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 Purchase Card review 2021
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.
The TSB Platinum Purchase 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 a year of 0% interest to focus on reducing existing card debt
- Over a year 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 matched 0% 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 either damaging your credit score, getting hit with a penalty fee (£12) 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 this TSB deal
If you've compared cards and settled on the TSB Platinum Purchase 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.
Frequently asked questions
What credit limit will I get with the TSB Platinum Purchase 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 Purchase 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 Purchase 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).
How much does it cost to use the TSB Platinum Purchase Card abroad?
Non-sterling transactions are subject to a 2.95% charge. For example, if you spend 200 euros (£180.02), it'll cost you around £5.31.
What is the minimum payment on the TSB Platinum Purchase 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.