Choosing the right credit card can make a huge difference in your financial management, especially when it comes with competitive rates and useful benefits. The TSB Advance Mastercard is a strong contender for those seeking a balance between affordability and convenience.
With a low-interest rate and introductory offers, this card can be a smart option for everyday purchases and balance transfers. But is it the right fit for your needs? Let’s explore everything about the TSB Advance Mastercard, from its fees to its advantages and potential drawbacks.
Key information about the credit card
How does the annual fee work?
One of the standout features of the TSB Advance Mastercard is its lack of an annual fee. This means that cardholders can enjoy its benefits without worrying about extra charges simply for having the card. Many credit cards come with annual fees that can add up over time, making this a significant advantage for those who want to keep their expenses in check. Having a credit card without an annual fee is particularly beneficial for individuals who use their card occasionally or are looking for a secondary card to complement their primary one.
How is the credit limit determined?
The credit limit for the TSB Advance Mastercard is determined based on individual financial circumstances, including income, credit score, and overall financial history. TSB assesses each applicant’s ability to manage credit responsibly before assigning a limit. For those with a strong credit profile, a higher limit may be available, providing more financial flexibility. However, applicants with a lower credit score or limited financial history may receive a lower limit to ensure responsible borrowing.
Advantages of the credit card
- Low-interest rate: With a representative APR of 12.9% (variable), this card offers one of the lowest interest rates on the market, making it an affordable choice for those who carry a balance.
- 0% interest on purchases for three months: New cardholders can enjoy zero interest on purchases for the first three months, making it an excellent option for those planning significant purchases.
- 0% interest on balance transfers: If you transfer a balance within the first 90 days, you will pay no interest for three months. This allows you to consolidate your credit card debt and save on interest payments.
- No balance transfer fee for the first 90 days: Unlike many other cards, which charge a fee for balance transfers, TSB waives this fee within the first three months, making it easier to manage debt.
- Integration with Apple Pay and Google Pay: Cardholders can conveniently use their TSB Advance Mastercard for mobile payments, enhancing flexibility and ease of transactions.
- Online account management: The TSB mobile app and Internet Banking allow users to track their spending, make payments, and manage their account anytime, anywhere.
Standout advantage
The most remarkable feature of the TSB Advance Mastercard is its low-interest rate of 12.9% APR (variable). Many credit cards have interest rates that exceed 20%, making borrowing expensive over time. The lower rate offered by TSB allows users to manage their credit more affordably, especially for those who may occasionally carry a balance. This feature makes it a strong choice for individuals looking for financial flexibility without excessive interest costs.
Disadvantages
- The 0% introductory offers are short-lived: While the three-month 0% interest period is helpful, other cards offer longer promotional periods for purchases and balance transfers.
- Balance transfer fees after 90 days: If you transfer a balance after the first three months, a 5% fee applies, which can add to the cost.
- Foreign transaction fees: Using this card abroad may result in extra fees, making it less suitable for frequent travelers.
- Stricter eligibility criteria: Applicants must meet specific income and creditworthiness requirements, meaning it may not be accessible to everyone.
A standout disadvantage
One notable drawback of the TSB Advance Mastercard is the 5% balance transfer fee that applies after the first 90 days. While the introductory period allows fee-free transfers, this can become costly if you need to move a balance later. Many competing cards offer lower or no balance transfer fees, making this an essential factor to consider when comparing options.
Who can apply for this card?
To apply for the TSB Advance Mastercard, applicants must be at least 18 years old and a UK resident. Additionally, they must have a regular source of income and meet the bank’s lending criteria. Individuals who are currently declared bankrupt, have County Court Judgements (CCJs), or are under an Individual Voluntary Agreement (IVA) will not be eligible for this card.
TSB evaluates applications based on creditworthiness, meaning those with a good credit history will have a higher chance of approval. This card is not specifically designed for individuals with bad credit, so those with low credit scores may face difficulties getting approved.
How to apply for the TSB Advance Mastercard
For the website
To apply via the TSB website, visit the official page and locate the Advance Mastercard application section. The online application form requires basic personal information, such as name, address, date of birth, and income details. Applicants must also provide employment information to determine eligibility. Once submitted, TSB reviews the application and provides a response, usually within a few minutes. If approved, the applicant will receive further details on their credit limit and card delivery timeframe.
Through the app
Applying through the TSB mobile app is another convenient option. Users who already have an account with TSB can log in and access the credit card application section. The process involves filling out the same details as the web application but provides the added advantage of real-time tracking and notifications. The app allows users to upload supporting documents if needed, streamlining the approval process. Once approved, the card will be issued and sent to the applicant’s registered address.
At the branch
For those who prefer a face-to-face application, visiting a TSB branch is the best option. At the branch, applicants can speak with a bank representative who will guide them through the process. They will need to bring identification, proof of income, and any other required documents. The benefit of applying in person is that it allows applicants to ask questions and clarify any concerns before proceeding. Once all details are verified, the bank will process the application and provide an update on the approval status.
