TSB Low Rate Mastercard Credit Card

Gold Award

The TSB Low Rate Credit Card has a very low interest rate of 11.95% p.a. for purchases and cash advances. It also offers a range of insurance protection including Mobile phone Insurance, Price protection Insurance and Purchase Protection Insurance but make sure you read the terms and condition of these insurance. The Purchase protection Insurance, for example, only provides 180 days of cover against the theft, or accidental damage for certain new items bought on your card for personal use. The TSB Low Rate Credit Card charges a $20 annual fee and offers 0% p.a. on balance transfered for 6 months.

This card might be suitable for you if you expect to carry a debt on your card or are planning to transfer your existing credit card debt to this credit card to take advantage of the 0% p.a. balance transfer offer. If you do not expect to carry a debt on your credit card you might want to consider a no-annual fee credit card.

Key Features

Purchase Rate: 11.95%
Cash Advance Rate: 11.95%
Balance Transfer: 0% for 6 months
Annual Fee: $20 p.a.
Interest Free Days: 55 days
Minimum Repayment:
Card Reward Details:
Credit Limit:
Other Fees:

IMPORTANT NOTE: please review the credit card details on the provider's website again before applying.

TSB Low Rate Mastercard Credit Card Review

Pros and Cons

We've compiled below the pros and cons of the TSB Low Rate Mastercard Credit Card to help you decide.

Pros

Very Low Interest Rate
Purchase Protection Insurance
Mobile Phone Insurance
Price Protection Insurance
Very Low Cash Advance Rate
0% p.a. Balance Transfer for 6 months

Cons

Annual Fee
No Rewards points

Benefits of the TSB Low Rate Mastercard

Low Interest Rates

One of the standout features of the TSB Low Rate Mastercard is its competitive interest rates. This can help you save money on interest charges, especially if you tend to carry a balance from month to month. Lower interest rates mean that more of your payment goes towards reducing your principal balance, rather than being eaten up by interest.

Additional Perks and Rewards

Beyond the low interest rates and flexible payment options, the TSB Low Rate Mastercard also comes with a variety of additional perks and rewards. Cardholders can enjoy benefits such as purchase protection, extended warranty on certain items, and access to exclusive offers and discounts. These added perks can enhance your overall experience and provide extra value beyond just the financial savings.

Drawbacks of the TSB Low Rate Mastercard

Annual Fee

One of the main drawbacks of the TSB Low Rate Mastercard is that it charges an annual fee but offers no reward points.

Application Process for the TSB Low Rate Mastercard

Required Documentation

To apply for the TSB Low Rate Mastercard, you will need to gather some essential documents. These include proof of identity, such as a passport or driver's licence, and proof of address, like a utility bill or bank statement. Additionally, you may need to provide proof of income, such as payslips or a letter from your employer.

Step-by-Step Application Guide

Visit the TSB Website: Click "Apply Now" to visit the TSB Low Rate Mastercard page.
Fill Out the Application Form: Complete the online application form with your personal, financial, and employment details.
Submit Required Documents: Upload the necessary documents as part of your application.
Review and Submit: Double-check all the information you have entered, then submit your application.

Approval Timeframe

Once you have submitted your application, TSB will conduct a hard credit check and other affordability assessments. You can expect to receive a decision almost instantly. If approved, the funds will typically be available within one working day, or even the same day if you are an existing TSB account holder.

Is the TSB Low Rate Mastercard Right for me?

Assessing Your Financial Needs

Before applying for the TSB Low Rate Mastercard, it is crucial to evaluate your financial situation. Consider your monthly income, expenses, and any existing debts. This card is ideal for those who can manage their finances well and are looking for a low-interest option to save on interest charges.

Comparing with Other Credit Cards

It is always wise to compare the TSB Low Rate Mastercard with other credit cards available in the market. Look at the interest rates, annual fees, and additional perks offered by other cards. This will help you make an informed decision and choose the card that best suits your needs.

Customer Reviews and Feedback

Reading customer reviews and feedback can provide valuable insights into the TSB Low Rate Mastercard. Many customers have praised the card for its low interest rates and flexible payment options. However, some have pointed out the potential impact on credit scores and the limited availability of funds. Make sure to consider both positive and negative reviews before making your decision.

Frequently Asked Questions

Can I apply for the TSB Low Rate Mastercard if I don't have a TSB account?

Yes, you can apply for the TSB Low Rate Mastercard even if you don't have a TSB account. Both existing account holders and new customers are eligible.

What are the age and residency requirements for the TSB Low Rate Mastercard?

To apply for the TSB Low Rate Mastercard, you must be at least 18 years old and a resident of New Zealand.

Will applying for the TSB Low Rate Mastercard affect my credit score?

Yes, TSB will perform a hard credit check when you apply for the Low Rate Mastercard, which can impact your credit score.

What should I do if I miss a payment on my TSB Low Rate Mastercard?

If you miss a payment, you may incur interest charges and it could affect your credit score. It's best to contact TSB as soon as possible to discuss your options.

How long does it take to get approved for the TSB Low Rate Mastercard?

The approval process for the TSB Low Rate Mastercard can vary, but it typically takes a few days once all required documentation is submitted.

Are there any additional perks with the TSB Low Rate Mastercard?

Yes, the TSB Low Rate Mastercard offers additional perks such as flexible payment options and possible rewards.

Eligibility Requirements:

Your eligibility for this card would depend on a few criteria listed below. When you apply for a TSB credit card, TSB Bank might ask you a few questions about the following criterias to determine your eligibility.

Income
Expenses
Debts
Assets
Savings
Investments

Documents:

In general the following documents are usually required for credit card applications.

Proof of Income

One of the following:

your most recent payslip or salary notice
copies of bank statements that show your pay or salary deposits
a letter from your employer confirming your income
an Inland Revenue Department (IRD) “summary of earnings” notice.

If you’re self-employed, you must supply:

signed financial statements for the past two years
a signed personal Statement of Financial Position
your personal tax return.

Proof of Identity:

A copy of one or two items from List 1. If you provide only one item from List 1, you must also provide one item from List 2.

List 1:

Current passport
New Zealand drivers licence
18+ card
Photo Credit Card

List 2:

Most recent bank statement
Debit card
Credit card
Community services card
Club or society card.

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What is the best credit card in New Zealand?

We've been asked this question a lot so we have compiled our pick of the best credit card in NZ but keep in mind that the best credit card for you depends on your personal circumstance and needs. To find the best credit card for you, we recommend that you compare all credit cards in NZ on our website or narrow down your search by popular credit card types as shown below. Use the top menu of the page to select more credit card types.