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Sainsbury’s Bank Strengthens Credit Card Proposition – Offering Most Competitive Low Rate Card

10 March 2014

Sainsbury’s Bank strengthens credit card proposition –

offering most competitive low rate card

Sainsbury’s Bank has lowered the rate on its Sainsbury’s Low Rate Nectar Credit Card to 6.9% APR Representative Variable, making it the lowest low rate credit card on the market(1).

 In addition, the Bank is extending the interest free period on purchases and balance transfers on its Sainsbury’s Nectar Credit Card to 16 months(2).

Customers can now also choose to opt for the Sainsbury’s Nectar Credit Card with BT fee refund which offers an interest free period on balance transfers and purchases for 12 months(2) and the 3% balance transfer fee is refunded in Nectar points. The BT must be made within six weeks of the account opening and the Nectar points will be refunded within six weeks. Customers must pay at least the minimum payment by the due date and stay within their credit limit to keep their promotional rate.

All three credit cards offer double Nectar points on Sainsbury’s shopping(3) and one point for every £5 spent elsewhere, including when the card is used abroad. At Sainsbury’s petrol filling stations, using a Nectar card alone affords you one point per litre but when paying with your Sainsbury’s Bank credit card, you’ll receive an additional two points per £1 spent on fuel.

Simon Ranson, Head of Banking at Sainsbury’s Bank said: “Our strengthened credit card offering makes it difficult for Sainsbury’s shoppers to find a card that beats the combination of great rates, interest free options and a reward scheme. Customers can earn the equivalent of 2% back on their Sainsbury’s shopping and fuel(3) with a further one point per litre as well.”

Research from Sainsbury’s Bank reveals that 10% of people plan to take out a new credit card over the next 12 months or switch to another one. Some 40% of these people say that they would consider a card from a supermarket bank(4).

Of those people who are considering supermarket banks for one or more of their financial products over the next 12 months, 69% say it is because they are competitively priced; 61% because they provide attractive offers, and 47% say it’s because they offer a loyalty or reward scheme(4).

For information on Sainsbury’s Bank credit cards visit www.sainsburysbank.co.uk or pick up a leaflet instore at Sainsbury’s.

 -Ends-

For further information, please contact:

Calum MacDougall / Tom Wilson

Citigate Dewe Rogerson

020 7282 2874 / 2842

 

Lorna Gilmour

Sainsbury’s Bank

0131 338 2863 / lorna.gilmour@sainsburysbank.co.uk

 

Rates and information correct at date of issue.

 

Notes to editors:

 

(1)   According to www.moneyfacts.co.uk/creditcards when searching for low rate credit cards

(2)   16.9% APR Representative Variable.

(3)   Customers using their Sainsbury’s Nectar Credit Card instore or online at Sainsbury’s earn 2 points per £1 spent and 2 Nectar points per £1 spent when using their Nectar card. Therefore, the combined post-introductory reward is 4 points earned per £1 spent; this is equivalent to 2% back on Sainsbury’s shopping. Points are not available on a limited range of Sainsbury’s goods and services. Travel Money purchases are not eligible for points. Nectar points are awarded to customers by Sainsbury’s Supermarkets Limited and Sainsbury’s Bank plc. Nectar points may take up to six weeks to appear on customers’ accounts. More information is available at sainsburysbank.co.uk   

(4)   Sainsbury’s Bank commissioned independent research agency, ICM. ICM interviewed a random sample of 4,062 adults aged 18+ in GB online between 15th -19th January 2014. Surveys were conducted across the country and the results have been weighted to the profile of all adults. ICM is a member of the British Polling Council and abides by its rules. Further information at www.icmresearch.com

 

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 has its own banking licence, is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority (register no. 184514), except for Credit Cards and Loans where it is licensed by the Office of Fair Trading (OFT) license no. 421897. The Bank has an independent membership to the Financial Services Compensation Scheme.