Credit cards Date:
Sainsbury's Bank has increased the length of the interest-free term on one of its balance transfer credit cards, enabling it to move up the Moneyfacts charts as a result.
Nectar Balance Transfer Credit Card MasterCard now has a lengthy 0% interest balance transfer term of 36 months, one of the longest interest-free terms available, and comes with an introductory fee of 2.89%. A three-month interest-free term for purchases is also available.
Once the initial offers expire, standard purchases will be charged at 18.9% APR while balance transfers will carry an annual charge of 18.95% with a fee of 3.00%.
Borrowers must be Nectar cardholders and at least 18 years old to apply. Applications can be made by phone or online. As an added bonus, borrowers will earn 2 Nectar points for every £1 spent in store or on Sainsbury's fuel and 1 point for every £5 spent elsewhere using the card.
Borrowers should remember that rates are representative and dependent on their credit rating.
Remember, in order to secure a mortgage, credit card or personal loan you need to have a good credit rating. To find out if yours has a clean bill of health, contact a credit check provider, such as Experian CreditExpert to investigate your credit report.
Borrowers who are searching for a cost-effective method with which to clear their outstanding credit card balances are likely to pay attention to this latest update. Now offering a lengthy 36-month interest-free balance transfer term, this card is bound to appeal, especially as borrowers can also profit from extra Nectar card points and three months of interest-free purchases.
Moneyfacts rating: Outstanding
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