By: Ian Webb | Updated: 2nd March, 2019.
TSB offers a student Mastercard to eligible candidates to help them deal with unexpected expenses and start on building their credit rating. With a competitive APR and slightly higher credit limit than its competitors, the card periodically offers cashback deals as an incentive. To be eligible for the card, you must have had a TSB student current account for at least three months and be enrolled in a college or university course.Read full review >
|Representative rate||19.9% APR (variable)|
|Purchase rate||19.94% p.a. (variable)|
|Based on borrowing||£1,000|
TSB offers a student Mastercard to eligible candidates to help them deal with unexpected expenses and start on building their credit rating. With a competitive APR and slightly higher credit limit than its competitors, the card periodically offers cashback deals as an incentive. To be eligible for the card, you must have had a TSB student current account for at least three months and be enrolled in a college or university course.
I see the TSB student credit card as simple to use and understand. It offers a higher limit, balance transfers and cashback deals at different stages during the year. If you stick to the savvy tips that TSB outlines on its website (details below), and make the repayments each month, you have the chance to build your credit rating.
For 15 years, I taught both primary and secondary students. One thing that always stood out to me was that we do not teach financial literacy in schools, despite the fact that students nearly always lack knowledge in this critical subject. I have always had a keen interest in personal finance, debt management and wealth creation, so I decided to make a career change and become a financial planner/educator with the aim to provide sound, independent financial education. I moved to the UK three years ago, so I know personally what it is like to begin my credit history all over again, since financial institutions don’t take into account your overseas history. My commitment to you is to give you up to date, “no BS” information that will help you decide what is best for you.
The TSB student card has one main drawback, which is the added fees and charges you could incur if you miss your minimum repayments or go over you credit limit.
The TSB student credit card should be considered alongside its rivals, as it has a competitive APR and offers a higher credit limit than some similar cards. It does have a cashback offer at various times during the year and a balance transfer option (even if it’s not at a special rate), which is something that some of its rivals don’t offer. The harsh penalty fees are the one major downside to the TSB card, as, if you are not careful, you could end up paying a lot extra in fees. As with other student cards, you must have a link to an existing student bank account with the lender.
To be eligible, you must be at least 18 years old to receive the card, a UK resident (could be an option for international students), have a regular income, have a TSB student current account, and have not been declared bankrupt or have any county court judgments against you. You must also be enrolled at a college or university. And you can only receive the student credit card if you don’t have any other credit cards with TSB.
You need to go into a branch to apply for the student credit card. Make sure you take your TSB bank account details, evidence of your current address in the UK, and any details related to a balance transfer, if you plan to do that.
The higher credit limit and some additional features including cashback and balance transfer options are enticing, but the numerous and harsh penalty fees and the fact that you have to go into a branch to apply for the card are drawbacks. The TSB student credit card may be a good option for students who are residents of the UK but don’t have three years of address history to be eligible for similar cards, and who need an option to help build their credit rating.
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