TSB Advance Mastercard review 2024
- Representative example:
- When you spend £1,200 at a purchase rate of 12.9% (variable) p.a., your representative rate is 12.9% APR (variable).
- Account fee
- £0
- Balance transfer fee
- 0%
- 0% interest on balance transfers
- 3 months
Our verdict
Low interest is good... no interest is better.It's not very easy to see what type of customers TSB is attempting to target with this credit card, billed as "your perfect shopping partner".
If you're anticipating a large expenditure, then a market-leading 0% purchases deal would let you spread the cost for longer than the 3 months offered on this card.
Similarly, if you already have outstanding credit card debt then you wouldn't need to look far to find a longer 0% balance transfer deal than this card's 3 months.
The ongoing low rate is competitively low, but the name of the game with credit cards is avoiding paying any interest whatsoever.
Perhaps if you have a fluctuating income and fluctuating expenditure, and if you sometimes need to borrow money for longer than a month, and if you don't want the hassle of having to apply for new credit cards every so often (or find it tough getting approved for better deals), then maybe, just maybe, this card could be an option... but that's a lot of ifs! Is TSB simply hoping that people won't do their homework and shop around for the most suitable deal?
Pros
- A low ongoing interest rate (variable)
- Three months to spread the cost of purchases
- No balance transfer fee
- No annual fee
Cons
Details
Product overview
| Issuer | TSB |
| Network | Mastercard |
| Annual/monthly fees | £0 |
| Balance transfers | 0% for 3 months reverting to 12.95% |
| Balance transfer fee | 0% for 3 months reverting to 5% |
| Purchases | 0% for 3 months reverting to 12.95% |
| Purchases interest-free period | Up to 56 days |
| Cash advances | 19.95% |
| Minimum credit limit | £500 |
| Maximum credit limit | Subject to status |
| Additional cards available | 1 |
| Potential costs | 3.9Basic |
| Doing its job | 4.2Basic |
| Extras | 6.3Standard |
| Overall Finder Score | 3.9Basic |
Fees and charges
| Minimum monthly payment | 1% or £5 (whichever is greater) or the total of any interest, default fees and charges plus 1% of the outstanding balance. |
| Annual/monthly fees | £0 |
| Balance transfer fee | 0% for 3 months reverting to 5% |
| Foreign usage charge (EU) | 2.95% |
| Foreign usage charge (rest of world) | 2.95% |
| Cash advance fee | 3% (min. £3) |
| Late payment fee | £12 |
| Duplicate statement fee | £0 |
| Exceeding limit fee | £12 |
| Additional card fee | £0 |
| Dormancy fee | £0 |
Application requirements
| Minimum Age | 18 |
| Availability | Available to new customers |
The TSB Advance Credit Card is issued on the Mastercard network, so it's accepted at more than 50 million merchant locations across more than 210 countries and territories.
How does it compare?
TSB's card
Finder Score for credit cards
To make comparing even easier we came up with the Finder Score. Costs, perks and suitability across 120+ cards are all weighted and scaled to produce a score out of 10. The higher the score the better the card – simple.
Read the full methodologyOther popular low rate deals
Finder Score for credit cards
To make comparing even easier we came up with the Finder Score. Costs, perks and suitability across 120+ cards are all weighted and scaled to produce a score out of 10. The higher the score the better the card – simple.
Read the full methodologyApproval for any credit card depends 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. Most of the data in Finder's comparison tables is provided by Moneyfacts.
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 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 the TSB Advance Mastercard
If you're already a TSB customer and you've compared cards and want to apply, you can log in to your Internet banking and apply in a matter of minutes. If you're not currently registered for Internet banking, you'll need to register first and then apply once you're up and running. For non-TSB customers, just head to the TSB site where you can check your eligibility and apply online.
Frequently asked questions
What credit limit will I get with the TSB Advance Credit Card?
If TSB offers you this deal, it 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 you're reliable, you may wish to apply for a credit limit increase.
Can I withdraw cash using the TSB Advance Credit 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 Advance Credit 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 55% 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).
How much does it cost to use the TSB Advance Credit Card abroad?
Non-sterling transactions are subject to a 2.95% charge. For example, if you spend 200 euros (£164.83), it'll cost you around £4.86 in fees.
What is the minimum payment on the TSB Advance Credit 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 tends to be a very expensive way to borrow money, which can lead to persistent debt.
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