Approval for any credit card will depend on your status. The APR shown represents 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.
Sainsbury’s Balance Transfer Credit Card review 2020
Take advantage of an interest-free period with Sainsbury's Bank's longest balance transfer deal.
Sainsbury’s customers can earn extra Nectar points as they shop, while managing their existing debts with this versatile card.
You say: ★★★★★We say: ★★★★★
Doing its job: 4/5
In a nutshell:
0% interest on balance transfers
Up to 7,500 points
|Balance transfers||0% for 29 months reverting to 19.95%|
|Balance transfer fee||2.74% (min. £3) for 3 months reverting to 3% (min. £3)|
|Purchases||0% for 3 months reverting to 19.95%|
|Purchases interest-free period||Up to 56 days|
|Min credit limit||£0|
|Max credit limit||Not specified|
|Additional cards available||1|
|Incentive||Earn 750 bonus Nectar points each time £35 or more spent on Sainsbury's shopping, up to ten times in your first 2 months, up to a total of 7,500 points, offer available for new customers. Earn 2 Nectar points per £1 spent on Sainsbury's shopping and fuel. Earn 1 Nectar point for every £5 spent elsewhere.|
Chris Lilly is a publisher at finder.com. He's a specialist in credit-based products including business and personal loans, mortgages and credit cards, and is passionate about helping UK consumers make informed decisions about their borrowing. In his spare time Chris likes forcing his kids to exercise more.
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 of 2.74% (min. £3) for 3 months reverting to 3% (min. £3) (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 29 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 and cons
- 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 29-month 0% period (other cards may be offered to some applicants with a shorter 0% period than advertised).
- To transfer a balance there’s a fee of 2.74% (min. £3) for 3 months reverting to 3% (min. £3).
- Try not to rack up additional debt through chasing points – it’s rarely worth it.
How does this card compare with other similar cards on the market?
When it comes to repayments, you can make manual repayments online or over the phone (08085 40 50 60), or alternatively set up a direct debit. A direct debit is a great idea because it protects you from forgetting to make a repayment and either damaging your credit score, getting hit with a penalty fee or losing any promotional rates as a result. 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 the Sainsbury's Bank Balance Transfer Credit Card Mastercard
If you’ve compared cards and want to apply, 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.