Sainsbury’s Gold Credit Card
Sainsbury's Finance has launched its revolutionary new credit card, promising to shake-up the current credit card market. The Sainsbury's Gold Credit Card has been designed with a range of attractive benefits for consumers when travelling and staying at home, and is the only one of its kind.
The card offers customers a low rate of 9.94% pa (variable) on purchases and includes a number of features such as family travel insurance, no foreign exchange transaction fees, interest-free cash withdrawals (if the whole balance is paid in full and on time each month) and no cash advance fees in the UK as well as abroad. It also does not carry a balance transfer fee. It also offers users double Nectar points on their Sainsbury's shopping in-store, online and in petrol filling stations.
The Sainsbury's Gold Credit card which carries a monthly fee of £5 could deliver a value far in excess of this cost at over £300 a year:.
The family travel insurance policy, providing cover for two adults and up six children, alone is worth up to £250 approximately a year and is one of the best quality products available.
The Gold Card delivers savings on FX fees, cash withdrawal fees and interest on cash advances, a potential saving of, more than £16 based on a two week family holiday.
A generous reward scheme which rewards Sainsbury's shoppers with double Nectar points on their shopping in store, online and in petrol filling stations. For example, customers who spend £50 a week with Sainsbury's on their Gold Credit Card in conjunction with their Nectar card would receive a week's free shopping, £52 worth of Nectar points a year.
The card, aimed at providing benefits to card holders both at home and abroad, has been launched against a backdrop of rising interest rates in the credit card market. New research from Moneynet reveals that the average rate on purchases is now 16.85%. The Sainsbury's Gold card's rate of 9.94% pa (variable) on purchases and balance transfers is one of the best 3% of rates on the market. Even when the monthly fee is included in the APR, the typical rate is still only 18.0% APR variable, compared to an average typical APR for all cards, fee-paying or otherwise, of 18.13%. Typical APRs across the credit card market have increased by 152 percentage points in the last two years, and 79 points in the last year alone.
Further new research from Sainsbury's Finance reveals that UK credit card holders withdraw £153 million a month from UK cash machines, but also withdraw £309 million from ATMs abroad on their average two week holiday, highlighting that UK consumers would benefit from free cash withdrawals at home and abroad.
Just 2% of credit cards on the market currently offer FX deals, while only 4% offer travel insurance. All those offering travel insurance are fee paying cards, some carrying fees far greater than the Gold Card's £5 fee. Analysis from Defaqto reveals that the Sainsbury's Gold Card travel insurance is one of the best quality products available. Only 8% of travel insurance policies on the market (not just those provided with credit cards), offer passport cover of up to £500, only 24% offer dental emergency treatment of up to £500 and only 19% provide Scheduled Airline Failure Cover (as standard) for up to £2,000 or above.
Stuart McKeggie, Head of Sainsbury's Credit Cards said: "Up until now cards aimed at travellers have been designed for use outside the UK, offering no benefit for those using them at home, therefore the Sainsbury's Gold Credit Card is the first to offer real benefits both home and abroad.
"It is excellent for travelling because there are no usage fees and it offers great travel insurance. It's excellent at home because of its competitive APR and double Nectar point rewards. Card holders could also benefit from the interest free period on cash withdrawals (if the balance is paid in full each month) when staying at home or travelling."
The Sainsbury's Gold Card is the latest Sainsbury's Finance product to offer double Nectar points on customers' shopping, in store, online and in petrol filling stations. The extra Nectar points are equivalent to an additional 2 per cent, when used in conjunction with a Nectar card, off their Sainsbury's shopping bill.
To find out more about the Sainsbury's Gold Card, visit sainsburysfinance.co.uk.