Sainsbury's 0% for 12 months balance transfer & purchases + fee refund in Nectar points e.g. £5k balance transfer = £150 Nectar points to redeem @ Argos/ebay...
1129°Expired

Sainsbury's 0% for 12 months balance transfer & purchases + fee refund in Nectar points e.g. £5k balance transfer = £150 Nectar points to redeem @ Argos/ebay...

82
Found 4th Jan 2014
When you take out the Sainsbury's Nectar Credit Card through MoneySupermarket, if you transfer a balance from another card, Sainsbury's will refund your 3% balance transfer fee to the equivalent value in Nectar points (effectively a 0% fee).

Nectar points can be redeemed at various places including Argos, ebay and Easyjet.

A couple of examples on the number of Nectar points you will get:
£1,000 balance transfer = 6,000 Nectar points (£30)
£3,000 balance transfer = 18,000 Nectar points (£90)
£5,000 balance transfer = 30,000 Nectar points (£150)

Selected Nectar partners such as Merlin Annual pass offer double the value when you spend your Nectar points, so you could make double savings.

Plus you will get:
- 0% on balance transfers for the first 12 months from account opening (3% balance transfer fee applies, refunded in Nectar points)
- 0% on purchases for the first 12 months from account opening

82 Comments

Excellent deal! Thanks for posting. Might look into this.

Good deal.

I posted a Nectar deal some months back, it quickly went cold, dont understand why.

I took advantage and cashed in £220 last month in nectar points.

Have gone for it. Very quick, hassle-free application process, and immediate acceptance! Thanks again

Original Poster

BEANZ-ON-TOAST

Have gone for it. Very quick, hassle-free application process, and … Have gone for it. Very quick, hassle-free application process, and immediate acceptance! Thanks again



Glad to have helped.

it's rare to get effectively a 0% fee on balance transfers (albeit is in Nectar points), the next lowest 0% balance transfer fee card is Fluid (0.75% fee) so for me the Nectar card is a cracking deal. Given that you can redeem Nectar @ Argos/ebay there should be no problems in spending the points on something that you need and would have had to purchase anyway.
Edited by: "Chanchi32" 5th Jan 2014

So, to think of it another way, this is a way of turning cash into Nectar points?

For example, transfer £3k balance, pay out £90 in transfer fee, get £90 worth of Nectar points.

I suppose there are circumstances where that might be advantageous. Especially as you're effectively getting a 12 month holiday from interest payments on the balance.

I took a 10K loan 10 years ago with Sainsburys, it finishes this march........................ yeah! I cant wait. X)

Heat added

This should be hot!

Doesn't transferring a balance to different cards mess up your credit rating?

I haven't currently got a necter card so would it be just a case if me setting one up to take advantage of this?

can you do more than one transfer at the start and be entitled to discount on both

How long is this available for ??

Good deal heated

youngy7

Doesn't transferring a balance to different cards mess up your credit … Doesn't transferring a balance to different cards mess up your credit rating?



Courtesy of Experian : Transferring a credit card balance from one card to another could certainly affect your credit rating, but whether the change would be positive or negative depends on a range of factors, including the timeframe you’re looking at. This is essentially because credit scoring takes account of a wide selection of variables. For example, if you applied for and obtained a new card to facilitate the balance transfer, you might see your credit rating take a temporary plunge because you’d taken on a new credit account. But that effect would be quite short lived. The longer-term effect of taking on a new account could strengthen your credit history, depending on what other information is available. Another aspect credit scoring will look at is your account utilisation – that is, how much of your available credit you are using each month on what we call your ‘revolving’ accounts. Revolving accounts are usually cards. This calculation applies to individual accounts and to your credit report overall. Low utilisation is generally rewarded through credit scoring. So, for example, if you shifted a balance of £1000 from a card with a credit limit of £2000 to another card with a £4000 credit limit, the utilisation rate for the account carrying a balance would switch from 50% to 25%, which could boost your credit score.

nice

Good deal if you can use the points
There is another thread here with a list of other balance transfer cards for this month..with up to 30 months interest free (!!)

hotukdeals.com/dea…308

You don't harm your credit rating at all by doing balance transfers - in fact you usually need a good score to be able to do it in the first place. It's the best way to manage your credit (other than just paying it off!)
Edited by: "Spud211" 5th Jan 2014

sabreliner

Courtesy of Experian : Transferring a credit card balance from one card … Courtesy of Experian : Transferring a credit card balance from one card to another could certainly affect your credit rating, but whether the change would be positive or negative depends on a range of factors, including the timeframe you’re looking at. This is essentially because credit scoring takes account of a wide selection of variables. For example, if you applied for and obtained a new card to facilitate the balance transfer, you might see your credit rating take a temporary plunge because you’d taken on a new credit account. But that effect would be quite short lived. The longer-term effect of taking on a new account could strengthen your credit history, depending on what other information is available. Another aspect credit scoring will look at is your account utilisation – that is, how much of your available credit you are using each month on what we call your ‘revolving’ accounts. Revolving accounts are usually cards. This calculation applies to individual accounts and to your credit report overall. Low utilisation is generally rewarded through credit scoring. So, for example, if you shifted a balance of £1000 from a card with a credit limit of £2000 to another card with a £4000 credit limit, the utilisation rate for the account carrying a balance would switch from 50% to 25%, which could boost your credit score.



Thanks for that

Spud211

Good deal if you can use the points :)There is another thread here with a … Good deal if you can use the points :)There is another thread here with a list of other balance transfer cards for this month..with up to 30 months interest free (!!)http://www.hotukdeals.com/deals/best-0-balance-money-transfer-credit-card-deals-for-jan-2014-mbna-lloyds-bos-barclaycard-1774308You don't harm your credit rating at all by doing balance transfers - in fact you usually need a good score to be able to do it in the first place. It's the best way to manage your credit (other than just paying it off!)



I'd like to do it then use the money I am saving to put into an interest account, just worried that it will affect getting a mortgage. It's complicated stuff, it may or may not affect credit rating

Good deal. Heat added.

youngy7

I'd like to do it then use the money I am saving to put into an interest … I'd like to do it then use the money I am saving to put into an interest account, just worried that it will affect getting a mortgage. It's complicated stuff, it may or may not affect credit rating



Well, thats a slightly different question - if you are planning to get a mortgage in the next 3 months I personally would not risk it - its not the balance transfer that could be the problem, its if you were rejected for the credit card. Some (but only a few) lenders will take a dim view of credit applications within a few months of your mortgage application too, but most of them will probably be OK. Just speak to your broker (london and country are a good fee free one I have used for my past 2 mortgages) and that can advise FOC if you are really worried

It's annoying that low utilisation is rewarded, yet having a large amount of available credit is punished.

So using £200 out of £4000 possible is a good thing (rather than out of £1000 possible), but having that £4000 available (rather than the £1000) is potentially bad....

Heat. Seems good Deal...gonna look at doing this

Oh geez so tempting!

Do we know if the balance transfer fee also runs at 0% interest? If not..

£1000 transferred
£30 fee
...at the end of year 1 that £30 fee becomes £35.07 at the standard APR of 16.9%

...so a 5k transfer could cost just over £175 and bag you £150 worth of Nectar

Spud211

Well, thats a slightly different question - if you are planning to get a … Well, thats a slightly different question - if you are planning to get a mortgage in the next 3 months I personally would not risk it - its not the balance transfer that could be the problem, its if you were rejected for the credit card. Some (but only a few) lenders will take a dim view of credit applications within a few months of your mortgage application too, but most of them will probably be OK. Just speak to your broker (london and country are a good fee free one I have used for my past 2 mortgages) and that can advise FOC if you are really worried



Thanks for the advice spud. Really appreciated. I have never thought of going through a broker. Does it change anything? Or is it more about getting the best mortgage for my circumstances. Was just thinking of going with hsbc before you said.

Banned

tried ...after going through all the pages.. hit submit and get "system busy try later"
oO
Edited by: "dealbuster13" 5th Jan 2014

I don't think interest will be charged in the fee. its normally either paid back in the first months payment or added to the BT amount I believe. The min payment is quite high on this card at 2.25% compared to 1% at MBNA. still a good deal though.

can you do a balance transfer into your bank account rather than onto a card - a super balance transfer its called?

Don't think you can do money transfers with this card. And to answer the point above I doubt you get charged interest on the balance transfer fee.

Good deal, have applied, hope it works out as planned

Thanks for posting this OP, going to have a look into it tomorrow

stphnstevey

can you do a balance transfer into your bank account rather than onto a … can you do a balance transfer into your bank account rather than onto a card - a super balance transfer its called?



4% fee and 22 months interest free with fluid here: fluid.co.uk/

Apparently most card companies will do super balance transfer, or money transfer if you call them and ask for it.

If I didn't get the post office 1.5% 18? Month deal with £40 cashback I would've gone for this. Don't want to apply and damage credit rating but heat from me

Hey. Does anyone know how quick the Nectar points are paid from doing a BT?

Best regards

Original Poster

pnw72

Hey. Does anyone know how quick the Nectar points are paid from doing a … Hey. Does anyone know how quick the Nectar points are paid from doing a BT?Best regards



States in the t's and c;s 'Points will be added to your account within 6 weeks of the balance transfer completing'

thanks

Great deal, however after completing the application form it says: "The system is currently unavailable; please try again later or you can apply by phone on 0800 030 4418." Now I'm not sure if I try again will be credit checked again and effect my credit score even without an answer as I was at the last stage when the website was checking my credit score to give me the final answer. Anyone knows? and has this happened to anyone else or it's just me the unlucky one?

bagel101

Do we know if the balance transfer fee also runs at 0% interest? If … Do we know if the balance transfer fee also runs at 0% interest? If not..£1000 transferred£30 fee...at the end of year 1 that £30 fee becomes £35.07 at the standard APR of 16.9%...so a 5k transfer could cost just over £175 and bag you £150 worth of Nectar


That's not right with this offer, as this card offers 0% for the first 12 month up to your credit limit they offer you which allow you to transfer a balance of 95% of your credit limit, so for £1000 credit limit you can only transfer £950 then they add 3% BT fee which is £28.50 in this example to make your total credit £978.50 but they will give you back the £28.50 in Nectar points only if you add your Nectar card number during the application. 16.9%APR apply only when the 0% offer ends after 12 month.

I've tried again and this time it says: "Thank you for your application for a Sainsbury's Bank Credit Card, which is now being processed."
So fingers crossed as I was about to pay in full my previous credit card which its 0% offer ends on the 10th of January 2014.
Would be great if I can transfer the balance to this card instead and keep the cash to overpay the mortgage and save some interest for 12 month, let's wait and see the decision.


Amerviv

That's not right with this offer, as this card offers 0% for the first 12 … That's not right with this offer, as this card offers 0% for the first 12 month up to your credit limit they offer you which allow you to transfer a balance of 95% of your credit limit, so for £1000 credit limit you can only transfer £950 then they add 3% BT fee which is £28.50 in this example to make your total credit £978.50 but they will give you back the £28.50 in Nectar points only if you add your Nectar card number during the application. 16.9%APR apply only when the 0% offer ends after 12 month.



Agreed, and in any case even if this weren't a purchases card too, you'd only be charged interest for the first 3 months (or 2 months in the case of this with its high minimum payments!) until your minimum payments had paid off the fee
Edited by: "gwapenut" 9th Jan 2014

I got accepted for this, but they still don't tell you what your credit limit will be, you have to send back a signed credit agreement first... This process is so easy with some, Halifax give you an immediate decision and estimated credit limit (exactly what the real one was), while others seem to take forever.
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