Sainsbury’s Bank 31 Month Balance Transfer Credit Card review 2022

Clear some of your credit card debt while collecting Nectar points on your day-to-day spending.

Don't forget to take advantage of the generous introductory bonus points!

  • Over two years of 0% interest to focus on reducing existing card debt.
  • Applicants with low credit scores are unlikely to be eligible.
Representative example: When you spend £1,200 at a purchase rate of 21.95% (variable) p.a., your representative rate is 21.9% APR (variable).

31 months

0% interest on balance transfers

21.9%

Representative APR

£0

Account fee

Up to 5,000 points

Intro bonus

Details

IssuerSainsbury's Bank
NetworkMastercard
Annual/monthly fees£0
Balance transfers0% for 31 months reverting to 21.9%
Balance transfer fee1.98% (min. £3) for 3 months reverting to 3% (min. £3)
Purchases0% for 3 months reverting to 21.95%
Purchases interest-free periodUp to 56 days
Money transfers25.95%
Cash advances25.95%
Minimum credit limit£0
Maximum credit limitSubject to status
Additional cards available1
IncentiveEarn 1 Nectar point per £2 spent in Sainsbury's and Argos, and 1 Nectar point for every £5 spent elsewhere. Additional points can be earned by also using the Nectar card or app at the time of transaction.
Travel incentiveNo cash advance fee on Sainsbury's Travel Money purchases.

Review by


Emily Herring is a Publishing Executive at Finder specialising in credit-based products including credit cards and business and personal loans. Emily has a Masters in Creative Writing & Publishing and a Bachelor of Arts in Communication & Media.

Expert review

Sainsbury’s Bank has done it again with their attractive interest free period on balance transfers – 31 months to pay off any existing debt whilst earning points on your day to day spending, what more could you want? How about that generous introductory bonus offer of up to 5,000 nectar points (T&Cs apply).

The appealing 2 years plus that the Sainsbury's Bank 31 Month Balance Transfer Credit Card Mastercard offers is a great way to help you focus on reducing some existing debt, as long as you clear your balance before the offer is up. However, it’s not all sunshine and rainbows, if you’re planning on clearing a large existing balance with this card, you will need self-discipline with your purchases, ultimately sacrificing those juicy reward points.

Sainsbury’s Bank have also stated that you will need a good credit history to be considered for this card with some applicants only receiving a shorter 0% period (depending on individual circumstances).

At the end of the day, this card is a happy medium in the balance transfer market and can help shift some of your existing debt whilst earning nectar points on your everyday spending, if used correctly.

Pros and cons

Pros

  • Customers report excellent customer service when dealing with Sainsbury's Bank
  • Over two years of 0% interest to focus on reducing existing card debt
  • Three months to spread the cost of purchases
  • A relatively low balance transfer fee
  • Earn points on day-to-day spending
  • Up to 5,000 points introductory bonus

Cons

  • Minimum annual income requirement of £10,000
  • Applicants with low credit scores are unlikely to be eligible
  • There are cards with no balance transfer fees (but with shorter interest-free periods)
  • Don’t be tempted to rack up additional debt through chasing points - it's rarely worth it

How does it compare?

Sainsbury's Bank's card

1 - 1 of 1
Name Product Balance transfers Balance transfer fee Purchases Annual/monthly fees Representative APR Incentive Link
Sainsbury's Bank 31 Month Balance Transfer Credit Card Mastercard
0% for 31 months reverting to 21.9%
1.98% (min. £3) for 3 months reverting to 3% (min. £3)
0% for 3 months reverting to 21.95%
£0
21.9% APR (variable)
Earn 1 Nectar point per £2 spent in Sainsbury's and Argos, and 1 Nectar point for every £5 spent elsewhere. Additional points can be earned by also using the Nectar card or app at the time of transaction.
Representative example: When you spend £1,200 at a purchase rate of 21.95% (variable) p.a., your representative rate is 21.9% APR (variable).
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Compare up to 4 providers

Other popular balance transfer deals

Table: sorted by length of 0% balance transfer offer, promoted deals first
Name Product Balance transfers Balance transfer fee Purchases Annual/monthly fees Representative APR Incentive Link
The NatWest Longer Balance Transfer Credit Card (existing customers only)
0% for 33 months reverting to 22.9%
0%
0% for 3 months reverting to 22.9%
£0
22.9% APR (variable)
Representative example: When you spend £1,200 at a purchase rate of 22.9% (variable) p.a., your representative rate is 22.9% APR (variable).
Check eligibility
Royal Bank of Scotland Longer Balance Transfer Credit Card (existing customers only)
0% for 33 months reverting to 22.9%
0%
0% for 3 months reverting to 22.9%
£0
22.9% APR (variable)
Representative example: When you spend £1,200 at a purchase rate of 22.9% (variable) p.a., your representative rate is 22.9% APR (variable).
Check eligibility
HSBC Balance Transfer Credit Card
0% for 30 months reverting to 23.9%
2.99% (min. £5)
0% for 3 months reverting to 23.9%
£0
23.9% APR (variable)
Discounts and exclusive offers for dining experiences, leisure activities and shopping available through HSBC Home and Away.
Representative example: When you spend £1,200 at a purchase rate of 23.9% (variable) p.a., your representative rate is 23.9% APR (variable).
Check eligibility
M&S Bank Credit Card Transfer Plus Offer Mastercard
0% for 28 months reverting to 23.9%
2.99% fee, min £5
0% for 3 months reverting to 23.9%
£0
23.9% APR (variable)
1 point per £1 spent with M&S and 1 point per £5 spent elsewhere. Enjoy 55 days interest free, preferential rates plus no cash advance fee when buying M&S travel money with the card.
Representative example: When you spend £1,200 at a purchase rate of 23.9% (variable) p.a., your representative rate is 23.9% APR (variable).
Check eligibility
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Compare up to 4 providers

Approval for any credit card will depend on your status. The representative APRs shown represent the interest rate offered to most successful applicants. Depending on your personal circumstances the APR you're offered may be higher, or you may not be offered credit at all. Fees and rates are subject to change without notice. It's always wise to check the terms of any deal before you borrow.

Additional features

When you apply for your Sainsbury's Bank 31 Month Balance Transfer Credit Card Mastercard, you will gain access to these additional features.

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  • App: Available on IOS and Android, the Sainsbury’s Bank mobile app allows you to control transactions, repayments and security on your phone.
  • Online banking: Save on paper and manage your account online.
  • Nectar points: Access your Nectar points using the Nectar app.
  • Available on Google Pay: Google Pay is a digital wallet that you can use when spending money on your credit card.

Repayment options

You can make manual repayments through Sainsbury's Bank's app, by logging in to your online banking or over the phone (08085 40 50 60). Alternatively, you may wish to set up a direct debit.

A direct debit protects you from forgetting to make a repayment and losing your promotional interest rate as a result (as well as damaging your credit score and incurring the late payment fee of £12). You could use a fixed-amount direct debit to ensure you've cleared your debt before the 0% period expires – simply divide your outstanding balance by 31 to see what you'll need to pay each month (this assumes you don't use the card for additional spending).

You can arrange a direct debit for repayments when you apply for the credit card. The table below shows the options available.

Choose from the following direct debit options for your monthly repayments:

Minimum amount Fixed amount Fixed percentage Full amount

How to apply for this Sainsbury’s Bank deal

If you've compared cards and settled on the Sainsbury's Bank 31 Month Balance Transfer Credit Card, completing the secure online application form takes about 15 minutes. Before you apply, check that you meet the eligibility requirements and have the information and documents you'll need to make the process as straightforward as possible. You can request a balance transfer as part of your application.

The verdict

Just like the 30 Month Balance Transfer Credit Card’s sister cards, taking advantage of the long interest free period can help you focus on clearing existing debt whilst earning rewards. However, if you don’t have an existing balance to transfer or if you have quite a large sum, you will not be able to max out on this card’s benefits and don’t forget about that balance transfer fee! If cutting the interest on existing card debt is your main reason for considering this card, check out no-fee cards first.

Frequently asked questions

Can I withdraw cash using the Sainsbury's Bank 31 Month Balance Transfer Credit Card?

Although it's possible, withdrawing cash from a credit card account is generally not a good idea, as "cash-like transactions" (such as withdrawing cash at an ATM, getting cashback at the till, spending at a casino or buying currency) often incur steep fees and/or higher rates of interest.

The cash advance fee on the Sainsbury's Bank 31 Month Balance Transfer Credit Card is 3% (min. £3). For example, if you withdraw £50, you'll incur a fee of £3.00. Withdraw £250, and you'll incur a fee of £7.50.

The interest rate on this part of your balance will be 25.95%, which is 18% more than the standard purchase rate (chargeable from the day of the transaction – the card's usual "up to 56 days interest-free" grace period won't apply).

What should I do with my old credit card after transferring the balance to the Sainsbury's Bank 31 Month Balance Transfer Credit Card?

Transferring a balance doesn't automatically close your old account. In most cases, you'll want to close the old account(s) straightaway, especially if they have an annual/monthly fee or if you might be tempted to use them in the future. There is an argument that you should keep the old account open to help your credit score. That's because doing so keeps your "credit utilisation ratio" lower (that's a measure of how much credit you're using compared to what's available to you), and helps the average age of your credit accounts. However, unless you're just about to apply for a new mortgage, it's probably fair to say that most people would prefer to have no more bank accounts open than was truly necessary.

How much does it cost to use the Sainsbury's Bank 31 Month Balance Transfer Credit Card abroad?

Non-sterling transactions are subject to a 2.75% charge. For example, if you spend 200 euros (£171.29), it'll cost you around £4.71 in fees.

What is the minimum payment on the Sainsbury's Bank 31 Month Balance Transfer Credit Card?

Each month you must pay at least 2.25% of your balance at that point or £5.00 – whichever of the 2 figures is greater. So if you had, say, £200.00 outstanding, you'd pay £5.00, and if you had £888.89 outstanding, you'd pay £20.00.

Paying only the minimum required amount each month is generally not advisable as it makes it much harder to get debt-free before that introductory 0% period expires.

Can I transfer money from the Sainsbury's Bank 31 Month Balance Transfer Credit Card to a bank account?

Yes. That's what's known as a "money transfer" (rather than a "balance transfer") in credit card jargon. You can arrange this from your online banking or using Sainsbury's Bank's app. This part of your card balance will incur interest of 25.95%. The fee for a money transfer is 0%.

Can I request an additional Sainsbury's Bank 31 Month Balance Transfer Credit Card?

Yes, you can request one more. There's no fee for additional cards. Plus, with additional cards, you could earn Nectar points at a faster rate. Bear in mind that card debt accrued by additional cardholders is the sole responsibility of the account holder – not the additional cardholder.

Finder credit card ratings

★★★★★ — Excellent
★★★★★ — Good
★★★★★ — Average
★★★★★ — Subpar
★★★★★ — Poor

Our experts score balance transfer cards to determine their value against similar products on the market. We look at a number of important factors, like the length of the balance transfer offer, the balance transfer fee, any restrictions to making a transfer, plus the potential costs involved with running the card both in the short and longer term.

You can read more about our scoring criteria on our credit card methodology page.

We show offers we can track - that's not every product on the market...yet. Unless we've said otherwise, products are in no particular order. The terms "best", "top", "cheap" (and variations of these) aren't ratings, though we always explain what's great about a product when we highlight it. This is subject to our terms of use. When you make major financial decisions, consider getting independent financial advice. Always consider your own circumstances when you compare products so you get what's right for you.

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