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Sainsbury’s Bank Launches One Of The Longest ‘dual’ Introductory Interest Free Periods For Purchases And Balance Transfers Credit Cards

20 October 2015

Sainsbury’s Bank is launching two new credit card offers, each with competitive introductory purchase and balance transfer periods, as well as a reward scheme.

The Sainsbury’s Nectar Dual Offer Credit Card carries an interest free period of 21 months on purchases and balance transfers, as well as the bank’s Nectar reward scheme. Independent research from MoneyComms(1) reveals that less than 1% of credit cards offer a reward scheme and 0% interest on purchases and balance transfers for 21 months or longer.

Also, of those cards that offer interest free periods on both purchases and balance transfers, the average length of time on purchases is 8.9 months, and on balance transfers it is 19.6 months(1).

In addition to launching a new offer, the bank has also enhanced its existing Sainsbury’s Nectar Purchase Credit Card by increasing its interest free purchase period from 19 months to 25 months. The card also offers no interest on balance transfers for 18 months and the bank’s Nectar reward scheme.

New credit card customers also receive two Nectar points per £1 spent when shopping with their card at Sainsbury’s, and when they swipe their Nectar card at the same time, they earn another one point. The combined value of these points is equivalent to 1.5% back on their Sainsbury’s shopping. Customers also earn one point per £5 spent on purchases at any other outlet, both in the UK and abroad.(3)

Simon Ranson, Head of Banking at Sainsbury’s Bank said: “With Christmas approaching, shoppers will be planning and budgeting, and many will be looking to take out a new credit card. We’ve enhanced our credit card proposition; it’s now the best it’s ever been.”

Analysis(2) of industry data reveals that in 2014, people in the UK spent on average £13.88 billion a month on their credit cards, but in the last three months of the year this increased to £14.33 billion.  In December last year, people in the UK spent £14.6 billion on their credit cards, which was the largest amount of any month in 2014.

For information on Sainsbury’s Bank credit cards call 0800 030 4429, visit sainsburysbank.co.uk/cards or pick up a leaflet instore at Sainsbury’s. Customers applying for a Sainsbury’s Bank credit card should have their Nectar card ready.

This press release is information for journalists only and is not intended to be a promotion to be acted upon by consumers.

Ends

For more information please contact:

Sainsbury’s Bank Press Office: 0131 286 0010 / bank_communications@sainsburys.co.uk or Citigate Dewe Rogerson 020 7368 9571

Notes to editor:

Sainsbury’s Bank:

To view our latest press releases and product information, please visit the Sainsbury’s Bank online media centre at www.sainsburysbank.co.uk/media

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).