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Sainsbury’s Bank No Balance Transfer Fee Credit Card review 2020
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 20.95%|
|Balance transfer fee||0% for 3 months reverting to 1% (min. £3)|
|Purchases||0% for 3 months reverting to 20.95%|
|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.
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
Compare against other cards with introductory no-fee periods
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 No Balance Transfer Fee Credit Card
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.
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Our team evaluates credit cards to determine their value against similar products on the market.
We look at the how good the card is for its designated purpose – spending abroad, clearing debt, earning air miles etc. – how costly it is to use day-to-day and whether it offers much in the way of extras.