment fees, balance transfer fees, interest fees, or cash advance fees. There’s just one fee this card charges: a $20 monthly fee. 

With few fees to punish you for making mistakes, the Clear Platinum Visa is one of the most forgiving credit cards on the market and might prove a decent choice for people who want to keep their access to credit but are looking for an option that is far simpler than most other cards.

Why you might want a different credit card

Despite the lack of interest, there are several issues with the card that prevent it from being a good choice for most cardholders. 

Rewards: No additional value on this card despite the credit requirements

The glaring sore spot with the Clear Platinum Visa Credit Card with $2,000 Credit Limit is its credit requirements. Despite carrying no rewards or welcome offers and otherwise appearing like a credit-building card, this card is only available to people with good to excellent credit scores.

While we’re sure there’s someone out there with excellent credit who might enjoy a credit card that doesn’t charge interest, we expect more from cards that sport such high requirements. Having at least a good credit score already qualifies you for plenty of strong credit cards, varying from cash back and travel rewards cards to intro APR cards. All of these types of cards can bring much more value to your wallet for the credit requirements than the Clear Platinum Visa. And if you have good to excellent credit, you’re probably already adept at using credit cards and sticking to best practices — including avoiding interest by paying your balance in full each statement period.

Monthly fee: A significant and unavoidable annual cost

In exchange for not charging interest on a carried balance, TD Bank charges a $20 monthly fee to use the card along with a $50 minimum if you’re carrying a balance. On the bright side, it’s easy to keep track of exactly how much extra you’re going to pay for not paying your card balance.

But once you’ve paid down your balance, you’ll still have to pay that $20 each month, even if you have no charges to your account. This is a stark difference from a standard no-annual-fee credit card: once you’ve paid off your balance on one, you have no other ongoing fees to worry about.

The Clear Platinum Visa’s ongoing monthly fee muddies the waters on just how useful the card is from an interest-saving perspective. A few tweaks to the card’s credit line or required credit score could’ve made this fee less of an issue.

Card features: Lacking for a card that requires strong credit

What you see is what you get with the Clear Platinum Visa Credit Card with $2,000 Credit Limit. There are no unique card benefits aside from cell phone protection and the features you receive from the card’s status as a Visa card.

Many cards that require good to excellent credit will add additional value to their card in the form of statement credits, exclusive offers or concierge services. It’s a strange choice for TD Bank to include no such perks despite the card’s credit requirements and monthly fee. 

How the Clear Platinum Visa Credit Card with $2,000 Credit Limit compares to other credit cards for good credit

The Clear Platinum Visa Credit Card with $2,000 Credit Limit defies typical common card categories. A better method of comparison is to look at what your good to excellent credit score can bring to your wallet instead of the Clear Platinum Visa. 

Image of The Clear Platinum Visa Credit Card with $2,000 Credit Limit
Bankrate Score
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on TD Bank's secure site

Annual fee

$20 Monthly Membership Fee

Intro offer

N/A

Rewards rate

N/A

Recommended Credit Score

See Terms
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on Wells Fargo's secure site

Annual fee

$0

Intro offer

$200 cash rewards
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Rewards rate

2%
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Recommended Credit Score

Good to Excellent (670 – 850)
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on Citi's secure site

Annual fee

$0

Intro offer

N/A

Rewards rate

N/A

Recommended Credit Score

Good to Excellent (670 – 850)
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Who is the Clear Platinum Visa Credit Card with $2,000 Limit right for?

Given the card’s high credit score requirements, sizable monthly fee and lack of overall rewards, there’s just one type of person who might choose to apply for the Clear Platinum Visa. 

Bankrate’s Take — Is the Clear Platinum Visa Credit Card with $2,000 limit worth it?

The Clear Platinum Visa fails to make a convincing case for itself despite the interesting calling card of paying a monthly fee instead of interest. If the card were available to people with poor or no credit then this card could have easily become a go-to choice for building credit. But considering the card’s low credit limit and credit requirements, there are simply far more valuable cards to consider than this one. 

How we rated this card

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Our proprietary card rating system takes into account a mix of factors when scoring balance transfer and low-interest cards, including each card’s introductory APR, intro APR period length, ongoing APR, balance transfer fee, perks and more.

While balance transfer and low-interest cards share a similar ratings rubric, we weigh features differently based on how a card is categorized. We categorize cards that carry an especially long intro APR offer on balance transfers as dedicated balance transfer cards, while cards that offer an especially low ongoing APR are considered general low-interest cards. 

Based on its features, we assigned this card a primary category of low interest and tailored our ratings accordingly. 

We analyzed over 100 of the most popular balance transfer and low-interest cards and scored each based on how its key features stacked up against those of other cards in its category. 

Here’s a breakdown of what gave this card its score:

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Written by
Steve Dashiell
Editor, Credit cards

Steven Dashiell is an editor for Bankrate and CreditCards.com with expertise in rewards credit cards, financial literacy, and helping consumers build and maintain their credit.

Edited by Senior Editor, Credit Cards

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