Hey guys, there’s a great new credit card deal from Sainsbury’s Bank.
It’s basically a three-in-one credit card: 0% on both balance transfers and purchases, plus rewards.
•\x09Called the 29 month “Matched” offer purchase credit card, it offers 29 months at 0% on balance transfers and 29 months at 0% on purchases.
•\x09Customers get 2 Nectar points per £1 spent on Sainsbury's shopping and 1 Nectar point for every £5 spent elsewhere.
If you apply by 21 May and use your Sainsbury’s credit card to pay for your Sainsbury's shopping or fuel four or more times in your first month, you’ll get 5,000 bonus Nectar points.
Watch to watch out for
You need to be a new Sainsbury’s Bank credit card customer.
There’s a 3% balance transfer fee (minimum £3).
After the 0% periods end the card has an APR of 18.9% – but, obviously, there’s no reason to ever pay it if you switch cards in 29 months’ time.
Make sure you pay at least the minimum payment each month – otherwise you risk the 0% deals and bonus Nectar points being cancelled.
And my own personal word of warning: If your current debt situation means you need a long 0% balance transfer deal, question whether you should continue spending on a credit card at all. Used sensibly, 0% cards can be a good way to spread costs but you should be aiming to pay off your debts, not add to them.
Why I like it
Although the card isn’t quite the best on offer for a dual 0% card (Santander offers 30 months on both with a lower BT fee of 2.75%), the Nectar points make it a hot deal.
Most cards offer either 0% deals or rewards, not many offer both.