Approval for any credit card will depend on your status. The APR shown represents 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.
TSB Advance Mastercard review 2020
TSB's entry into the low-APR credit card fray has one major catch: no ongoing interest-free grace period.
Finder rating: ★★★★★
Doing its job: 2.5/5
In a nutshell:
Balance transfer fee
0% interest on balance transfers
|Balance transfers||0% for 3 months reverting to 7.95%|
|Balance transfer fee||0% for 3 months reverting to 3%|
|Purchases||0% for 3 months reverting to 7.95%|
|Min credit limit||£500|
|Max credit limit||Not specified|
|Additional cards available||1|
Chris Lilly is a publisher at finder.com. He's a specialist in credit-based products including business and personal loans, mortgages and credit cards, and is passionate about helping UK consumers make informed decisions about their borrowing. In his spare time Chris likes forcing his kids to exercise more.
To get straight to the point, if you clear your credit card balance in full each month (rather than carrying a balance from month to month), then this definitely isn’t the card for you. That’s because almost all UK credit cards offer up to 55 or 56 days interest-free on your purchases, provided you pay off your full balance. Also known as a “grace period”, this feature is completely unrelated to any promotional, introductory x-month 0% interest offers that a card issuer might use to tempt new customers. Even credit cards specifically designed for people with bad credit (which might come with an APR of 30% or more) normally offer this facility and would work out cheaper.
In fact, it’s really not very easy to see what type of customers TSB is attempting to target with this credit card, billed as “your perfect shopping partner”. It’s hard to imagine this card being the best choice for anyone, as the ability to avoid interest charges by being responsible about your spending and repayments is one of the key benefits of a credit card.
If you already have outstanding credit card debt then you wouldn’t need to look far to find a longer 0% balance transfer deal. If you’re anticipating a large expenditure, then a lengthy 0% purchases deal might be more suitable.
Perhaps if you have a fluctuating income and fluctuating expenditure, and if you sometimes need to borrow money (for longer than a month), and if you don’t want the hassle of having to switch credit cards every couple of years (or find it tough getting approved for better deals), then maybe, just maybe, this card could be an option… but that’s a lot of ifs! Is TSB simply hoping that existing customers won’t do their homework and shop around?
Compare against other low-rate deals
When it comes to repayments, you can make manual repayments online or over the phone (0345 835 3846), or alternatively set up a direct debit. A direct debit is a great idea because it protects you from forgetting to make a repayment and either damaging your credit score, getting hit with a penalty fee or losing any promotional rates as a result. 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 for the TSB Advance Mastercard
If you’ve compared cards and want to apply, you can log in to your Internet banking and apply in a matter of minutes. If you’re not currently registered for Internet banking, you’ll need to register first and then apply once you’re up and running.