TSB Classic Credit Card review July 2020

Last updated:  

Kick-start your credit history with this credit builder that offers 0% interest on purchases and balance transfers, available exclusively in-branch.

Finder rating: ★★★★★

Representative example: When you spend £1,200 at a purchase rate of 26.95% (variable) p.a., your representative rate is 26.9% APR (variable).

26.9%

Representative APR

£0

Account fee

10 months

0% interest on purchases

Details

IssuerTSB
NetworkMastercard
Annual/monthly fees£0
Balance transfers0% for 10 months reverting to 26.95%
Balance transfer fee2.95% for 3 months reverting to 3%
Purchases0% for 10 months reverting to 26.95%
Purchases interest-free periodUp to 56 days
Cash advances26.95%
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

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 2.95% for 3 months reverting to 3%, and that after any introductory offer periods have expired, your balance will start to accrue interest at a not-so-competitive rate.

How does this card compare with other credit builders?

Table: sorted by representative APR, promoted deals first
Data indicated here is updated daily
Name Product Annual/monthly fees Min credit limit Max credit limit Minimum income Rep. APR Incentive Link
Vanquis Bank Chrome Credit Card 24.7pc Visa
£0
£250
Subject to status: £1,000
Not specified
24.7%
Stay in control of your account with online servicing, a mobile app, SMS and email alerts.
Representative example: When you spend £1,000 at a purchase rate of 24.7% (variable) p.a., your representative rate is 24.7% APR (variable).
Tandem Bank Journey Credit Card Mastercard
£0
£500
Subject to status: £1,500
£15000
24.9%
No fees for making purchases or withdrawing cash abroad – currencies are converted at the standard Mastercard exchange rate.
Representative example: When you spend £1,200 at a purchase rate of 24.9% (variable) p.a., your representative rate is 24.9% APR (variable).
TSB Classic Credit Card Mastercard
£0
£500
Not specified
Not specified
26.9%
Representative example: When you spend £1,200 at a purchase rate of 26.95% (variable) p.a., your representative rate is 26.9% APR (variable).
Tesco Bank Foundation Clubcard Credit Card Mastercard
£0
£100
Subject to status
£5000
27.5%
Collect 1 Tesco Clubcard point per £4 spent (£4 minimum) in Tesco and 1 Clubcard point per £8 spent (£8 minimum) outside Tesco in each purchase transaction.  Must have available credit to collect Clubcard points. Clubcard points are turned into Clubcard vouchers every 3 months or sooner using Faster Vouchers. Clubcard vouchers can be used in Tesco or with Clubcard Reward Partners to get even more value on dining out, hotel stays and travel.
Representative example: When you spend £1,200 at a purchase rate of 27.542% (variable) p.a., your representative rate is 27.5% APR (variable).
Vanquis Bank Chrome Card 29.3pc Visa
£0
£250
Subject to status: £1,000
Not specified
29.3%
Representative example: When you spend £1,000 at a purchase rate of 29.3% (variable) p.a., your representative rate is 29.3% APR (variable).
Vanquis Bank Aquis Visa
£0
£250
Subject to status: £1,000
Not specified
29.8%
You could get a credit limit increase after your 5th statement and further increases every 5 months, up to £4,000.
Representative example: When you spend £1,000 at a purchase rate of 29.84% (variable) p.a., your representative rate is 29.8% APR (variable).
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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 Classic Credit Card

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.

We show offers we can track - that's not every product on the market...yet. Unless we've said otherwise, products are in no particular order. The terms "best", "top", "cheap" (and variations of these) aren't ratings, though we always explain what's great about a product when we highlight it. This is subject to our terms of use. When you make major financial decisions, consider getting independent financial advice. Always consider your own circumstances when you compare products so you get what's right for you.

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2 Comments

  1. Default Gravatar
    aized
    July 8, 2020

    i have zero credit – how can i get a credit card?

    • Avatarfinder Customer Care
      Tom
      July 10, 2020

      Hi Aized,

      Thanks for your question. There are a couple of things you can do to build your credit history and score:

      – If you’re not already on there, you should register on the electoral roll, as this helps credit providers verify your identity and address.

      – Using a current bank account can also help demonstrate to credit card companies that you are responsible with money and can pay off your debts on time.

      – You could also set up direct debits from your account to cover recurring bills like your phone or utilities bills, or even subscriptions like Netflix and Spotify. Just make sure you don’t miss any payments, as this can reflect badly on your credit score.

      – You could also consider taking out a credit-builder credit card, or a credit-builder alternative like LOQBOX, and use them to build your credit score by making your repayments on time.

      Unfortunately, when it comes to applying for a credit card. it’s also probably best to wait a few months after you’ve taken the steps above, as there can be a lag in how long it takes for this to be reported on your credit score.

      Please let me know if you have any other questions.

      Regards,

      Tom

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