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 Platinum Balance Transfer Card review 2020
Take advantage of the savings offered by TSB's balance transfer credit card.
Finder rating: ★★★★★
Doing its job: 4/5
In a nutshell:
0% interest on balance transfers
0% interest on purchases
|Balance transfers||0% for 29 months reverting to 19.95%|
|Balance transfer fee||2.95% for 3 months reverting to 3%|
|Purchases||0% for 3 months reverting to 19.95%|
|Purchases interest-free period||Up to 56 days|
|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.
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 29-month 0% offer is table-topping stuff, it comes with a balance transfer fee of 2.95% for 3 months reverting to 3%. So if you don’t need the full 29 months to clear your debt, you could check out no-fee deals first. These might come with slightly shorter 0% periods.
The TSB Platinum Balance Transfer Card is issued on the Mastercard network so it's accepted at nearly 53 million merchants across more than 210 countries and territories.
Pros and cons
- Over two years of 0% interest to focus on reducing existing card debt
- Three months to spread the cost of purchases
- No annual fee
- Applicants with low credit scores are unlikely to be eligible
- Don't forget that balance transfer fee! If cutting the interest on existing card debt is your main reason for considering this card, check out no-fee deals first
How does it compare with other balance transfer deals?
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 £12). 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 29 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
What credit limit will I get with the TSB Platinum Balance Transfer 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 Platinum Balance Transfer 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 Platinum Balance Transfer 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 19.95%, which is the same as the standard purchases rate (chargeable from the day of the transaction – the card's usual "up to 56 days interest-free" grace period won't apply).
What should I do with my old credit card after transferring the balance to the TSB Platinum Balance Transfer Card?
Transferring a balance doesn't automatically close your old account. In most cases, you'll want to close the old account(s) straightaway, especially if they have an annual/monthly fee or if you might be tempted to use them in the future. There is an argument that you should keep the old account open to help your credit score. That's because doing so keeps your "credit utilisation ratio" lower (that's a measure of how much credit you're using compared to what's available to you), and helps the average age of your credit accounts. However, unless you're just about to apply for a new mortgage, it's probably fair to say that most people would prefer to have no more bank accounts open than was truly necessary.
How much does it cost to use the TSB Platinum Balance Transfer Card abroad?
Non-sterling transactions are subject to a 2.95% charge. For example, if you spend 200 euros (£179.74), it'll cost you around £5.30.
What is the minimum payment on the TSB Platinum Balance Transfer 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 makes it much harder to get debt-free before that introductory 0% period expires.