TSB Advance Mastercard review 2020

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TSB's entry into the low-APR credit card fray has one major catch: no ongoing interest-free grace period.

Finder rating: ★★★★★

Representative example: When you spend £1,200 at a purchase rate of 7.95% (variable) p.a., your representative rate is 7.9% APR (variable).

7.9%

Representative APR

0%

Balance transfer fee

£0

Account fee

3 months

0% interest on balance transfers

Details

IssuerTSB
NetworkMastercard
Annual/monthly fees£0
Balance transfers0% for 3 months reverting to 7.95%
Balance transfer fee0% for 3 months reverting to 3%
Purchases0% for 3 months reverting to 7.95%
Cash advances7.95%
Min credit limit£500
Max credit limitNot specified
Additional cards available1

Expert review

Chris Lilly

Review by


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.

Expert review

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?

Pros and cons

Pros

  • A low ongoing interest rate (variable)
  • Three months to spread the cost of purchases
  • No balance transfer fee
  • No annual fee

Cons

  • No interest-free days on purchases
  • Other more specialised cards will likely be more suitable in almost all situations

How does it compare with other low rate deals?

Table: sorted by representative APR, promoted deals first
Data indicated here is updated daily
Name Product Purchases Balance transfers Annual/monthly fees Rep. APR Incentive Link
TSB Advance Credit Card Mastercard
0% for 3 months reverting to 7.95%
0% for 3 months
(0% fee)
£0
7.9% (variable)
Representative example: When you spend £1,200 at a purchase rate of 7.95% (variable) p.a., your representative rate is 7.9% APR (variable).
More Info
The Co-operative Bank 3 Year Fixed Rate Visa
8.9%
8.9%
(0% fee)
£0
8.9% (variable)
Representative example: When you spend £1,200 at a purchase rate of 8.9% (variable) p.a., your representative rate is 8.9% APR (variable).
More Info
MBNA Long Term Low Interest Credit Card
4.9% for 48 months reverting to 8.9%
4.9% for 48 months
(0.5% fee)
£0
8.9% (variable)
Representative example: When you spend £1,200 at a purchase rate of 8.9% (variable) p.a., your representative rate is 8.9% APR (variable).
More Info
Ulster Bank Credit Card Mastercard
9.9%
6.9%
(0% fee)
£0
9.9% (variable)
Representative example: When you spend £1,200 at a purchase rate of 9.9% (variable) p.a., your representative rate is 9.9% APR (variable).
More Info
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Compare up to 4 providers

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.

Repayment options

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.

Frequently asked questions

What credit limit will I get with the TSB Advance Credit Card?

If TSB is able to offer you this deal, the offer will specify a personalised credit limit based on TSB's assessment of your situation. The minimum limit offered on this card is £500 and TSB does not specify a maximum. Once you've had the card for a while and shown TSB that you're reliable, you may wish to apply for a credit limit increase.

Can I withdraw cash using the TSB Advance Credit Card?

Although it's possible, withdrawing cash from a credit card account is generally not a good idea, as "cash-like transactions" (withdrawing cash at an ATM, getting cashback at the till, spending at a casino, buying currency, etc.) often incur steep fees and/or higher rates of interest.

The cash advance fee on the TSB Advance Credit Card is 3% (min. £3). For example, if you withdraw £50, you'll incur a fee of £3.00. Withdraw £250, and you'll incur a fee of £7.50.

The interest rate on this part of your balance will be 7.95%, which is the same as the standard purchases rate.

How much does it cost to use the TSB Advance Credit Card abroad?

Non-sterling transactions are subject to a 2.95% charge. For example, if you spend 200 euros (£181.08), it'll cost you around £5.34.

What is the minimum payment on the TSB Advance Credit Card?

Each month you must pay at least 1% of your balance at that point or £5.00 – whichever of the two figures is greater. So if you had, say, £450.00 outstanding, you'd pay £5.00, and if you had £2,000.00 outstanding, you'd pay £20.00.

Paying only the minimum required amount each month is generally not advisable as it tends to be a very expensive way to borrow money which can lead to persistent debt.

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Our team evaluates credit cards to determine their value against similar products on the market.

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