Credit cards Date:
Sainsbury's Bank has increased the 0% interest balance transfer term on one of its credit cards to a joint market-leading 40 months, enabling it to stake a claim to the very top of the Moneyfacts charts.
Sainsbury's Bank Nectar Balance Transfer Credit Card MasterCard now has a lengthy 40-month interest-free balance transfer term with an introductory fee of 2.89%. It also offers a three-month 0% interest period for purchases.
At the end of the introductory offers, balance transfers will be charged at an annual rate of 18.95% with a fee of 3.00% (min £3.00), while standard purchases will be charged at 18.9% APR.
Borrowers must be at least 18 years old and apply by either phone or online. As an added bonus, new customers who apply by 24.5.16 will qualify for the card's reward scheme: four Nectar points will be earned for every £1 spent in a Sainsbury's store or on Sainsbury's fuel for the first three months, after which two points will be earned. One Nectar point will also be awarded for every £5 spent elsewhere.
Applicants should remember that rates are representative and dependent on their credit rating.
By extending the introductory balance transfer term, Sainsbury's Bank has pushed its card up the charts and secured it a place with the current market-leaders of this sector. Borrowers who are looking for a lengthy term over which to clear their outstanding credit card balances will therefore look favourably on this update, particularly if they also plan to make purchases, as this deal comes with an attractive three-month 0% interest purchase offer and a tempting rewards scheme for eligible applicants. This is an outstanding product that fully deserves the highest Moneyfacts rating.
Moneyfacts rating: Outstanding
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