On 22nd September 2011, Sainsbury’s Finance is launching a new market-leading credit card with the lowest APR currently available(1) in the market.
The low rate card, available to customers with a Nectar card(3), offers a representative APR of 6.9% on new purchases and balance transfers, and does not impose balance transfer fees. This is only the third sub-7% credit card to hit the market in the past four years and currently offers the lowest APR available in the UK by a considerable margin(1). According to new research from Moneynet(4) the average credit card APR on the market currently stands at 17.82%.
Stuart McKeggie, Head of Sainsbury’s Credit Cards said: “We’re pleased to be able to offer our customers a card with a market-leading low rate. We strive to reward them for their custom and provide a range of cards so they can pick the best one for their needs. With no balance transfer fee, those who may previously have switched cards for introductory offers can avoid incurring a balance transfer fee while enjoying a low rate.”
Andrew Hagger of Moneynet commented: “With an APR of just 6.9% this card is a much cheaper way to manage your cash flow than an overdraft. Even if you can’t clear your statement balance in full every month the interest charges aren’t going to hit your pocket too hard.”
The new card joins the Sainsbury’s Nectar Credit Card (16.94% APR Representative), which offers double Nectar points on Sainsbury’s shopping in-store, online and in petrol filling stations for two years(5), a 15-month 0% introductory offer on balance transfers (3% fee) and a 6-month 0% introductory offer on purchases. Shoppers are rewarded with an extra two points for every £1 spent, the equivalent of 1% cash back on their Sainsbury’s shopping on top of their usual Nectar card points (2% cash back equivalent when both credit card and Nectar card are used at the time of transaction).
To find out more about Sainsbury’s new low rate credit card call0800 030 4365 or log onto www.sainsburysfinance.co.uk or pick up a leaflet in your Sainsbury’s supermarket. Customers applying for a Sainsbury’s card should have their Nectar card ready when they apply.
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For further information, please contact:
Ian Morris / Tom Wilson
Citigate Dewe Rogerson
020 7282 1037/1072
Notes to editors:
(1) Sainsbury’s Finance commissioned Moneynet to research the UK credit card market on 12th September 2011. The Barclaycard Simplicity rate was 6.8% until June 2010 when it was increased to 7.8%, then it was reduced to 6.8% again before being put back up to 7.8% in February 2011. Halifax Easy Rate card launched at 6.9% in March 2010 but was withdrawn from the market on 19th October 2010. As of 12th September 2011 the best APR available on the market was 7.9% from Barclaycard Simplicity (minimum income £20,000)
(2) Terms and conditions apply, seewww.sainsburysfinance.co.uk for full details
(3) Customers must have their Nectar card when applying. Seewww.sainsburysfinance.co.uk for full terms and conditions
(4) Moneynet research 30th August 2011
(5) Double Nectar points on Sainsbury’s shopping for two years when you pay with your Sainsbury’s Nectar Credit Card (and hand over your Nectar card). Collect Nectar points when you use your Sainsbury’s Nectar Credit Card elsewhere – 1 point for every £5 you spend. Visit www.nectar.com for more details.
To view our latest press releases and product information, please visit the Sainsbury’s Finance online media centre atwww.sainsburysfinance.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 Finance 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 Finance recent awards include Best Overall Online Provider, Best Online Pet Insurance Provider, Best Online Personal Loan Provider and Best Direct Home Insurance Provider at the Your Money Awards 2011.
Sainsbury’s Finance is a joint venture between J.Sainsbury plc and Lloyds Banking Group.
For further information and general Sainsbury’s Finance enquiries customers can call the freephone number on 0500 40 50 60 or visit www.sainsburysfinance.co.uk