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TSB Platinum Balance Transfer Card review 2023
Take advantage of the savings offered by TSB's balance transfer credit card.
Finder rating: ★★★★★
Representative example: When you spend £1,200 at a purchase rate of 22.95% (variable) p.a., your representative rate is 22.9% APR (variable).
24 months
0% interest on balance transfers
22.9%
Representative APR
£0
Account fee
3 months
0% interest on purchases
Details
| Issuer | TSB |
|---|---|
| Network | Mastercard |
| Annual/monthly fees | £0 |
| Balance transfers | 0% for 24 months reverting to 22.95% |
| Balance transfer fee | 2.95% for 3 months reverting to 5% |
| Purchases | 0% for 3 months reverting to 22.95% |
| 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 |
Review by
Chris Lilly
chris.lilly@finder.comChris Lilly is a publisher at finder.com. He's a specialist in personal finance, from day-to-day banking to investing to borrowing, and is passionate about helping UK consumers make informed decisions about their money. In his spare time Chris likes forcing his kids to exercise more.
Expert review
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 24-month 0% offer is table-topping stuff, it comes with a balance transfer fee of 2.95% for 3 months reverting to 5%. So if you don’t need the full 24 months to clear your debt, you could check out no-fee deals first. These might come with slightly shorter 0% periods.
Pros and cons
Pros
- Two years of 0% interest to focus on reducing your current credit card debt
- Three months to spread the cost of purchases
- No annual fee
Cons
- 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?
TSB's card
1 - 1 of 1
Other popular balance transfer deals
Table: sorted by length of 0% balance transfer offer, promoted deals first
Approval for any credit card will depend 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 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 24 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" (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 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 28.95%, which is 26% more than 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).
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 (£175.98), it'll cost you around £5.19 in fees.
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 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 makes it much harder to get debt-free before that introductory 0% period expires.
Finder credit card ratings
★★★★★ — Excellent
★★★★★ — Good
★★★★★ — Average
★★★★★ — Subpar
★★★★★ — Poor
Our experts score balance transfer cards to determine their value against similar products on the market. We look at a number of important factors, like the length of the balance transfer offer, the balance transfer fee, any restrictions to making a transfer, 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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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.