Sainsbury's customers can earn extra Nectar points as they shop, while managing their existing debts with this versatile card.
Sainsbury’s Bank 20 Month Balance Transfer Credit Card review
By Chris Lilly
- Representative example:
- When you spend £1,200 at a purchase rate of 26.95% (variable) p.a., your representative rate is 26.9% APR (variable).
- 0% interest on balance transfers
- 20 months
- Account fee
- £0
- Earn rate
- 1 point per £1 spent
Our verdict
Take advantage of an interest-free period with Sainsbury's Bank's longest balance transfer deal.This headline-grabbing deal offers Sainsbury's fans an opportunity to get their finances on track with a long break from interest on balances transferred to the card.
Provided you can get approved, it is a very respectable balance transfer deal – just watch out for that percentage-based balance transfer fee - 3.24% or 4.24% (£4 minimum) for 3 months. Thereafter, the fee will depend on any offer available at the time. You could be better-served by a no-fee deal.
What's more, as well as earning you Nectar points every time you use it, you'll also earn bonus Nectar points on large Sainsbury's shops for a limited period, on top of the standard Nectar rewards with every Sainsbury's shop or fuel. Crucially, the points you can earn using a Sainsbury's Bank credit card are in addition to the points you earn when you hand over or swipe your regular old Nectar card.
The card even boasts a short interest-free period on purchases... so what's not to like? Well, it's probably fair to say that Sainsbury's bank is using some of the oldest tricks in the book to persuade cardholders to spend more on the card. And who can blame them? It's how the Bank makes money after all. But all those incentives mean that you'll have to exercise some self-control if you opt for this card and your primary focus is clearing existing debt. If you haven't cleared that debt when the 20 months is up, the card's infinitely-less-competitive standard rate kicks in. Ouch.
Played correctly, however, this card can see you come out on top – and now you know how to make that happen.
Pros
-
Earn Nectar points on all your spending, and earn points at an enhanced rate when you use your card at Sainsbury's.
-
Approved applicants will enjoy the full 20-month 0% period (other cards may be offered to some applicants with a shorter 0% period than advertised).
-
Spread the cost of upcoming purchases with 0% interest for 3 months.
Cons
-
To transfer a balance there's a fee of 3.24% or 4.24% (£4 minimum) for 3 months. Thereafter, the fee will depend on any offer available at the time.
-
Try not to rack up additional debt through chasing points – it's rarely worth it.
Details
Product Overview
| Issuer | Sainsbury's Bank |
| Network | Mastercard |
| Representative APR | 26.9% |
| Annual/monthly fees | £0 |
| Balance transfers | 0% for 20 months reverting to 26.95% |
| Balance transfer fee | 3.24% or 4.24% (£4 minimum) for 3 months. Thereafter, the fee will depend on any offer available at the time |
| Purchases | 0% for 3 months reverting to 26.95% |
| Purchases interest-free period | Up to 56 days |
| Money transfers | 29.95% |
| Cash advances | 29.95% |
| Minimum credit limit | £0 |
| Maximum credit limit | Subject to status |
| Additional cards available | 3 |
| Incentive | 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. 1 point = 0.5p (min 500pts) |
| Potential costs | 3.0 ★★★★★ |
| Doing its job | 4.0 ★★★★★ |
| Extras | 2.5 ★★★★★ |
| Overall Finder score | 3.5 ★★★★★ |
Fees and charges
| Minimum monthly payment | 2.25% or £5 (whichever is greater) or the total of any interest, default fees and charges plus 1% of the outstanding balance. |
| Annual/monthly fees | £0 |
| Balance transfer fee | 3.24% or 4.24% (£4 minimum) for 3 months. Thereafter, the fee will depend on any offer available at the time |
| Money transfer fee | 4% (min. £4) |
| Foreign usage charge (EU) | 2.75% |
| Foreign usage charge (rest of world) | 2.75% |
| Cash advance fee | 3% (min. £3) |
| Late payment fee | £12 |
| Duplicate statement fee | £0 |
| Exceeding limit fee | £12 |
| Additional card fee | £0 |
| Dormancy fee | £0 |
Application Requirements
| Minimum Age | 18 |
| Availability | Available to new customers |
The Sainsbury's Bank 20 Month Balance Transfer Credit Card is issued on the Mastercard network so it's accepted at more than 50 million merchant locations across more than 210 countries and territories.
Avios and Sainsbury’s Nectar points scheme
From 25 January 2021, all Sainsbury’s Nectar points can be exchanged for Avios air miles, thanks to a new partnership between Sainsbury’s and British Airways. This means that any Nectar points you earn on your card can now be put towards BA flights, hotels, car hire and more. Under the agreement, British Airways customers can also convert their Avios air miles into Nectar points, with 250 Avios equal to 400 Nectar points.
How does it compare?
Sainsbury's Bank's card
1 - 1 of 1
Other popular balance transfer deals
Table: sorted by length of 0% balance transfer offer, promoted deals first
Approval for any credit card depends 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. Most of the data in Finder's comparison tables is provided by Moneyfacts.
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 20 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 20 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.
Frequently asked questions
Can I withdraw cash using the Sainsbury's Bank 20 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 20 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 29.95%, which is 11% 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).
How much does it cost to use the Sainsbury's Bank 20 Month Balance Transfer Credit Card abroad?
Non-sterling transactions are subject to a 2.75% charge. For example, if you spend 200 euros (£171.26), it'll cost you around £4.71 in fees.
What is the minimum payment on the Sainsbury's Bank 20 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 20 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 29.95%. The fee for a money transfer is 4% (min. £4).
Can I request an additional Sainsbury's Bank 20 Month Balance Transfer Credit Card?
Yes, in fact, you can request up to 3 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 scores
★★★★★ — 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. Most of the data in Finder's comparison tables has the source: Moneyfacts Group PLC. In other cases, Finder has sourced data directly from providers.
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