Less squeeze, more time to breathe.

Get 0% p.a. interest on balances transferred for 6 months.

Transfer the balance of another bank’s credit card or selected store cards to a TSB Credit Card and receive 0% p.a. interest for 6 months on the transferred balance1.

No minimum transfer amount

Up to 90% of your approved limit or a maximum $20,000 per balance transfer

Balance transfer terms apply2

0% balance transfer

How balance transfers work

How it works

A balance transfer is where you use your credit card account to pay off the balance of a different credit card or store card. 

If you choose to transfer a balance to a new or existing TSB credit card, we’ll pay the agreed amount to your other card provider and transfer it to your TSB credit card. Once the transfer is complete, interest on the transferred balance will be 0% p.a. for 6 months. Any unpaid balance transfer amount at the end of the 6-month period will be treated as a purchase, and the purchase interest rate will apply from that date.

During the balance transfer period, please be aware that any purchases or cash advances you make will incur interest and will not be eligible for any interest-free period while the balance transfer is outstanding. Please see below for more information on how balance transfers work with purchases.

How payments work

Payments made to your credit card account are generally applied to charges on your account in the following order: 

1. Interest

2. Fees

3. Cash advances

4. Purchases

5. Balance transfers

This means payments will be applied to your balance transfer after other charges (listed above) have been paid in full, regardless of when those charges were made.

How balance transfers work with purchases

It's important to understand that interest on purchases works differently if you have a balance transfer. This is due to interest-free days on purchases being available only if you pay the total closing balance each month (including any balance transfers, cash advances or fees). 

If you have an outstanding balance transfer from a previous statement, you will be charged interest on any new purchases until the full closing balance from that statement is paid (including the balance transfer amount).

The balance transfer process

1. If your application is approved

We'll work with your other card provider to transfer the balance on that card to your new or existing TSB credit card.

2. Processing time

It can take up to 5 days from receiving your application to us completing the balance transfer.

During this time, you’ll need to continue making any payments due on your old card. If you don’t, you may be liable for overdue payment or interest fees from your existing card provider. 

3. Your balance is transferred

We'll send you a letter to let you know when your balance has been transferred to your new or existing TSB credit card and you will also see this in TSB online banking and the TSB app.

The 0% p.a. balance transfer interest rate will apply to your transferred balance for 6 months from the date of transfer.

4. Closing your other card

You’ll need to contact your old card provider and ask them to close your old card once the balance is transferred. We can’t close your other card for you.  

Remember to check that all direct credits or debits have been stopped, or moved to another payment option, before the card is closed.

TSB Low Rate Mastercard

Our lowest rate credit card. Meet the TSB Low Rate Mastercard. Packed with a low interest rate of 11.95% p.a. for purchases and a range of insurances.

low rate mastercard trial

Other fees and interest rates apply. See TSB Credit Mastercard rates, fees and agreements for more detail.

Request a balance transfer

You can request a balance transfer when applying for a new TSB Credit Mastercard. If you have an existing TSB Mastercard, talk to one of our TSB team on 0800 872 226 (between 8am and 6pm weekdays and 9am and 5pm weekends) or in branch.

Important information
  1. Different interest rates apply on purchases and cash advances for Low Rate Mastercard and Platinum Mastercard and rates are subject to change. $20 annual fee for Low Rate Mastercard and $90 for Platinum Mastercard applies.
    Limited time offer. Eligibility, lending criteria, T&Cs and fees apply for both card types. 
  2. Balance transfer terms, including limits on when you can request a balance transfer, are set out in our TSB Credit Mastercard Conditions of Use. You cannot make a transfer from a TSB card to another TSB card. 
  3. Different interest rates apply to balance transfers. We can change our interest rates and fees from time to time.
  4. Up to 55 days interest free credit for purchases when you pay the closing balance of your statement in full each month by the due date. Purchases doesn’t include cash advances or balance transfers. See how balance transfers work with purchases above.
  5. The TSB Google Pay Conditions of Use apply to Google Pay, see Google Pay for more information. Android and Google Pay are trademarks of Google LLC
  6. For details on Mastercard’s Zero Liability promise visit mastercard.co.nz/zeroliability
  7. Mobile Phone Insurance, Purchase Protection Insurance and Price Protection Insurance are underwritten by AIG Insurance New Zealand Limited (“AIG”). AIG, TSB or Mastercard do not provide financial advice about the insurance. TSB Credit Mastercard Insurance Terms and Conditions sets out the details of what is covered, claims limits, what is not covered, and eligibility to help you determine if the insurance is right for you. The Insurance (Prudential Supervision) Act 2010 requires licensed insurers to have a current financial strength rating that is given by an approved rating agency. AIG Insurance New Zealand Limited has an A (Strong) insurer financial strength rating given by Standard & Poor’s (Australia) Pty Ltd. The rating scale, in summary form is: 

       AAA Extremely Strong                   BBB Good                       CCC Very Weak                      SD Selective Default
       AA Very Strong                               BB Marginal                   CC Extremely weak                D Default
       A Strong                                          B Weak                           C Regulatory Action               NR Not Rated

    The rating from 'AA' to 'CCC' may be modified by the addition of a plus (+) or minus (-) sign to show relative standing within the major rating categories. A full description of the rating scale is available on Standard & Poor’s website.
  8. Priceless experiences are subject to terms and conditions at www.priceless.com/terms/en_NZ
  9. The limits for contactless transactions without PINs can be changed from time to time without notice.

The terms and conditions for the TSB Low Rate Mastercard are set out in Credit Mastercard Conditions of Use, Credit Mastercard Fees Information and your card summary.

Mastercard, Priceless and the circles design are registered trademarks of Mastercard International Incorporated.