TF Bank Mastercard Gold has quickly become one of Germany’s most popular free credit cards.
The Swedish online bank offers a credit card with no annual fees and good international use conditions. My review covers TF Bank’s policy on ATM withdrawals and repayments, customer service, and the credit card’s perks, including an insurance package. Finally, I will explain how to apply for and get a TF Bank credit card.
TF Bank Credit Card: Product Review in a Nutshell
PROS
CONS
- Free credit card in Germany without annual fees
- No fees abroad or for foreign currencies
- Travel insurance package and discount club
- Long repayment period úp to 51 days credit-free
- High acceptance rate and easy application
- Can be connected to your existing bank account
- English mobile app with Apple and Google Pay
- Immediate interest for cash withdrawals due
- Travel insurance only for trips paid by credit card
- No repayment via direct debit, only manual transfer
- Website and customer service only in German
Who is TF Bank?
TF Bank was founded in 1987 to focus on consumer financing for mail orders. In 2012, TF Bank obtained an official Swedish Banking license from the national supervisory authorities. Hence, it is covered by the official Swedish deposit insurance scheme. Sweden has the highest credit rating possible (“AAA”).
Nowadays, TF Bank describes itself as an innovative online financial institution for consumer banking and financial services. It offers savings accounts, personal loans, and credit cards in various European countries: Spain, Ireland, Netherlands, Austria, Poland, Norway, Sweden, Denmark, Finland, Estonia, Latvia, and Lithuania. In 2017, TF Bank entered the German market to offer a free credit card and savings accounts.
A Free German Credit Card? Fees for TF Bank Mastercard Gold
What are the base fees?
The TF Bank Mastercard Gold has no annual fees.
How much does it cost to use the TF Bank Mastercard Gold abroad?
You can use the TF Bank Credit Card worldwide. There are neither any currency conversion fees for payments outside the Eurozone.
What are the fees for ATM withdrawals with the TF Bank Credit Card?
There are no direct ATM withdrawal fees. However, TF Bank immediately charges interest (APR: 24.79 in December 2024) on open amounts from cash withdrawals. You cannot prevent these fees; you can only limit them by immediately settling your balance on the same day through a manual transfer. Unfortunately, transfers can take up to 3 working days, so at least some fees usually occur.
TF Bank logo
TF Bank Mastercard Gold
Perks and Discounts for Online Shopping
Can You collect cashback with TF Bank Mastercard Gold?
There are limited travel cashback and online shopping discounts on purchases through the “TF Bank Vorteilsclub.”
What does the Mastercard Gold Insurance Package include?
There is travel insurance covering the cardholder and accompanying family members. However, it is only valid if you pay at least 50% of the travel booking with Mastercard Gold. Hence, you might require additional travel insurance to be covered. The travel insurance package includes:
-
- Travel health insurance
- Travel cancellation insurance
- Trip interruption insurance
- Luggage insurance
- Flight and baggage delay insurance
- Personal liability insurance abroad
- Accident insurance
Digital Account Handling and Customer Service in Germany
Is mobile payment available with TF Bank Mastercard Gold?
TF Bank allows payments with both Apple Pay and Google Pay.
What languages does TF Bank in Germany support?
The website, online banking, and account opening form are in German. TF Bank’s mobile app has an English version, too.
How can you settle your outstanding balance with TF Bank?
TF Bank gives you up to 51 days of free credit. As a revolving credit card, the Mastercard Gold offers the option to choose the monthly amount you want to repay. TF Bank sends an account statement on the first working day of the month; you then have 20 working days to settle your balance. Unfortunately, this must be done manually. Consider 2-3 working days for this manual transfer to be processed. There is no option for an automated repayment through direct debit. The minimum payback amount is 3% or 30 Euros. For non-settled amounts, interest is due (APR 24,79% in September 2024). As explained, this interest is also due for cash withdrawals or so-called “quasi-money transactions” (e.g., Paypal payments, gambling, purchase of cryptocurrencies) as of day one.
TF Bank mobile app
Description of Opening Requirements
What are the Preconditions to get a TF Bank Mastercard Gold?
The formal requirements to apply for TF’s Mastercard Gold are:
- At least 18 years of age
- German address and phone number
- Regular income
- Valid ID or passport (and residence permit for non-EU citizens)
- Current account with another German bank to settle balances
What is the acceptance rate of expats at TF Bank?
Most credit card companies have very rigid credit checks. As most expats do not have a German residence or credit history for longer, the risk of being rejected is high. TF Bank is a welcoming exception and frequently accepts individuals with a low credit score or foreigners who have just moved to Germany. Hence, TF Bank is still worth trying if another credit card company has already rejected you.
How do you submit an application online and activate the TF Bank Credit Card?
TF Bank has one of the most accessible sign-up processes for credit cards in Germany with only a few simple steps:
- Fill out the online application: The short form asks for personal information on your contact, birth, and income data.
- Verify your identity: The IDnow app allows you to remotely identify yourself by taking photos of your ID and yourself.
- E-mail your activation form: Shortly after the approval, you receive a physical activation form with your credit card. You must sign it and e-mail it to TF Bank.
Conclusion: Is TF Bank Mastercard Gold a Good Credit Card?
TF Bank Mastercard Gold is one of the most selected credit cards by expats in Germany. The bank welcomes new customers with few or even negative credit histories in Germany. Moreover, the TF Bank mobile app is also available in English.
This German credit card is generally free without any annual fees. As there are no foreign currency fees, it is great for international usage. The interest-free period of up to 51 days is rather generous. However, if you do not quickly settle the outstanding balance via a manual transfer, additional costs can accumulate rapidly due to the high interest rates. There is no option for an automated repayment through direct debit. Moreover, interest is due for amounts on ATM withdrawals as of the first day.
There are some perks. However, the cashback and discount options are limited. The travel insurance package is only valid if the majority of the trip price is paid for by Mastercard Gold.
In a nutshell, TF Bank is good but not perfect. If you search for alternatives regarding free credit cards, the following credit cards might be a good solution for you:
- awa7 and Santander BestCard Basic offers interest-free cash withdrawals and easy repayment
- PAYBACK American Express and BMW Card by American Express offers generous reward programs, and the latter card is an attractive travel insurance package
As those alternative card providers have stricter creditworthiness requirements, the risk of being rejected is high. In this case, TF Bank is still a good option.
Feel free to use the comment section if you have any further questions.
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