TSB Platinum Balance Transfer Card review
- Representative example:
- Representative 24.9% APR variable. Based on assumed borrowing of £1,200. Rate of interest 24.95% p.a. (variable).
- 0% interest on balance transfers
- 35 months
- Account fee
- £0
- 0% interest on purchases
- 3 months
Our verdict
Take advantage of the savings offered by TSB's balance transfer credit card.If you have an outstanding credit debt that you're paying interest on, a balance transfer deal can buy you a holiday from paying interest, and a chance to reduce your debt. After an introductory 0% period, any balance that remains will start to accrue interest at the card's less-favourable "standard" rate (see table above).
While TSB's impressive 35-month 0% offer is table-topping stuff, it comes with a balance transfer fee of 3.49%. So if you don't need the full 35 months to clear your debt, you could check out no-fee deals first. These might come with slightly shorter 0% periods.
Pros
- Over two years of 0% interest to focus on reducing existing card debt
- Three months to spread the cost of purchases
- Earn points on day-to-day spending
- No annual fee
Cons
- Applicants with low credit scores are unlikely to be eligible
- Relatively high balance transfer fee
Details
Product Overview
| Issuer | TSB Bank plc |
| Network | Mastercard |
| Annual/monthly fees | £0 |
| Balance transfers | 24.95% |
| Balance transfer fee | 3.49% |
| Purchases | 0% for 3 months |
| Purchases interest-free period | Up to 56 days |
| Cash advances | 30.95% |
| Minimum credit limit | £500 |
| Maximum credit limit | Subject to status |
| Additional cards available | 1 |
| Potential costs | 5Standard |
| Extras | 8.4Great |
| Overall Finder Score | 8Great |
Fees and charges
| Minimum monthly payment | Greater of: 1% of the underlying balance plus the month's interest and any applicable fees and charges; £5; or the outstanding balance. |
| Annual/monthly fees | £0 |
| Balance transfer fee | 3.49% |
| Foreign usage charge (EU) | 2.95% |
| Foreign usage charge (rest of world) | 2.95% |
| Cash advance fee | 3 |
| Duplicate statement fee | £0 |
| Exceeding limit fee | £0 |
| Additional card fee | £0 |
| Dormancy fee | £0 |
Application Requirements
| Minimum Age | 18 |
| Minimum income | £0 |
| Availability | Available to new customers |
| Additional Criteria | Applicants must haver a regular income and not be declared bankrupt |
The TSB Platinum Balance Transfer Card is issued on the Mastercard network, so it's accepted at more than 50 million merchant locations across more than 210 countries and territories.
How does it compare with other balance transfer deals?
Compare other products
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How we picked theseFinder Score for credit cards
To make comparing even easier we came up with the Finder Score. Costs, perks and suitability across 120+ cards are all weighted and scaled to produce a score out of 10. The higher the score the better the card – simple.
Read the full methodologyApproval for any credit card depends on your status. The representative APRs shown represent the interest rate offered to most successful applicants. Depending on your personal circumstances, the APR you're offered may be higher, or you may not be offered credit at all. Fees and rates are subject to change without notice. It's always wise to check the terms of any deal before you borrow. Most of the data in Finder's comparison tables is provided by Defaqto.
Repayment options
You can make manual repayments through TSB's app by logging in to your online banking or over the phone (0345 835 3846). Alternatively, you may wish to set up a direct debit.
A direct debit protects you from forgetting to make a repayment and losing your promotional interest rate as a result (as well as damaging your credit score and incurring the late payment fee of 0). You could use a fixed-amount direct debit to ensure you've cleared your debt before the 0% period expires – simply divide your outstanding balance by 35 to see what you'll need to pay each month (this assumes you don't use the card for additional spending).
You can arrange a direct debit for repayments when you apply for the credit card. The table below shows the options available.
Choose from the following direct debit options for your monthly repayments:
| Minimum amount | |
|---|---|
| Fixed amount | |
| Fixed percentage | |
| Full amount |
How to apply
If you've compared cards and settled on the TSB Platinum Balance Transfer Card, completing the secure online application form takes about 15 minutes. Before you apply, check that you meet the eligibility requirements and have the information and documents you'll need to make the process as straightforward as possible. You can request a balance transfer as part of your application.
Frequently asked questions
