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Category: Credit cards Date: 9/8/2010
Sainsbury's Finance has launched a new credit card that should appeal to frequent travellers.
The Gold Credit Card MasterCard charges a £5 per month (pm) fee with an APR of 18%, 1.872% pm, 24.93% per annum for cash withdrawals and 0.793% pm, 9.94% pa for balance transfers.
No fees are charged on cash withdrawals, balance transfers and foreign usage. The card benefits from a loyalty scheme where two Nectar points are earned per £1 spent in Sainsbury's stores and one point per £5 spent elsewhere.
Free worldwide travel insurance for two adults and up to six children under the age of 23 and in full time education (maximum age for cover is 65) is also available.
Purchases and cash advances receive up to 46 days' interest free credit if account is cleared in full each month.
Consumers will need to weigh up the monthly charge against the advantage of not paying for foreign usage or cash withdrawal fees.
The waiving of these fees along with not charging for transferring a balance and not applying cash withdrawal interest if the statement is cleared each month make this card unique.
Four out of five Moneyfacts stars have been awarded.
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Disclaimer: Information is correct as of the date of publication (shown at the top of this article). Any products featured may be withdrawn by their provider or changed at anytime.