By: Kate Anderson | Updated: 14th January, 2019.
Sainsbury’s Bank No Fee Balance Transfer Card
Good for: Balance transfers with no fee
Our Bottom Line
There’s a lot to like with the Sainsbury’s Bank balance transfer card. Cardholders get 22 months of 0% interest on balance transfers along with fee-free balance transfers over the first three months. In addition, cardholders can also take advantage of 0% interest on purchases over the first three months. And like other Sainsbury’s cards, users get perks in the form of Nectar points.
Representative APR (variable):
Balance transfer fee:
Fee-free balance transfers? Check. Long 0% interest balance transfer period? Check. 0% interest on purchases? Check. The Sainsbury’s Bank No Fee Balance Transfer Card ticks all the right boxes.
Credit Rating Requirement: Good/Excellent
What I like about the Sainsbury’s Bank No Fee Balance Transfer Card
The Sainsbury’s Bank No Fee Balance Transfer Card has a plethora of offers, but it is the balance transfer period and fee-free window which are the main attractions.
- 0% introductory balance transfer offer – This is one of the headline offers, and a good one at that. Card holders will be able to transfer their existing credit card balance and pay no interest on it for the first 22 months. This is a great way to get your debt under control, as it gives you that interest-free breathing space that allows you to work at paying off your balance.
- Fee-free transfer – Balance transfer cards are a great way to get out from underneath high interest payments, but most charge a fee of between 1% and 3%, meaning you could end up paying between £30 and £90 on a £3,000 balance. However, this card gives you a fee-free transfer window of three months, which means you can benefit from moving your debt to an interest-free zone without paying for the privilege of doing so.
- 0% introductory period for purchases – If a 0% interest-free period on balance transfers wasn’t enough, the card also has a three-month introductory interest-free period on purchases. However, considering the main purpose of taking out a card like this will be to pay down your balance, be wary of the temptation to build up more debt with this offer. At only three months, it is a relatively short period, and the interest rate will change to the card’s APR after the term.
- Bonus Nectar points – Like with other Sainsbury’s credit cards, users can benefit from bonus Nectar points when they take out this card. You can earn 750 bonus points each time you spend £35 or more on Sainsbury’s shopping in the first two months, up to ten times. Additionally, you can earn 2 Nectar points for every £1 spent on Sainsbury’s shopping and fuel, and 1 Nectar point for every £5 spent elsewhere. This is all great if you are already a Sainsbury’s shopper, less so if you frequent another supermarket.
- Worth knowing – The card is available to new customers only, and users will need to stick to their limit and make their minimum payments in order to keep the promotional rate. Additionally, the 0% interest-free balance transfer period of 22 months is dependent on individual circumstances, and you may be offered a shorter period instead. Something also to be aware of is that the bank may not be able to process balance transfers from certain providers.
Why you can trust me
I worked on the front line of personal-finance best buys for over eight years at one of the world’s largest research companies, Nielsen. I reported daily on the developments of the 2008 financial crisis and beyond, keeping up with the changing financial landscape and providing insights to all the major banks in the UK. I know the key players in the market and the tactics behind how they behave. All of which I will apply to highlight the best deals and give honest reviews to help you in your search.
What could be improved
There isn’t much to criticise with the Sainsbury’s No Fee Balance Transfer Card, especially if your main purpose when taking out a card is for a balance transfer. However, here are two areas that you may not benefit from.
- Loyalty points – The card is not very generous to non-Sainsbury’s shoppers, so unless you do regularly shop in Sainsbury’s, you won’t get much from the reward scheme.
- 0% introductory period for purchases – At three months, the 0% interest period is short, definitely in comparison to that for cards that specifically cater for purchases. There is also the added danger that it will tempt you to spend in the first few months instead of focusing on the task at hand of getting your balance under control.
How does the Sainsbury’s Bank No Fee Balance Transfer Card offer stack up?
The card has one of the longest 0% introductory balance-transfer periods on the market for cards of its type that also offer a fee-free transfer. Yes, there are other cards that offer an additional six or seven months to pay down a balance, but I feel the advantage of being able to transfer your balance across without having to pay a fee far outweighs the additional time. But be aware it is a short transfer window compared to those for other cards on the market that are fee-free for the full 0% introductory period.
The Sainsbury’s Bank No Fee Balance Transfer Card credit score
The bank does state that applications will be treated on an individual basis and that the interest rate and credit limit offered will be determined by the details supplied. You must be a new Sainsbury’s Bank credit card customer in order to qualify for the promotion and be a UK resident of 18 years of age or more, as well as having an annual income of £10,000 or more. The bank will apply credit checks as part of its application process.
How to apply
You can apply online, or you can call Sainsbury’s Bank and provide the code ‘NO BT WEB’ to the operator. You will need to provide a mobile number and email address, as well as your personal details and residential address.
Is the Sainsbury’s Bank No Fee Balance Transfer Card right for you?
If you are looking to take advantage of a balance transfer offer and don’t want to pay a fee to do so, then this is a card to strongly consider. You will have to be relatively confident you can clear your debt within 22 months (or less, if you’re not offered the full 22 months) and transfer the balances you need across within the first three months of the card’s term. If this is the case, then you should be able to take full advantage of what the card has to offer.