Tsb advance card

Jeff_Wortley

TSB ADVANCE CREDIT CARD..MSE Advise to pay off in full to avoid interest charges, but watch out for this one as after three months you will still be charged between 15.5 to 16% APR even if you do pay off your purchases in full each month !!! The T & Cs do not make this clear and one thinks it is on interest to purchases not paid off in full within a month. Jeff,Devon.

[Deleted User]

I think you've got confused somewhere along the way.

TheShape

OP appears to be correct. According to the summary box there is no interest free period on the TSB Advance Credit Card even if paid in full each month. The first 3 months are at 0% interest so it could catch some people out.

TSB ADVANCE CREDIT CARD

From the Summary box:

The period over which interest is charged is as follows:

Purchases from date debited to your account until paid in full
Cash Withdrawals from date debited to your account until paid in full
Balance Transfers from date debited to your account until paid in full

as opposed to:

Platinum 20 Month Purchase Card

From the Summary box:

You will not pay interest on new purchases if you pay the full balance shown on your previous and current statement on time. Otherwise,the period over which interest is charged is as follows:

Purchases date from date debited to your account until paid in full
Cash Withdrawals from date debited to your account until paid in full
Balance Transfers from date debited to your account until paid in full

[Deleted User]

I stand corrected!

20aday

Also says on the Advance page:

Interest charged from the date of transaction

I've never known this with other low APR credit cards before-wonder if others will follow suit?

bigadaj

It would be interesting to see where this might fit in in terms of credit profile.

Though the Apr quoted is fairly low it certainly adds up not having the interest deferred, maybe 30p per month per £100 borrowed?

So it would be far more expensive for those that clear credit every month than any other poor credit option with other providers, and represents the equivalent of a decent annual fee with no annual benefits.

Still seems to be the way these things are going, someone mentioned that natwest now charge a fee on all of their credit cards so we'll see how far this goes and to what extent it becomes applied to existing customers.

Anthorn

Pretty simple really: The TSB Advance credit card is designed for those who don't pay off the balance every month and so doesn't have an interest free period. But there are other cards with an APR which is equivalent or less which do have the interest free period, for example Lloyds Bank Platinum Low Rate.

However TSB does make clear the lack of an interest free period with the Advance Mastercard in the summary box:
http://www.tsb.co.uk/credit-cards/purchases/advance-credit-card/summ_box_advance_all.pdf

Dobbibill

It used to be a LloydsTSB product and has always been the same with interest charged from the date the purchase is added to the statement.

Here's an old thread about the same type of thing.

https://forums.moneysavingexpert.com/discussion/1960143

adindas

Dobbibill wrote: »

It used to be a LloydsTSB product and has always been the same with interest charged from the date the purchase is added to the statement.

Here's an old thread about the same type of thing.

https://forums.moneysavingexpert.com/discussion/1960143

I do not know if this is a difference CC. But I had Lloyds Creditcard in the past. I never got charged the interest as I clear it with DD for full balance each month.

This is the first time I heard the interest is charged since day one. Even in other countries, same principles.

The OP on the above thread might have mixed it up between cash withdrawal and purchase. First time poster, she even did not bother to come back to reconfirm her understanding. I have not seen anyone here apart from the OP ever confirm about this case.

I think if they start charging the interest since day one, no point to have it in the first instance as you will be busy to clear it anytime you make a purchase to avoid interest, why not just use debit card ???

Dobbibill

It was only the Advance Mastercard that was done this way. All other LTSB CCs were the usual up to 56 days interest free.

It used to be an online only product as well so couldn't apply through other channels.

There are some still in circulation but essentially TSB took this and made it their product and Lloyds discontinued theirs.

YorkshireBoy

adindas wrote: »

I do not know if this is a difference CC. But I had Lloyds Creditcard in the past. I never got charged the interest as I clear it with DD for full balance each month.

This is the first time I heard the interest is charged since day one. Even in other countries, same principles.

The OP on the above thread might have mixed it up between cash withdrawal and purchase. First time poster, she even did not bother to come back to reconfirm her understanding. I have not seen anyone here apart from the OP ever confirm about this case.

I think if they start charging the interest since day one, no point to have it in the first instance as you will be busy to clear it anytime you make a purchase to avoid interest, why not just use debit card ???

There was no mix up. I posted on the thread referenced, because I had the Advance card at the time. I purely used it for the 0% offer and ensured it was cleared before the end of the intro period.

As an aside, there was another card a few years ago (maybe around 2008/09) that had the same T&Cs. From memory I think it was a Co-op card?