Sainsbury’s Bank credit card: 29 months 0% interest on both balance transfers and purchases PLUS 5000 bonus Nectar points offer
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Sainsbury’s Bank credit card: 29 months 0% interest on both balance transfers and purchases PLUS 5000 bonus Nectar points offer

Editor 91
Editor
Found 5th MayMade hot 5th May
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.

Bonus points

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.




Top comments

If you're transferring in a reasonable sized balance, a quick Google search shows for example the TSB Platinum 28 month 0% and ZERO fee (e.g. £5k transferring, that's £150 fee vs £0 fee). Far better in this scenario to get a low or no fee Bal Trx card, then have a great cashback card for spending (e.g. Amex). You usually get a window of up to 3 months to do your BT's, so can always transfer over your monthly spending for those months to the BT card if you have spare limit.

How does the OP's deal differ from this deal which seems to have 0 balance transfer fee:

sainsburysbank.co.uk/cre…501

EDIT:

Just notice that my link goes to a 28 month 0% balance transfer, so one month less than the OP. Personally i'd definitely give up the extra month to save the fee.
Edited by: "morpheus" 5th May
91 Comments

what are the 5000 nectar points worth of? can I spend them in their online shop for example, to buy a game?

novak100

what are the 5000 nectar points worth of? can I spend them in their … what are the 5000 nectar points worth of? can I spend them in their online shop for example, to buy a game?



£25 heh

With an "excellent" credit rating, I've never been accepted by sainsburys, tried twice in 2 years.

ive got excellent credit rating as well and just got turned down!

If you're transferring in a reasonable sized balance, a quick Google search shows for example the TSB Platinum 28 month 0% and ZERO fee (e.g. £5k transferring, that's £150 fee vs £0 fee). Far better in this scenario to get a low or no fee Bal Trx card, then have a great cashback card for spending (e.g. Amex). You usually get a window of up to 3 months to do your BT's, so can always transfer over your monthly spending for those months to the BT card if you have spare limit.

looks abit poor, unless you want a spending card. The transfer fee kills it for any other use.

Original Poster Editor

novak100

what are the 5000 nectar points worth of? can I spend them in their … what are the 5000 nectar points worth of? can I spend them in their online shop for example, to buy a game?

5000 points are worth £25 and can be spent in more than 100 retailers including Sainsbury (obviously ), Virgin Trains and Eurostar.

takes a while for the card to actually get to you. i applied last week and have signed the form they send out. still waiting on the card though... taking forever!

brown_ambassador

If you're transferring in a reasonable sized balance, a quick Google … If you're transferring in a reasonable sized balance, a quick Google search shows for example the TSB Platinum 28 month 0% and ZERO fee (e.g. £5k transferring, that's £150 fee vs £0 fee). Far better in this scenario to get a low or no fee Bal Trx card, then have a great cashback card for spending (e.g. Amex). You usually get a window of up to 3 months to do your BT's, so can always transfer over your monthly spending for those months to the BT card if you have spare limit.



Cheers for that heads-up mate. I've got £8k on an Amex 0% that ends in September. I have the cash to pay it off (have done since the start, i've just been using it for my regular monthly purchases and leaving the cash in the bank to earn a bit of interest) but if I can balance transfer without a fee like on the card you suggest, I can keep the £8k in my account to earn a bit more interest for an extra 2 years.

not having done one, how do you actually do a balance transfer?

let's say you have this card with a £5000 limit, and £4500 owing on another credit card

do you contact Sainsburys credit card people or your first credit card's people?

how does the money owed move from one a/c to another?

does the fee get added onto your owed balance @ Sainsbury's?

How does the OP's deal differ from this deal which seems to have 0 balance transfer fee:

sainsburysbank.co.uk/cre…501

EDIT:

Just notice that my link goes to a 28 month 0% balance transfer, so one month less than the OP. Personally i'd definitely give up the extra month to save the fee.
Edited by: "morpheus" 5th May

[quote=luvsadealdealdeal]not having done one, how do you actually do a balance transfer?
quote]

Most cards promoting balance transfers invite you to request a transfer as part of the application process, although you can usually do it later by contacting the card issuer. You don't need to contact the company with the old balance, but you do need to continue to make payments until the transfer is confirmed.

Fees are usually added to your balance with the new issuer.

Gavin01

ive got excellent credit rating as well and just got turned down!



Likewise 2 months ago. God knows how one qualifies for it.

morpheus with 8k why don't you invest? with minimal risk you can earn more then the interest rate at the moment, you must be only getting like 200 a year on 8K?

Original Poster Editor

morpheus

How does the OP's deal differ from this deal which seems to have 0 … How does the OP's deal differ from this deal which seems to have 0 balance transfer fee:https://www.sainsburysbank.co.uk/credit_cards/micro/cca_nobtfee28s_micro?sid=717s&dfaid=AGG_ALL_091501EDIT:Just notice that my link goes to a 28 month 0% balance transfer, so one month less than the OP. Personally i'd definitely give up the extra month to save the fee.


The card you mentioned is 28 months on transfers and 3 months on purchases. The new card is 29 months on both.

qalih

With an "excellent" credit rating, I've never been accepted by … With an "excellent" credit rating, I've never been accepted by sainsburys, tried twice in 2 years.


My Experian score is just 9 points from the maximum and I too was declined just this week

Original Poster Editor

luvsadealdealdeal

not having done one, how do you actually do a balance transfer?If you … not having done one, how do you actually do a balance transfer?If you register for online banking, you can do it online. The new card provider oversees the process. let's say you have this card with a £5000 limit, and £4500 owing on another credit carddo you contact Sainsburys credit card people or your first credit card's people?how does the money owed move from one a/c to another?does the fee get added onto your owed balance @ Sainsbury's?


gunner90

Likewise 2 months ago. God knows how one qualifies for it.



I think "home ownership" is the deciding factor

Christ one nectar point for every £5 spent. £2500 of purchases nets you £2.50 in points. Effectively 0.1% back in points value X)

writergirl74



I believe you give Sainsburys the details of the card you want to transfer the balance from, they will then transfer it and charge you a fee.

luvsadealdealdeal

not having done one, how do you actually do a balance transfer?let's say … not having done one, how do you actually do a balance transfer?let's say you have this card with a £5000 limit, and £4500 owing on another credit carddo you contact Sainsburys credit card people or your first credit card's people?how does the money owed move from one a/c to another?does the fee get added onto your owed balance @ Sainsbury's?



Either by phone or online, you let the new credit card provider know that you want to want to transfer a balance, give details of the old card and they do all the leg-work. Yes, the fee gets added on. There are plenty without a fee though.

Personally, for balance transfers, I prefer the look of the Tesco 0% Balance Transfer Fee Credit Card. Up to 24 months 0% interest, no fee and £29 Quidco cashback potentially available. From past experience, Tesco appear to be pretty generous with credit limits too.



Edited by: "akajay07" 5th May

akajay07

Either by phone or online, you let the new credit card provider know that … Either by phone or online, you let the new credit card provider know that you want to want to transfer a balance, give details of the old card and they do all the leg-work. Yes, the fee gets added on. There are plenty without a fee though.Personally, for balance transfers, I prefer the look of the Tesco 0% Balance Transfer Fee Credit Card. Up to 24 months 0% interest, no fee and £29 Quidco cashback potentially available. From past experience, Tesco appear to be pretty generous with credit limits too.


tesco gave me £2k and just now sainsbury approved £9k. thanks OP for the deal

coldjim

takes a while for the card to actually get to you. i applied last week … takes a while for the card to actually get to you. i applied last week and have signed the form they send out. still waiting on the card though... taking forever!



Mine took about 3 weeks.
It said 7-10 days but took longer. I had arranged to take delivery of a car and put a large portion of it on this (zero-cost loan) and kept having to put it off. Managed to get the card days before VED bands were updated - just in time.

My credit rating is pretty good and Sainsbury's turned me down. Be careful if you don't want a negative mark on your credit score.

As A1B1 suggested it could be down to them possibly requiring you to be a home owner to stand any realistic chance.

I have one of these, and it is handy for the points and the long term 0%

Just bugs the crap out of me that it doesn't have contact-less capabilities nor support for Android Pay

morpheus

Cheers for that heads-up mate. I've got £8k on an Amex 0% that ends in … Cheers for that heads-up mate. I've got £8k on an Amex 0% that ends in September. I have the cash to pay it off (have done since the start, i've just been using it for my regular monthly purchases and leaving the cash in the bank to earn a bit of interest) but if I can balance transfer without a fee like on the card you suggest, I can keep the £8k in my account to earn a bit more interest for an extra 2 years.



Absolutely! That's the way to do it, been doing that for a few years now. Was surprised by Virgin giving me a £10k limit last time so transferred that over. Interest rates likely to be low for a while yet, so sure these deals will stick around.

Gavin01

ive got excellent credit rating as well and just got turned down!



Complain to them. Ask them to check your application manually. If you have managed credit well in the past, they'll turn their decline decision over.

Thanks Op for this hot deal (as understood from reading the comments). I am completely new to the credit card business. I earn 33k (before tax) a year with no financial commitments apart from flat rent and bills.
-How much likely can get as Balance Transfer card?
-How much approximately the minimum monthly payment (planning to pay off within the 0% interest period)?
-Is there a transfer fee everytime I transfer money to my account? or I can transfer the full amount available in the credit card to my account? and how much the transfer fee in the later case?
-Last, is this how it works: Initially, I transfer the money from the card to my account, and then I pay off the money (and fees) on monthly installments over the 0% period?
Many thanks for your answers

coldjim

takes a while for the card to actually get to you. i applied last week … takes a while for the card to actually get to you. i applied last week and have signed the form they send out. still waiting on the card though... taking forever!


I second this. I would not recommend applying for this if you are in a rush.

They messed me around a lot after accepting my application and were taking too long so I had to cancel.

Just been accepted. Applied for £3700 transfer from my Debenhams card and got £3000. Happy with that as the Debenhams interest is 24%. Nice respite for me. Thanks OP. Gives me bit of respite.

new customer? shop 4 x times in a month at sub standard pricey Sainsbury? = too much effort. Cold

Signed up for this last time and the interest free period mysteriously stopped after 6 months, as did all record of it apart from the printed documents I had kept. Disastrous service, really don't recommend at all.

gunner90

Likewise 2 months ago. God knows how one qualifies for it.


I tried twice a few years ago.. Perfect credit rating but rejcted twice. Morons.

qalih

With an "excellent" credit rating, I've never been accepted by … With an "excellent" credit rating, I've never been accepted by sainsburys, tried twice in 2 years.



​Same

qalih

With an "excellent" credit rating, I've never been accepted by … With an "excellent" credit rating, I've never been accepted by sainsburys, tried twice in 2 years.



Gavin01

ive got excellent credit rating as well and just got turned down!


what do you mean by "excellent"?
there is no such thing as credit rating (don't fall for this crap) but if you mean the meaningless credit score attached to your credit file by CCA then my noddle score is 613 and I have been accepted by Sainsbury

Please do forgive me for believing that companies use a credit rating and that's its all crap... Please enlighten us oh wise one with the secrets that only you obviously know..... I for one think your speaking more of the stuff that I believe...

I got this card a couple of months ago. Two things about paying it off.
1. To set up a direct debit, you have to make a phone call, this cost me about £5 using my mobile.
2. To transfer money from a bank account, you have to allow pop-ups for a new page to open. You have to fill in name, address, telephone number, do a robot check, on top of filling in your bank details.

those that have applied and said they have been accepted. Did you apply a few days ago? How do you know you have been accepted? I applied earlier (before seeing this thread) and it stated they would send agreement in post if accepted.
Thanks

I don't need one but voted hot just because the way you explained it.

brown_ambassador

If you're transferring in a reasonable sized balance, a quick Google … If you're transferring in a reasonable sized balance, a quick Google search shows for example the TSB Platinum 28 month 0% and ZERO fee (e.g. £5k transferring, that's £150 fee vs £0 fee). Far better in this scenario to get a low or no fee Bal Trx card, then have a great cashback card for spending (e.g. Amex). You usually get a window of up to 3 months to do your BT's, so can always transfer over your monthly spending for those months to the BT card if you have spare limit.



Well said, I have NEVER EVER paid a balance transfer fee, 3%! forget it!
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