New research(1) from Sainsbury’s Bank Credit Cards reveals on average, each person planning a summer holiday this year is likely to spend £974 on it. Many people would consider booking the vacation itself as being the most expensive part of the holiday, however the research reveals that it’s just over a third (35%) of the total spend. On average, UK holidaymakers say they’ll spend £288 (30% of the total spend) on spending money; £96 (10%) will go on buying new clothes; and £58 (6%) getting to and from the airport or train station.
Holidaymakers also say they’ll spend an average of £21 paying for a home-sitter whilst they are away. Those with pets also face extra costs, as the research reveals an average of £32 will be spent on kennels or catteries.
Around 23% of the total holiday spend will be placed on credit cards. A quarter (25%) of people using a credit card plan to transfer some of their balance to a 0% interest free balance transfer card after their holiday, with these people estimating they will transfer over half (54%) of their spend after their summer holiday. This equates to a total of £2 billion that holidaymakers intend to transfer to an interest free balance transfer cards after their summer vacation.
Simon Ranson, Head of Banking at Sainsbury’s Bank, commented: “The true cost of a holiday is much greater than just the upfront cost of booking it in the first place, with lots of add-ons to consider by the time you’re ready to set off. Holidaymakers choosing to use a credit card should carefully consider their options. Some cards may be more cost-effective for overseas spend, some are better for large purchases, like the holiday itself, and others if you’re transferring a balance.”
Sainsbury’s Bank currently offers a range of credit cards, including a purchase card with no interest on purchases for 27 months and balance transfers for 18 months*. Balance transfer fee is 3% (minimum £3) at all times. Customers collect Nectar points every time the card is used.
Simon added: “When applying for credit cards, people may not realise that the zero per cent introductory deals advertised aren’t always offered to successful applicants. If you’re successful when applying for credit card with us you’ll receive the full advertised 0% promotional period, but some providers may offer fewer months so it’s worth checking this before applying.”
Expected spend on this year’s summer holiday(1)
|Booking the holiday itself||£342|
|Spending money whilst on holiday||£288|
|New clothes / accessories to take on holiday||£96|
|Getting to and from the airport / train station – both ends||£58|
|Holiday presents for loved ones||£56|
|Pre-holiday grooming (haircut, manicure, fake tan etc)||£47|
|Paying to put pets in kennels / catteries||£32|
|Parking your car at the airport / train station||£35|
|Paying for a home sitter||£21|
This press release is information for journalists only and is not intended to be a promotion to be acted upon by consumers.
Purchase rate is
|With a representative||Assumed credit limit|
|18.95% p.a. variable||18.9% APR variable||
Your interest rate and credit limit will vary depending on your individual circumstances.
Sainsbury’s Bank Nectar Credit Cards Nectar points conditions: 2 Nectar points are collected on each full £1 of each separate shopping and fuel transaction at Sainsbury’s. Excludes Sainsbury’s Telecoms and Energy, which will be treated as non-Sainsbury’s purchases. For non-Sainsbury’s purchases 1 Nectar point is earned on each full £5 of each separate transaction. Travel Money purchases are not eligible for points. Nectar points are awarded to you by Sainsbury’s Supermarkets Ltd and Sainsbury’s Bank plc, who reserve the right to alter or terminate the offer at any time. Please allow up to 60 days from your credit card statement date for points to be credited to your Nectar account. The Nectar loyalty programme is operated independently of Sainsbury’s Bank by Aimia Coalition Loyalty UK Ltd, and the collection and use of points is governed by the Nectar Collector Rules, which are set out in the registration pack and are also available at nectar.com.
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Sainsbury’s was the first major British supermarket to open a bank, commencing trading in February 1997. Benefiting from a fantastic, trusted brand that enables us to combine the shopping experience with personal finance, Sainsbury’s Bank provides a range of quality products including insurances, credit cards, savings and loans. Our proposition is to make shopping more rewarding by offering customers great products at fair prices, while consistently rewarding shoppers for their loyalty and being easy to do business with at all times. Our products consistently top best buy tables and regularly win awards for quality, price and service.
Sainsbury’s Bank plc. Registered Office, 33 Holborn, London EC1N 2HT (registered in England and Wales, no 3279730) is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority (register no. 184514). Sainsbury’s Bank plc is covered by the Financial Services Compensation Scheme (FSCS).