TSB Platinum Purchase Card review
- Representative example:
- When you spend £1,200 at a purchase rate of 24.95% (variable) p.a., your representative rate is 24.9% APR (variable).
- 0% interest on balance transfers
- 12 months
- 0% interest on purchases
- 12 months
- Account fee
- £0
Our verdict
Take control of your spending with this dual interest-free period on purchases and balance transfers.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 12 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 5%. 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.
Pros
- A year of 0% interest on balances transferred to focus on reducing your card debt
- A year to spread the cost of purchases
- No annual fee
Cons
- Applicants with low credit scores are unlikely to be eligible
Details
Product Overview
| Issuer | TSB |
| Network | Mastercard |
| Annual/monthly fees | £0 |
| Balance transfers | 0% for 12 months reverting to 24.95% |
| Balance transfer fee | 2.95% for 3 months reverting to 5% |
| Purchases | 0% for 12 months reverting to 24.95% |
| Purchases interest-free period | Up to 56 days |
| Cash advances | 30.95% |
| Minimum credit limit | £500 |
| Maximum credit limit | Subject to status |
| Additional cards available | 1 |
| Potential costs | 7.2Great |
| Doing its job | 7Great |
| Extras | 8.1Great |
| Overall Finder Score | 7.4Great |
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 | 2.95% 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 Platinum Purchase 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 matched 0% 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 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 12 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 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 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 Platinum Purchase 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 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 30.95%, which is 24% 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 Platinum Purchase 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 Platinum Purchase 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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