TSB Credit Card

TSB credit card eligibility and documents

TSB requires a good credit history, regular annual income of at least $18,000 after tax, and no bankruptcy or previous insolvency action. Applicants must be 18 or older and be New Zealand citizens or resident visa holders living in New Zealand. Meeting these entry criteria does not establish that a particular limit is affordable.

Provide details of income, living expenses and existing debts. Accepted income evidence includes recent payslips, bank statements, an employer letter, an employment contract or IRD documents.

For everyday spending accounts outside TSB, supply bank-issued PDF statements covering 90 consecutive days, including credit cards used for living expenses. The latest statement must be no more than 30 days old. TSB does not accept scans, transaction exports or paper copies for this upload. Statements for accounts held with TSB are not required. See the application document requirements.

Which TSB credit card suits which borrower?

Low Rate Mastercard is the more economical choice within TSB’s range if some spending will remain unpaid after the due date. Its lower minimum limit also suits someone who wants modest access to credit.

Platinum Mastercard is more relevant when planned spending is repaid in full and cashback or eligible travel cover justifies the higher fee. Its $8,000 minimum limit may be more credit than some households need.

For a single expense requiring structured repayments, compare personal loans with a defined repayment schedule. For existing card debt, compare the transfer offer with debt consolidation options using the total repayment cost and a realistic clearance date. A debit card is an alternative when borrowing is unnecessary.

Applying for and using a TSB credit card

Application and assessment

Apply through TSB’s online credit card application, select the card and provide the requested financial information. TSB assesses the application and approved limit. Its Privacy Notice explains identity verification, credit checks and information sharing with credit reporting agencies.

After receiving your card, verify your identity, choose a PIN and activate it through online banking or the TSB app. Payments can be made from another bank, through TSB banking, by direct debit or at a branch.

Application and delivery times

TSB estimates 15–20 minutes to complete the application; this is not an approval timeframe. Its card FAQs state that standard postal delivery usually takes 3–7 business days after approval.

The balance transfer condition that matters

The current limited-time offer provides 0% p.a. for six months on approved transfers from another bank’s credit card or selected store cards. Transfers can be up to 90% of your approved limit, with a maximum of $20,000 per transfer. TSB-to-TSB transfers are excluded.

New purchases do not retain their interest-free treatment while a transferred balance remains outstanding. Repayments generally clear interest, fees, cash advances and purchases before balance transfers. Using the card for shopping can therefore slow repayment of the transferred debt.

TSB says transfers can take up to five days from receiving the application. Continue payments to the old provider until completion; transferring the balance does not close that account. Any transferred balance remaining after six months attracts the applicable purchase rate. Check the full transfer conditions.

Questions to ask before accepting the card

• What limit has been approved, and could I repay it without relying on further borrowing?
• What monthly payment would clear my transferred balance before the promotional rate expires?
• Which transactions count as cash advances, and when would interest start?
• Will my normal eligible spending justify Platinum’s additional annual fee?
• Does the insurance cover my purchases or trip, including medical conditions, age restrictions and excesses?

TSB credit card advantages and limitations

• Lower borrowing cost with Low Rate: Its purchase rate is nine percentage points below Platinum’s, and its annual fee is $70 lower.
• Useful benefits for eligible spending: Both cards include selected purchase and phone protections; Platinum adds cashback and travel insurance.
• Transfer and spending conflict: An outstanding balance transfer affects interest-free purchases and receives repayments after other transaction categories.
• Platinum requires a stronger value case: The higher fee, higher borrowing rates and cashback threshold reduce its appeal for occasional spending or persistent debt.

TSB credit card interest, fees and total cost

Other published charges include $7.50 for replacing a lost or damaged card and $4 for requested domestic courier delivery; international courier delivery is quoted separately. Replacement fees do not apply to stolen or expired cards. Debt recovery costs may also apply under the contract.

A $10 late payment fee may apply if the minimum payment remains unpaid at the next statement closing date. TSB says it does not charge this fee when the previous minimum payment was made on time. See the fee schedule and charging conditions.

When interest-free purchases become interest-bearing

The number of interest-free days depends on where the purchase falls in your statement cycle. To receive the full benefit, pay both the previous statement’s closing balance and the statement containing the purchase in full by their respective due dates. Otherwise, interest can run from the purchase date. Cash advances attract interest immediately. TSB calculates interest daily and charges it monthly; it does not charge interest on fees or interest.

Platinum cashback: assess the return after costs

The current earn rate is equivalent to 0.8% of eligible spending. Under the terms effective 19 August 2026, the transaction that reaches the $60 monthly cashback threshold earns its full cashback; subsequent purchases earn none until the next statement. This is not a strict $60 cap on the threshold-crossing transaction.

Illustration: spending needed to justify Platinum

Editorial calculation, not a personalised offer: $1,500 of eligible purchases each month produces approximately $144 cashback over a year. Deducting the $90 annual fee leaves $54. This assumes full, timely repayment, spending below the monthly threshold, unchanged terms and no additional fees; transaction-level rounding can affect the result.

At the advertised earn rate, approximately $11,250 of eligible annual spending offsets Platinum’s annual fee. Compared specifically with Low Rate, approximately $8,750 offsets the $70 fee difference, before valuing insurance. These calculations assume cashback is earned in full. Spending more simply to reach either figure would undermine the comparison.

Insurance conditions and potential extra costs

Both cards include conditional price, purchase and mobile phone protection. Phone cover requires the preceding month’s bill or prepaid top-up to have been paid using the card. Limits, excesses and exclusions apply.

Platinum travel cover generally requires at least 50% of prepaid trip expenses to be charged to the card, alongside residence and other eligibility conditions. Standard cover is limited to 90 consecutive days; approved extensions may require a premium. Domestic cover is limited to cancellation and travel delay benefits.

Pre-existing medical conditions are excluded unless accepted following assessment, potentially with an additional premium. Travellers aged 75 or over do not receive automatic medical cover or cover for cancellation and disruption claims arising from their medical conditions or symptoms. Read the insurance wording effective 16 September 2026 before relying on a benefit.

Verdict: repayment behaviour decides the better TSB card

TSB Low Rate’s strongest feature is its lower ongoing borrowing cost. Platinum’s case rests on cashback and insurance that you can actually use while repaying purchases in full. Its main limitation is that interest can consume the rewards quickly. Compare expected annual interest and fees against usable benefits, and assess a balance transfer using a repayment plan that clears it before the promotional period ends.

TSB credit card FAQs

Should I choose TSB Low Rate or Platinum if I sometimes carry a balance?

Low Rate is the cheaper TSB card for borrowing: purchases attract 11.95% p.a., compared with Platinum’s 20.95% p.a., and the annual fees are $20 and $90 respectively. Platinum’s cashback can be outweighed by interest when purchases remain unpaid. Also compare the minimum limits: Low Rate starts at $500, while Platinum starts at $8,000, subject to approval. A larger limit offers flexibility but may exceed the credit you need.

How much must I spend for TSB Platinum cashback to justify its fee?

At $1 cashback per $125 of eligible purchases, approximately $11,250 of annual spending offsets the $90 annual fee. Compared specifically with Low Rate, approximately $8,750 offsets Platinum’s additional $70 fee. These editorial calculations assume full repayments, unchanged pricing, no additional charges and cashback earned without restriction from the monthly threshold; transaction rounding can affect the result. Insurance may add value if you qualify for useful cover. Cashback is credited on the first working day of the following statement period.

How do TSB’s cashback threshold and exclusions affect the comparison with other rewards cards?

TSB applies a $60 cashback threshold per statement cycle. The purchase that reaches the threshold earns its full cashback, but later purchases earn none until the next statement. Concentrating a large annual expense into one cycle can therefore produce a different return from spreading eligible purchases across the year. Tax payments, cash advances, cash-like transactions, balance transfers, gambling, fees, interest and refunded or reversed purchases are excluded. Compare rewards using your eligible spending in each statement cycle, rather than your total annual card spending alone. See TSB’s cashback conditions.

What could make TSB’s 0% balance transfer less useful than another debt repayment option?

The current offer lasts six months, after which any remaining transferred balance attracts the card’s purchase interest rate. Approved transfers are limited to 90% of your credit limit and $20,000 per transfer. New purchases attract interest while the transfer remains outstanding, and repayments generally clear interest, fees, cash advances and purchases before reducing the transfer. Compare the annual fee, transfer limit, promotional duration and post-promotion rate with alternatives. A longer repayment arrangement may be more practical if clearing the balance within six months would strain your budget. Check TSB’s transfer terms.

Will paying TSB’s minimum repayment clear a balance transfer during the interest-free period?

The minimum payment is not a six-month repayment plan. For balances of $10 or more, TSB generally requires the greater of $10 or 3% of the closing balance up to the credit limit, rounded down to a whole cent. Smaller balances must be paid in full; overdue and over-limit amounts are payable immediately in addition. As an illustration, clearing a $3,000 transfer over six months requires $500 a month towards the transferred principal, plus applicable fees. By comparison, 3% of a $3,000 statement balance is only $90.

Do I need to move banks to apply, and is Platinum harder to qualify for?

You can apply as a non-TSB customer and make card repayments from another bank. Both cards publish the same minimum income requirement: $18,000 a year after tax. Applicants must also be at least 18, live in New Zealand as a citizen or resident visa holder, have a good credit history and meet TSB’s insolvency and lending criteria. However, Platinum’s $8,000 minimum limit is much higher than Low Rate’s $500 minimum. The shared income threshold does not mean both limits will be affordable or approved for the same applicant.

Does TSB Platinum cashback compensate for its foreign currency fee?

Only partly. Both cards charge 1.9% of the New Zealand dollar value of a foreign currency transaction. Platinum’s eligible cashback rate is 0.8%. For illustration, a qualifying purchase converted to NZ$1,000 would incur a $19 conversion fee and earn approximately $8 cashback, leaving an $11 difference before interest and the annual fee. This assumes cashback remains available under the monthly threshold. Compare overseas spending costs separately from travel insurance benefits when assessing another card.

Can TSB Platinum travel insurance replace a separate travel policy?

It may meet your needs, but holding the card alone does not establish cover. The usual activation requirement is payment of at least 50% of prepaid trip expenses using the card, alongside residence and other eligibility conditions. Standard cover lasts up to 90 consecutive days; domestic cover is limited to cancellation and travel delay benefits.

Pre-existing medical conditions require separate acceptance and may attract an additional premium. Travellers aged 75 or over do not receive automatic medical cover or cancellation and disruption cover for claims arising from their medical conditions or symptoms. Compare these restrictions, benefit limits and excesses with a standalone policy using the current insurance wording.

What should I do if repayments become difficult or TSB does not resolve my complaint?

Call 0800 231 233 to discuss financial difficulty. Explain what changed, what you can afford and whether the problem is temporary. Any assistance depends on your circumstances and TSB’s assessment. General card enquiries go to 0800 872 226; our debt management information covers further options.

If TSB’s complaints process does not resolve the issue, contact the Banking Ombudsman Scheme on 0800 805 950. Its dispute resolution service is free and independent.