CREDIT CARDS

Sainsbury’s launch new Nectar Credit Card

Sainsbury's Finance have launched a new Sainsbury's Nectar Credit Card which the brand claim is a ‘must have card for Sainsbury's shoppers’.

The main advantages offered by the Nectar Credit Card are its 15-month 0% introductory offer on balance transfers (3% fee), and its 6-month 0% introductory offer on purchases. Also, it has a reward scheme and offers a representative APR of 16.9%.

Like its predecessor, the card offers Double Nectar points on Sainsbury's shopping in-store, online and in petrol stations for two years.

In addition, the credit card gives shoppers an extra 2 points for every £1 spent, which is the equivalent of 1% cashback on top of their usual Nectar card points and up to 2% cashback when both credit card and Nectar cards are combined.

Best all-round credit cards

Because of this, the firm claims that this new card is one of the best all-round cards on the market.

According to research commissioned by Sainsbury's Finance, only 13% of credit cards available in the UK offer both a 0% introductory offer on balance transfers and purchases as well as a reward scheme.

Furthermore, only 2% of cards on the market offer rewards equivalent to 2% cashback as well as 0% introductory offers on balance transfers and purchases.

"This card represents our commitment to offering the Sainsbury's shopper a compelling reason to bank and shop with us by giving them a market-leading product with the combination of a great BT and 0% purchase period, as well as rewarding them when they shop in our stores,” said Stuart McKeggie, Head of Sainsbury's Credit Cards. 

However, other competitive credit cards have been launched in the market lately.

‘First direct’, a division of HSBC, recently launched a credit card offering customers 0% on balance transfers for 20 months.

The main benefit of the new card is the 0% balance transfer which can help pay off debt faster, according to First Direct.

This rate, however, will only apply on transfers made within the first 2 months of an account opening. A 2.9% balance transfer fee applies to each balance transferred (minimum £5).

Tags: 0% balance transfer, 6-month 0% introductory, credit card rewards, CREDIT CARDS, points reward