New reward and 0% credit cards from Sainsbury'sDouble Nectar points or 0% balance transfer deal
08 April 2010
Sainsbury's Finance has launched two new credit cards, one offering 0% deals on new purchases and balance transfers for 12 months, the other double Nectar points on Sainsbury's shopping for two years.
In order to apply for one of the new credit cards, consumers must have a Nectar card. These are free to obtain from Sainsbury's.
Credit card one: Sainsbury's Nectar credit card
The first new card, the Sainsbury's Nectar credit card, has a standard interest rate of 12.9%, below the industry average. It offers double Nectar points on Sainsbury's shopping in-store, online and in petrol filling stations for two years. However, there is no 0% promotional deal on balance transfers or purchases.
Credit card two: Sainsbury's credit card
The Sainsbury's credit card offers a 0% deal for the first 12 months on both purchases and balance transfers (3% balance transfer fee applies). After this period, the card has a standard APR of 15.9%.
Stuart McKeggie, head of Sainsbury's credit cards, said: 'Over the past few months, the credit card market has seen interest rates rise steadily. Our strategy is very much focused around encouraging more Sainsbury’s shoppers to take out our financial services products, and to do this we need to ensure that we continue to offer them exclusive deals that are extremely attractive.'
Sainsbury's cards are competitive, but only if you use them wisely
Martyn Saville, Which? credit card expert, commented: 'Both of the new Sainsbury's credit cards are potentially good value, depending on how you use them. The Nectar credit card is competitive for regular Sainsbury's shoppers, although the reward rate of one point per £5 spent elsewhere is well off the best cashback rates available on other cards.
'The Sainsbury's credit card, on the other hand, is competitive for 0% balance transfers and tops the Best Rate table for its 0%-on-purchases deal. The card's standard APR of 15.9% means, however, that it is not suitable for borrowing beyond the 0% promotional period, nor does it award extra Nectar points.'
Get the best credit card for your needs
If you need advice to help you choose the best credit card for your needs, read the free Which? guide to choosing a credit card.
Once you know the best type of card for you, check out Which? Best Rate credit cards to find the most competitive deal available today, whether it's a cashback card, a card for borrowing or the longest 0% deal on balance transfers.
Which? Money when you need it
You can follow @WhichMoney on Twitter to keep up-to-date with our Best Rates and Recommended Provider product and service reviews.
Sign up for the latest money news, best rates and recommended providers in your newsletter every Friday.
Or for money-saving tips, and news of how what's going on in the world of finance affects you, join Melanie Dowding and James Daley for the Which? Money weekly money podcast
For daily consumer news, subscribe to the Which? news RSS feed here. And to find out how we work for you on money issues, visit our personal finance campaigns pages.