Sainsbury’s Bank strengthens credit card proposition

Sainsbury’s Bank has lowered the rate on its Sainsbury’s low rate Nectar Credit Card to 6.9% APR Representative Variable, making it the lowest low rate credit card on the market.

In addition, the Bank is extending the interest free period on purchases and balance transfers on its Sainsbury’s Nectar Credit Card to 16 months.
 
Customers can now also choose to opt for the Sainsbury's Nectar Credit Card with BT fee refund which offers an interest free period on balance transfers and purchases for 12 months and the 3% balance transfer fee is refunded in Nectar points. The BT must be made within six weeks of the account opening and the Nectar points will be refunded within six weeks. Customers must pay at least the minimum payment by the due date and stay within their credit limit to keep their promotional rate.
 
All three credit cards offer double Nectar points on Sainsbury’s shopping and one point for every £5 spent elsewhere, including when the card is used abroad. At Sainsbury’s petrol filling stations, using a Nectar card alone affords you one point per litre but when paying with your Sainsbury’s Bank credit card, you'll receive an additional two points per £1 spent on fuel.
 
Simon Ranson, Head of Banking at Sainsbury's Bank said: “Our strengthened credit card offering makes it difficult for Sainsbury’s shoppers to find a card that beats the combination of great rates, interest free options and a reward scheme. Customers can earn the equivalent of 2% back on their Sainsbury’s shopping and fuel with a further one point per litre as well.”
 
Research from Sainsbury’s Bank reveals that 10% of people plan to take out a new credit card over the next 12 months or switch to another one. Some 40% of these people say that they would consider a card from a supermarket bank.
 
Of those people who are considering supermarket banks for one or more of their financial products over the next 12 months, 69% say it is because they are competitively priced; 61% because they provide attractive offers, and 47% say it’s because they offer a loyalty or reward scheme.
 
For information on Sainsbury's Bank credit cards, visit sainsburysbank.co.uk.