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Sainsbury’s Bank cuts balance transfer fee

Sainsbury’s Bank cuts balance transfer fee

Category: Credit cards
Date: 21/02/2017

MONEYFACTS ARCHIVE
This article was correct at the time of publication. It is now over 6 months old so the content may be out of date.

Sainsbury's Bank has decreased the introductory fee on its leading 0% balance transfer credit card by 0.05%, which has strengthened its place in the Best Buy chart for its sector and earned it our highest rating.

The basics…

The Sainsbury's Bank 42 Month Long Balance Transfer Credit Card MasterCard now boasts an introductory balance transfer fee of 2.30% (min. £3) after a partial refund, while retaining its long interest-free term of 42 months. It also come with an introductory 0% purchase term of three months.

The finer details…

After the introductory periods have ended, balance transfers will be charged at an annual rate of 18.95%, while standard purchases will be charged at 18.9% APR.

As a bonus for loyal Sainsbury's shoppers, this card comes with 5,000 Nectar points for new customers who spend £250 on Sainsbury's shopping or fuel in the first 40 days (valid until 26.3.17), and another 3,000 bonus points if the card is taken out before 28.02.2017 and a balance of at least £1,000 is transferred in before then. Customers will also earn two Nectar points per £1 spent on Sainsbury's shopping or fuel and one point for every £5 spent elsewhere, though they should remember there is only a three-month interest-free term on using the card to make purchases.

Borrowers must be at least 18 years old and should remember that rates are representative and dependent on credit ratings.

Why we like it…

The reduced introductory fee has kept this card competitive, especially for those looking to earn some Nector points. As a result, it has retained its place in the Best Buys and earned our highest rating.

Moneyfacts rating: Outstanding

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 Any products featured may be withdrawn by their provider or changed at any time.

 

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 Any products featured may be withdrawn by their provider or changed at any time.

 
 
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