Sainsbury’s Bank has enhanced the offer on two of its credit cards; it now offers the lowest balance transfer (BT) fee of a credit card with an interest-free period of 40 months or more(1). The bank is now also one of just nine cards on the market to offer a credit card with no BT fee and interest-free balance transfers for more than 20 months.
Both cards also offer a Nectar reward scheme when some credit card providers are reducing the level of their rewards or removing them completely.
Sainsbury’s Bank’s two new competitive credit card offers are available to new customers from Tuesday 16th August 2016:
Both cards offer 0% APR on purchases for three months(2) and reward customers with 5,000 bonus Nectar points when they spend £800 on their Sainsbury’s Bank credit card on shopping and fuel at Sainsbury’s during the first three months (offer ends 27th September 2016)(4). Customers also collect two points for every £1 spent at Sainsbury’s, including online, instore and at petrol stations and they also collect 1 point from Sainsbury’s for every £1 spent and 1 point for every litre of fuel(5).
Independent research(1) from Andrew Hagger at MoneyComms reveals that out of more than 140 mainstream credit cards on the market, only six offer an interest free period of 40 months or more on balance transfers. The average BT fee of these six cards is 2.91%.
Also, looking at the entire market, just 12 credit cards offer 0% APR on balance transfers with no BT fee, and their average interest free period is 16.3 months.
Jerome Fernandez, Head of Credit Cards at Sainsbury’s Bank said: “Our suite of credit cards has never been more competitive. We now have the longest interest-free periods on balance transfers and purchases that we have ever offered, with our most competitive BT fees and we reward our customers every time they use their card.”
Jerome 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 a 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.”
This press release is information for journalists only and is not intended to be a promotion to be acted upon by consumers.
Notes to Editors
Purchase rate is
|With a representative||Assumed credit limit|
|18.95% p.a. variable||18.9% APR variable||
Customers’ interest rate and credit limit will vary depending on their individual circumstances. To keep their promotional rate, customers must pay at least the minimum payment by the due date and stay within their credit limit.
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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).