Our bottom line
This card is right in the mix with the longest introductory 0% interest periods on purchases currently on the market, at 20 months. Add to that bonus Nectar points and it is an enticing offer for regular Sainsbury’s shoppers who are looking to spread the cost of a new purchase over more than two years.
Credit Rating Requirement: Good/Excellent
What I like about the Sainsbury’s Bank Purchase Credit Card
The Sainsbury’s Bank Purchase Credit Card’s main offer is the long interest-free period on purchases, but there is more to this card.
- 0% introductory rate on purchases – If you are looking for a long interest-free period in which to pay off new purchases, then this card certainly offers that. The headline offer is 0% for 20 months, although you could be offered fewer months of 0% interest depending on your individual circumstances. If you are looking to make a big purchase but pay it off over time, this card gives you over two years to clear your balance.
- 0% introductory rate on balance transfers – Alongside the 0% introductory rate on purchases, cardholders will also receive 0% interest on balance transfers for the first three months.
- Bonus Nectar points – Like with other Sainsbury’s credit cards, users can benefit from bonus Nectar points when they take out and use this card. You can earn 750 bonus points when you spend £35 or more on Sainsbury’s shopping in the first two months, up to ten times. Additionally, you can earn two 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 shop in another supermarket.
- Other benefits – The card offers the unusual feature of the ability to transfer money to your current account at the standard cash interest rate (with a 4% fee or a minimum of £4), on application. This means, if you are happy to pay the fee, you could use some of your credit limits to supplement your cash flow.
- Worth knowing – This offer is only available to new Sainsbury’s customers. Additionally, you must make your minimum payments and stay within your credit limit in order to keep your promotional rate.
What could be improved
The Sainsbury’s Bank Purchase Credit Card is straightforward in its 0% purchases offer, but it could be improved in other areas.
- Short balance transfer deal – The interest-free period for balance transfers is short at only three months. When you add the fact that you would pay a fee of 3% on the amount transferred, meaning you would pay £30 for every £1,000 transferred, it doesn’t appear worth it. The balance transfer rate reverts to the card’s standard APR after the introductory period, so make sure you have paid off your balance in full and don’t get caught out.
- Loyalty points – The card is not very generous to non-Sainsbury’s shoppers, so unless you regularly shop in Sainsbury’s, you won’t get much from the reward scheme. Additionally, the reward points earned can only be redeemed in specific places associated with the Nectar scheme.
How does the Sainsbury’s Bank Purchase Credit Card offer stack up?
With the headline introductory period of 20 months interest free on purchases, the Sainsbury’s Bank Purchase Credit Card is right up there compared with what is on the market currently. It is worth noting that some cards, including the Sainsbury’s Dual Offer Credit Card, have a 0% balance transfer period that matches that of the card’s purchases offer, but if you are not looking to make a balance transfer, then you couldn’t ask for much more. Added to that, if you are a regular Sainsbury’s shopper, then the potential for Nectar reward points may sway you in favour of this card.
The Sainsbury’s Bank Purchase Credit 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. Additionally, applicants must not have been declined credit in the last month and must have no history of county court judgements (CCJs) or bankruptcy.
How to apply
You can apply online or you can call Sainsbury’s Bank and provide the code ‘PURCHASE WEB’ to the operator.
If you already have a Nectar card, you will be asked to provide your Nectar card number during the application process.
You will also need to provide a mobile phone number and email address, as well as your personal details, residential address and details of your annual income.
Is the Sainsbury’s Bank Purchase Credit Card right for you?
The Sainsbury’s Bank Purchase Credit Card has one major selling point: one of the longest 0% interest introductory periods for purchases currently available. The card is one to consider if you are looking to make a large purchase and spread the cost over more than two years without having to pay interest. If you are already a Sainsbury’s shopper this may influence your decision, because not only can you earn Nectar points through your Sainsbury’s shopping, but you could also earn up to 7,500 bonus Nectar points in the first two months. However, if you are in need of a balance transfer offer in addition to the long interest-free period on purchases, then there are other cards available more suited to your needs.
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