TSB advance grace period

newukcredituser

Hello, I have recently opened a TSB Advance credit card. However a quick google search suggests that this does not have an interest-free grace period (including a post on these forums and a review elsewhere). 

According to the summary for the TSB Advance credit card (correct as of June 2021), there is a 56 day interest-free grace period. 

I have carefully looked through my credit card agreement which does not state 56 days anywhere in the agreement, however it states the following:

“We will not charge interest on Purchases shown on your current statement if you pay the full balance shown on that

statement by the payment date (provided you have also paid the full balance on the previous statement by the payment date). If you have not previously paid in full, we'll add interest on those Purchases to your statement and we'll charge that interest from the date we originally added the Purchases to your account.”

So I am now very confused about whether or not there is an interest-free grace period with the TSB Advance credit card. 

[Deleted User]

If you clear in full by the payment date (and have no cash transactions), you won't pay interest.

Ebe_Scrooge

The 56 days (or up to 56 days) is standard for all cards.  To keep it simple, let's say your statement is generated on the 30th of the month.  You buy something on the 1st, that gets included on the statement generated on the 30th, and you have until the 20th of the following month to pay that statement.  If you pay in full, no interest is charged.  So you've had free credit from the 1st of November (say, when you bought the item) until the 20th December (when the statement including that items needs to be paid).

Dates quoted are approximate, but it's just to illustrate how it works.

Not trying to be condescending, but if your username is anything to go by, you need to learn how credit cards work.  Used wisely they can be an incredibly useful tool, but if you don't understand the "right" way to use them then you can find yourself paying a lot of money in fees, interest and charges.

Sandtree

Ebe_Scrooge said:

The 56 days (or up to 56 days) is standard for all cards.  

The key is that it is always "up to 56 days" and that confuses a lot of people... they have therefore stripped away the confusion of stating the maximum number of days and explained it in clear english about clearing the balance in full in the statement. 

Unfortunately marketing is full of big numbers that make people think they're getting something great but dont really understand what it means... I've lost count how many times I've been asked how many times the zoom on my 600mm camera lens is and people get very confused when I say 1. 

Personally support removing marketing fluff and having clear english explanations instead.

eskbanker

newukcredituser said:

Hello, I have recently opened a TSB Advance credit card. However a quick google search suggests that this does not have an interest-free grace period (including a post on these forums and a review elsewhere).

You're right that there are a number of posts where this is stated, but it looks to me like they're all ancient ones, so unless you can find something contemporary to the contrary, chances are that the product now works in the standard way, and the published Ts & Cs are obviously the definitive source of information anyway....

[Deleted User]

To be fair to the OP ~ TSB have reused a LlloydsTSB card name that didn't have any interest free period called a LloydsTSB Advance  - that it likely where the confusion comes from.  Legacy LloydsTSB > TSB Advance users might even be on those old terms.

EarthBoy

The TSB Advance credit card didn't use to have an interest free period, but they changed the conditions (last year, I think), and now it has the usual 56 days interest free period, like most other cards.