TSB Platinum Purchase Card review July 2020
Take control of your spending with this dual interest-free period on purchases and balance transfers.
Finder rating: ★★★★★
Doing its job: 4/5
In a nutshell:
0% interest on balance transfers
0% interest on purchases
|Balance transfers||0% for 20 months reverting to 19.95%|
|Balance transfer fee||2.95% for 3 months reverting to 3%|
|Purchases||0% for 20 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’re about to make some big purchases, while paying off existing card debt, this could be a handy card to have in your wallet.
Despite being billed as a card for spreading the cost of purchases, it also boasts an introductory period of up to 20 months 0% interest on balance transfers. It’s not the longest you can find among the so-called “matched” credit cards, but it’s still very good.
There’s no annual or monthly account fee, but if you do decide to transfer a balance from an old card, you’ll incur a fee of 2.95% for 3 months reverting to 3%. This makes it less than ideal if the balance you need to transfer is quite big, in which case you might be better off with a card that focuses more on balance transfers than on purchases.
Finally, you might want to set an alarm for when the intro period is over. This card’s revert rate isn’t especially convenient, so you really need to pay off your balance before then, in order to avoid being charged any interest. Also, at that point this card won’t have much in it for you and it may be time to shop around for a new one.
How does this card compare with other similar cards on the market?
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 Platinum Purchase Card
If you’ve compared cards and want to apply, 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.