Money News
Sainsbury's has launched a new credit card - the card not only offering an introductory rate of 0% APR on purchases and balance transfers, but also providing Nectar points equivalent to a 2% cash-back on Sainsbury's purchases.
The 0% APR rate applies for 12 months on Sainsbury's purchases, 3 months on all non-Sainsbury's purchases and for 10 months on balance transfers, but subject to a 3% fee. A standard APR of 15.9% will then kick-in.
Points can be earned against purchases in store including clothing, electrical appliances and groceries and also online at Sainsbury's To You and in Sainsbury's petrol filling stations. 4 Nectar points are awarded for every £1 spent on the card at Sainsbury's - equivalent to 2% cash-back; 2 points for every £10 spent elsewhere on the card - equivalent to 0.1% cash back. There is no limit to the amount of points customers can earn.
According to the ONS Family Spending Report 2006 the average household spends around £2,605 a year at large supermarket chains. If this spend was all placed on the new Sainsbury's credit card, and was used in conjunction with a Nectar card it would equate to well over 10,000 Nectar points, around £52 cash back.
01 November 2007 © Moneyextra.com
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