Sainsbury’s Bank Everyday Credit Card review
- Representative example:
- When you spend £1,200 at a purchase rate of 29.4% (variable) p.a., your representative rate is 29.4% APR (variable).
- Interest-free each billing period
- Up to 56 days
- Account fee
- £0
- Earn rate
- 1 point per £1 spent
Our verdict
The Sainsbury’s Bank Everyday credit card is a straightforward credit card that enables you to earn Nectar points as you spend.The Sainsbury’s Bank Everyday credit card is, as its name suggests, a credit card designed for everyday spending. As you spend, you’ll also earn Nectar points, making the card particularly attractive to regular Sainsbury’s shoppers. You can also convert your Nectar points into Avios to save money on flights with British Airways, and points can be spent at ebay, Esso, Argos, Sky Store, among others.
There’s also the option to add an additional cardholder to your account which will enable you to collect Nectar points at a faster rate. But keep in mind that the account holder is solely responsible for repaying the balance on both cards.
There’s no annual fee for the Sainsbury’s Bank Everyday credit card and while the initial credit limit is relatively below average at between £0 and £2,000, this may increase over time, provided you use the card sensibly.
The big drawback to the card is the high rate of interest charged. At 29.4% APR, this is higher than many of its competitors - although you are guaranteed to get this rate if you’re accepted for the card. There’s also the possibility that your interest rate will be reduced over time. However, it means that you must repay your balance in full each month to avoid paying hefty interest charges that will outweigh the benefits of using this card. So it’s crucial to only ever spend what you can afford to repay. Late payments incur a fee of £12 and can also damage your credit score.
Pros
-
Enables you to earn Nectar points
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Easy to apply for
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Guaranteed interest rate if you’re accepted
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If you use your card sensibly, your interest rate might decrease and your credit limit could go up
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Easy-to-use app to help you manage your card repayments and track your spending
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No annual fee
Cons
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Interest rate is high so it’s crucial you repay your balance in full each month
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Credit limit isn’t huge - although this prevents you from overspending and it may increase over time
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No other perks such as cashback or 0% on spending or balance transfers
Details
Product Overview
| Issuer | Sainsbury's Bank |
| Network | Mastercard |
| Representative APR | 29.4% |
| Annual/monthly fees | £0 |
| Balance transfers | 29.4% |
| Balance transfer fee | 3% (min. £3) |
| Purchases | 29.4% |
| Purchases interest-free period | Up to 56 days |
| Money transfers | 29.9% |
| Cash advances | 29.9% |
| Minimum credit limit | £0 |
| Maximum credit limit | Subject to status |
| Additional cards available | 3 |
| Incentive | 3 Nectar points per £2 spent in Sainsbury's, Argos, Habitat and Tu clothing, and 1 Nectar point for every £5 spent elsewhere. 1 point = 0.5p (min 500pts) |
| Potential costs | 3.5 ★★★★★ |
| Doing its job | 4.0 ★★★★★ |
| Extras | 4.0 ★★★★★ |
| Overall Finder score | 4.0 ★★★★★ |
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% (min. £3) |
| 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 Everyday 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.
Main features of the Sainsbury’s Everyday credit card
- Earn Nectar points.Collect up to 3 Nectar points for every £2 you spend at Sainsbury’s, Argos, Habitat and Tu Clothing when you pay with your Sainsbury's credit card and scan your Nectar card. Earn 1 point for every £5 spent elsewhere.
- Initial credit limit of £0 to £2,000. This could increase if you use your card regularly and make at least the minimum payment on time each month.
- Manage via app. Keep track of your balance and payments in the app and get text alerts for transactions and upcoming payments. You can also make payments to your card through the app, view and amend direct debit information, see how many Nectar points you’ve earned and temporarily freeze your card if you misplace it.
- Guaranteed APR. You’re guaranteed to get an interest rate of 29.4% APR if you’re accepted. You could be eligible for an APR reduction if you use your card on a regular basis and make your payments on time.
- Add to your digital wallet. Option to pay on your card through Google Pay or Apple Pay.
How does it compare?
Sainsbury's Bank's card
Other popular credit builders
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 damaging your credit score – making it harder and more expensive to borrow money in the future – and getting hit with a penalty fee (£12) 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
If you've compared cards and settled on the Sainsbury's Bank Everyday 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.
Sainsbury’s Bank customer reviews
Sainsbury’s Bank currently has a rating of 4.1 out of 5 on review site Trustpilot, based on more than 12,900 reviews (updated January 2024). This is considered a “great” rating overall.
A total of 61% of customers gave Sainsbury’s Bank an “excellent” rating, with positive comments focusing on the quick and straightforward online application process, good customer service and reasonable interest rates. However, other reviewers said they struggled to open accounts online and found it difficult to register for online banking.
On the Apple App Store, the Sainsbury’s Bank app has a rating of 4.9 out of 5 from almost 40,000 reviews (updated January 2024).
Bottom line
If you’re a keen Nectar points collector and regularly shop in Sainsbury’s, this everyday credit card is definitely an option worth exploring. But it’s important not to be tempted to spend more than you can afford to repay on the card in a bid to earn extra Nectar points. The interest rate on this card is high so you’ll need to be able to afford to clear your balance each month. If you can’t manage your repayments, you risk damaging your credit score.
Frequently asked questions
Can I withdraw cash using the Sainsbury's Bank Everyday 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 Everyday 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 29.9%, which is 2% 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 Everyday Credit Card abroad?
Non-sterling transactions are subject to a 2.75% charge. For example, if you spend 200 euros (£172.52), it'll cost you around £4.74 in fees.
What is the minimum payment on the Sainsbury's Bank Everyday 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 tends to be a very expensive way to borrow money, which can lead to persistent debt.
Can I transfer money from the Sainsbury's Bank Everyday 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 29.9%. The fee for a money transfer is 4% (min. £4).
Can I request an additional Sainsbury's Bank Everyday 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 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
Our experts score credit builder credit cards to determine their value against similar products on the market. We look at a number of important factors, like interest rates, credit limits, features to help you track your credit, 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.
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