Sainsbury’s Credit Card

The Sainsbury’s Credit Card proposition has recently been overhauled and now offers a class leading 0% for 12 months on balance transfers and purchases. It also features a competitive interest rate.

Sainsbury's Credit Card

0% for 12 months purchases & balance transfers

3%

16.9% APR

Key points View card rates

0% for 12 months on purchases
0% for 12 months on balance transfers
Competitive representative APR
Competitive cash advance interest rate

No extra Sainsbury's or Nectar rewards

Key Selling Point

Competitive overall representative APR and 12 month 0% on purchases and 0% on balance transfer promotion

Balance Transfer Limit £

Subject to Status

ATM £ Cash Charge

3% handling fee, min £3

Surcharge on Overseas Transactions

2.75%

ATM £ Cash Charge Abroad

3% handling fee, min £3

Minimum Repayment Amount

£5

Minimum Repayment Percentage

2.25%

Maximum Credit Limit

Subject to Status

Recommended Minimum Age

18

Recommended Minimum Income

No

Annual Fee

No

Annual interest rate on purchases

16.94% >

Annual rate on balance transfers

16.94% >

Annual interest rate on cash advances

25.95%

Credit rating needed

Fair to Good

Representative example: 16.94% p.a. (variable) on card purchases. Equivalent to 16.9% APR representative (variable) based on credit limit of £1,200.

To be eligible to be accepted for this card you need

• To be 18 or over
• Not to have been declined for credit in the last month
• Not have any recent history of bad credit
• Not be an existing Sainsbury’s Bank Credit Card holder
• To have a permanent, verifiable UK address

Sainsbury’s Terms and Condition state that to make sure that cardholders retain the promotional rates offered at outset on this card, they must pay at least the minimum payment by the due date each month, and stay within their credit limit.

Also note, you will need to provide your Nectar card number when you apply for this credit card, it DOES NOT earn Nectar points on purchases or balance transfers. You must also have swiped your Nectar card in a Sainsbury’s store in the previous 6 months. Sainsbury’s Finance may check your Nectar account to confirm this.

Sainsbury’s Finance operates a Risk Based Pricing policy. With the current legislation, this means they only have to offer their headline advertised APR to 51% of new applicants. Depending on your financial background and credit history, you may be offered a higher APR, or an interest rate of 19.95% or 22.95%.

Sainbury’s Finance issue the Sainsbury’s Credit Card – Corporate Information

Sainsbury’s Bank which recently changed its trading name to Sainsbury’s Finance was the first UK supermarket bank. It was launched in early 1997 by Bank of Scotland (now part of Lloyds Banking Group) and the J Sainsbury Group (now the third largest supermarket chain in the UK) reportedly as a 50:50 joint venture. Unusually for these kind of collaborations, Sainsbury’s Finance has its own banking licence from the Bank of England.

Their products include the usual supermarket money offerings like car, life, home and pet insurance, loans, travel money and of course the Sainsbury’s credit card.

Sainsbury’s Finance is successful and profitable but as ever hasn’t kept up with its arch rivals Tesco. Tesco, with its popular Tesco Credit Card claims it currently has 6.5 million customers, and is now expanding abroad whereas Sainsbury’s Finance remains focused on the UK and reportedly has 1.4 million active accounts. Sainsbury’s offers its financial services through its stores (which see some 21 million visitors a week) as well as online, by telephone and through the post.

Sainsbury’s Finance is run from a head office in Edinburgh and currently has around 200 staff. The Sainsbury’s Finance products aim to give existing Sainsbury’s customers an easy to access, easy to apply for range of ‘best-buy’ financial products and their portfolio does consistently win industry awards.