0% extension from Sainsbury’s Finance

Customers that are thinking of applying for a Sainsbury’s 0% balance transfer credit card will now be able to enjoy a longer period of interest free credit, after the bank decided to extend the interest free period on its credit card from 10 months to 12 months.

Customers that transfer their balances onto the card can now enjoy an additional two months of interest free credit within which to try and clear the balance in order to avoid interest charges.

Every year many people transfer balances from high interest credit cards onto 0% balance transfer cards in a bid to avoid interest payments, which can really add to the cost of credit cards debt.

Most 0% balance transfer credit cards charge a transfer fee of between 2-3% of the total amount that is transferred on to the card, and with the Sainsbury’s credit card this transfer fee is set at 3% of the amount being transferred.

There are no annual fees with this credit card, and once the interest free period has come to an end the interest rate will revert to the lender’s standard variable rate, which is 15.4%.

In addition to the 12 months of interest free credit on balance transfer the card also offers 12 months of interest free credit on all purchases made from Sainsbury’s.

Cardholders will also be able to earn Nectar points on their credit card when they make purchases at Sainsbury’s, with four Nectar points earned for every £1 spent on the card at Sainsbury’s.

This works out to the equivalent of 2% cash back. When the card is used to make purchases at other retailers the level of points earned amounts to two points for every £10 spent.