By: Kate Anderson | Updated: 14th January, 2019.
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.Read full review >
|Purchase rate is||19.95% p.a. variable|
|With a representative||19.9% APR variable|
|Assumed credit limit||£1,200|
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.
There’s a lot on offer with this card, with fee-free balance transfers for the first three months, a decent 0% balance transfer period of 22 months and 0% interest on purchases for the first three months. Plus there is the added bonus of Nectar points.
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.
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.
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.
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 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.
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.
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.
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