TSB Student Credit Card review
- Representative example:
- When you spend £1,000 at a purchase rate of 21.95% (variable) p.a., your representative rate is 21.9% APR (variable).
- Minimum credit limit
- £500
- Interest-free each billing period
- Up to 56 days
- Account fee
- £0
Our verdict
Existing TSB student account holders can apply for this card to cover unexpected expenses and build a good credit history.Like most student credit cards, TSB's card comes with low credit limits and no annual or monthly fee. TSB will issue you a personalised credit limit when you open your account, and it's important to stay within this limit – student credit cards can kick-start a positive credit history, but if they are used incorrectly they will do the opposite.
Student cards also typically don't have the the headline-grabbing low rates (in part due to the limited credit histories of many of the card's users). However provided you clear your balance in full each month, you'll be able to take advantage of up to 56 days of 0% interest on your purchases (this doesn't apply to cash advances).
It's smart to be cautious about taking out a credit card while studying. If your income is minimal and paid infrequently, be realistic about how quickly you'll be able to pay off any borrowing. On the plus side, if you don't carry a balance from month-to-month and you use this card responsibly, it could help you to handle fluctuating costs and help kick start a positive credit record – standing you in good stead for your future borrowing requirements.
As is generally the case with student credit cards, you’ll need to already hold a student bank account with TSB to be eligible to apply.
Pros
-
No annual fee
-
Relatively higher credit limits
-
Available to those with limited credit history
Cons
-
Existing TSB student customers only
-
No rewards or other incentives
Details
Product overview
| Issuer | TSB |
| Network | Mastercard |
| Annual/monthly fees | £0 |
| Minimum credit limit | £500 |
| Maximum credit limit | Subject to status: £1,000 |
| Credit limit note | Subject to status |
| Purchases | 21.95% |
| Purchases interest-free period (days) | 56 |
| Balance transfers | 21.95% |
| Potential costs | 7.2Great |
| Doing its job | 6.5Standard |
| Extras | 6.3Standard |
| Overall Finder Score | 6.7Standard |
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 | 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 existing customers |
The TSB Student 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 with other student 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 damaging your credit score – making it harder and more expensive to borrow money in the future – and getting hit with a penalty fee (£12) 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
If you're an existing TSB student banking customer and you've compared cards and settled on the TSB Student Credit Card, provided you're registered for internet banking you can log-in and apply in a few minutes using the secure online form. 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 Student 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 the card is £500, while the maximum is £1,000. 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 Student 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 Student 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 27.95%, which is 28% 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 Student 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 Student 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.
Do I need to be an existing TSB customer to apply for the TSB Student Credit Card?
Yes, you must already hold a TSB student bank account.
What does "Up to 56 days interest-free" on purchases mean?
Almost all credit cards offer you a "grace period" in which to settle your purchases. But to enjoy this feature, you have to clear your full balance each month (cash withdrawals and non-sterling transactions sadly tend not to benefit from this feature).
Let's say you make a purchase using the TSB Student Credit Card on the 1st day the month. Shortly after the end of the month you receive your statement and bill from TSB which needs to paid by, say, the 25th of the month. If you then pay off your balance in full on the 25th, you won't be charged interest on that purchase, and you'll have enjoyed 56 days interest-free.
