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Sainsbury’s Bank No Balance Transfer Fee Credit Card review 2021
If you want to clear your credit card debt sooner rather than later, then a no-fee balance transfer deal is a sensible first post of call.
Although it’s not the longest interest-free balance transfer deal available from Sainsbury’s, this card comes with the added appeal of not having a transfer fee – handy if you’re bringing across a hefty balance.
You say: ★★★★★We say: ★★★★★
Doing its job: 4.5/5
In a nutshell:
0% interest on balance transfers
Balance transfer fee
|Balance transfers||0% for 18 months reverting to 21.95%|
|Balance transfer fee||0% for 3 months reverting to 1% (min. £3)|
|Purchases||0% for 3 months reverting to 21.95%|
|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 3 Nectar points per £1 spent in Sainsbury's and Argos. 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.
If you want to clear your credit card debt sooner rather than later, then a no-fee balance transfer deal is a sensible first post of call. You’ll usually find that these deals don’t come with the very longest 0% periods around, but if Sainsbury’s Bank’s respectable offer of 18 months gives you long enough to get debt-free (divide your outstanding debt by 18 to see what you’d need to pay each month), then great. If not, check out longer offers.
New customers can also take a break from interest on purchases for 3 months, so if clearing debt is the long-term goal but further spending in the short-term is unavoidable, you’re covered.
As well as Nectar points each time you shop or re-fuel at Sainsbury’s, there’s a very appealing introductory bonus Nectar points offer. What’s more, the points you 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.
All these benefits without needing to stump up annual fee… So what’s the catch? Well, aside from the fact that there are longer 0% deals on the market, the real kicker here (as with most balance transfer deals) is a pretty punishing revert rate. Once your 0% period has expired (by which point that Nectar welcome bonus will be a distant memory) any outstanding debt will suddenly become quite expensive. At that point, unless you’re religiously clearing your full balance each month, it’ll likely be time to switch.
The Sainsbury’s Bank No Balance Transfer Fee Credit Card is issued on the Mastercard network so it's accepted at nearly 53 million merchants across more than 210 countries and territories.
Pros and cons
- Over a year of 0% interest to focus on reducing existing card debt
- Three months to spread the cost of purchases
- No balance transfer fee
- Earn points on day-to-day spending
- Up to 7,500 points introductory bonus
- No annual fee
- Minimum annual income requirement of £10,000
- Applicants with low credit scores are unlikely to be eligible
- Relatively high money transfer fee
How does it compare?
Sainsbury's Bank's card
Other popular balance transfer deals
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 18 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 the Sainsbury’s Bank No Balance Transfer Fee Credit Card
If you've compared cards and settled on the Sainsbury’s Bank No Balance Transfer Fee 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 No Balance Transfer Fee Credit Card?
Although it's possible, withdrawing cash from a credit card account is generally not a good idea, as "cash-like transactions" (withdrawing cash at an ATM, getting cashback at the till, spending at a casino, buying currency, etc.) often incur steep fees and/or higher rates of interest.
The cash advance fee on the Sainsbury’s Bank No Balance Transfer Fee 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 purchases 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 No Balance Transfer Fee Credit Card abroad?
Non-sterling transactions are subject to a 2.75% charge. For example, if you spend 200 euros (£172.31), it'll cost you around £4.74.
What is the minimum payment on the Sainsbury’s Bank No Balance Transfer Fee Credit Card?
Each month you must pay at least 2.25% of your balance at that point or £5.00 – whichever of the two 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 No Balance Transfer Fee 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 4% (min. £4).
Can I request an additional Sainsbury’s Bank No Balance Transfer Fee Credit Card?
Yes, you can request one 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.