TSB Classic Credit Card review 2023
- Representative example:
- When you spend £1,200 at a purchase rate of 28.95% (variable) p.a., your representative rate is 28.9% APR (variable).
- Minimum credit limit
- £500
- Interest-free each billing period
- Up to 56 days
- Account fee
- £0
Our verdict
Kick-start your credit history with this credit builder that offers 0% interest on purchases and balance transfers, available exclusively in-branch.For those looking to build or rebuild a positive credit record, TSB's Classic Credit Card offers a chance to consolidate higher-rate balances you might have on other cards, and also to spread the cost of upcoming purchases.
As you might expect from a "credit builder", the Classic card comes with no annual fee to worry about, plus opening credit limits (which are tailored to the applicant) are relatively small and the standard rate is relatively high. However, if you clear your balance in full each month, you won't pay interest on purchases – you'll benefit from up to 56 days of 0% interest each billing cycle.
Don't forget that if you opt to take advantage of the balance transfer offer, there's a fee of 1.45% for 3 months reverting to 5%, and that after any introductory offer periods have expired, your balance will start to accrue interest at a not-so-competitive rate.
Pros
-
Low interest rates
-
5 month 0% purchase period
-
5 month 0% balance transfer period
-
Available to new customers
Cons
-
No interest-free days on purchases
-
Longer 0% intro periods on the market
Details
Product Overview
| Issuer | TSB |
| Network | Mastercard |
| Annual/monthly fees | £0 |
| Balance transfers | 0% for 5 months reverting to 28.95% |
| Balance transfer fee | 1.45% for 3 months reverting to 5% |
| Purchases | 0% for 5 months reverting to 28.95% |
| Purchases interest-free period | Up to 56 days |
| Cash advances | 28.95% |
| Minimum credit limit | £500 |
| Maximum credit limit | Subject to status |
| Additional cards available | 1 |
| Potential costs | ★★★★★ |
| Doing its job | ★★★★★ |
| Extras | ★★★★★ |
| Overall Finder rating | ★★★★★ |
| Overall customer rating | Not yet rated |
Fees and charges
| Minimum monthly payment | 1% or £5 (whichever is greater) or the total of any interest, default fees and charges plus 1% of the outstanding balance. |
| Annual/monthly fees | £0 |
| Balance transfer fee | 1.45% for 3 months reverting to 5% |
| Foreign usage charge (EU) | 2.95% |
| Foreign usage charge (rest of world) | 2.95% |
| Cash advance fee | 3% (min. £3) |
| Late payment fee | £12 |
| Duplicate statement fee | £0 |
| Exceeding limit fee | £12 |
| Additional card fee | £0 |
| Dormancy fee | £0 |
Application Requirements
| Minimum Age | 18 |
| Availability | Available to new customers |
The TSB Classic Credit 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.
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- No impact on your credit score
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How does it compare with other credit builders?
Approval 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.
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 damaging your credit score – making it harder and more expensive to borrow money in the future – and getting hit with a penalty fee (£12) 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
This card is currently only available in-branch – you can't apply online. If you don't fancy heading to your nearest branch, you may wish to consider one of the alternatives listed above, which are available online.
Frequently asked questions
What credit limit will I get with the TSB Classic 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 Classic Credit Card?
Although it's possible, withdrawing cash from a credit card account is generally not a good idea, as "cash-like transactions" (such as withdrawing cash at an ATM, getting cashback at the till, spending at a casino or buying currency) often incur steep fees and/or higher rates of interest.
The cash advance fee on the TSB Classic 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 28.95%, which is the same as the standard purchase rate (chargeable from the day of the transaction – the card's usual "up to 56 days interest-free" grace period won't apply).
How much does it cost to use the TSB Classic Credit Card abroad?
Non-sterling transactions are subject to a 2.95% charge. For example, if you spend 200 euros (£171.44), it'll cost you around £5.06 in fees.
What is the minimum payment on the TSB Classic Credit Card?
Each month you must pay at least 1% of your balance at that point or £5.00 – whichever of the 2 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.
Finder credit card ratings
Our experts score credit builder credit cards to determine their value against similar products on the market. We look at a number of important factors, like interest rates, credit limits, features to help you track your credit, plus the potential costs involved with running the card both in the short and longer term.
You can read more about our scoring criteria on our credit card methodology page.
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