TSB is offering customers ‘market-leading’ 0% balance transfer credit card

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The Platinum Balance Transfer Card offers TSB’s longest zero percent balance transfer period. At 29 months, it is also the market-leading option at this moment in time.

The Platinum Balance Transfer Card offers TSB’s longest zero percent balance transfer period. At 29 months, it is also the market-leading option at this moment in time.

This card offers zero percent interest for up to the first 29 months on balances transferred within the first 90 days.

However, customers do need to be aware that a fee will apply.

There is a 2.95 percent balance transfer fee will apply for each transfer that’s made in the first 90 days of the account opening.

Additionally, customers who take out this credit card will be able to benefit from zero percent interest for the first three months on purchases.

After this period, a 19.95 percent p.a. (variable) charge will apply on purchases.

TSB says the offer will provide customers with the opportunity to consolidate debts and save money on existing card balances to help manage their finances.

Paul Izon, Head of Cards at TSB said: “We’re committed to helping our customers feel more money confident.

“This offer can assist those looking to get their finances in better shape, or those simply on the hunt for a new credit card.”

To remain eligible for promotional rates, credit card holders must stay within their credit limits.

Additionally, they must make their payments on time each month.

The bank states the offer is only available if a person does not already have a credit card from TSB.

“It’s important that you apply for a TSB credit card in the way that’s right for you,” the website adds.

“This will depend if you already have an account with us or not.”

According to money comparison website Moneyfacts.co.uk, TSB upped their up to 28 month offer to 29 months in September this year.

Commenting on the offer, Rachel Springall, Finance Expert at Moneyfacts, said: “In the months to come, consumers may decide to turn to balance transfer cards to give them a bit of breathing space with their repayments in the knowledge that their debt is not bearing interest.

“However, it is vital consumers make every effort to set a key point to clear their debts by or they may have to switch again, and potentially pay a fee to do so.

“In light of the unprecedented situation the UK is experiencing right now, consumers who might feel financially strained themselves may wish to review their credit report before they apply for a credit card to ensure it has no abnormalities or missed payments, as these could go against their card application.

“It is vital that consumers act quickly to take advantage of the top deals as we could see more cuts in the weeks to come.”

Balance transfer cards are something which MoneySuperMarket’s money expert Claudia Nicholls has addressed recently.

She said: “If you already have credit card debt across one or more card that you pay interest on, consolidating your debts by transferring to a zero percent card could be cheaper and allow you to pay off your debts more quickly.

“Just make sure you know when the interest-free period is due to come to an end and make sure your balance is paid off by then as interest will be charged on any remaining balance.”

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