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Sainsburys Bank credit card review: Sainsburys

THE Sainsbury's credit card is the near perfect plastic if you do your weekly grocery shopping along the aisles of Sainsbury's.

Rewards are aplenty with double Nectar points at Sainsbury's for the first 2 years.

During the first 2 years you'll get 4 Nectar points for every £1 spent in Sainsbury's when you swipe this plastic at the checkout - and produce your Nectar loyalty card too (2 points per £1 without a loyalty card). After the first 2 years, you'll earn 1 Nectar point for each full £5 spent plus the points earned with your Nectar loyalty card.

Unlike using the Nectar loyalty card alone, you'll also be able to add extra Nectar points to your collection wherever you spend - even at non-Nectar sponsors, at a rate of 1 Nectar point for each full £5 spent.

Sainsbury's shoppers will also get to enjoy 12 months interest free on all purchases from Sainsbury's (except Telecoms and Energy).

The Sainsbury's credit card also offers a 10-month 0% purchase and a 10-month 0% balance transfer deal (3% fee) too.

This card is certainly suited to Sainsbury's frequenters with a passion for collecting Nectar points.

Interest Rates and Fees
		Notes..
Typical APR	15.9% APR (variable)	15.9% APR (variable) - 21.9% APR (variable) The rate you receive will depend upon an assessment of your circumstances. In any month where interest is incurred between 1p and 50p, you will be charged a minimum of 50p instead. The typical APR is the rate most people are offered.
Introductory Purchases	0% for 10 months	You'll also receive 0% on Sainsbury's purchases for 12 months. Payments will be applied towards 0% Sainsbury's purchases before 0% balance transfers or other 0% purchases.
Balance Transfers	0% for 10 months	Payments will be applied towards 0% Sainsbury's purchases before 0% balance transfers.
Balance Transfer Fee	3% (£3 minimum)	-
Cash Withdrawal Rate	24.93% p.a. (variable)	-
Cash Withdrawal Fee	3% (£3 minimum)	-
Annual Fee	None	-
Foreign Transaction Fee	2.75%	This fee will be charged if you make a purchase or cash withdrawal in a foreign currency.

Rewards
		Notes..
Reward #1	Nectar Points	On top of the Nectars points earned using your Nectar loyalty card, you'll earn : - 2 Nectar points for every £1 spent at Sainsbury's during the first 2 years - 1 Nectar point for each full £5 spent on other purchases. - 1 Nectar point for each full £5 spent at Sainsbury's after the first 2 years. Excludes Sainsbury's Telecoms and Energy which are treated as non-Sainsbury's purchases.

Cardholder Services & Extras
Online Account Management		You can log in to the Sainsburys Bank web site and manage your Sainsburys credit card account online.
Internet Fraud Guarantee		As long as you follow the precautions, you won't be held liable for any online banking activity you haven't authorised.
Fraud Monitoring
Identity Protection
MasterCard SecureCode		An extra layer of security when shopping online. Register and set up a password-protected identity-check when you shop online with participating online retailers.
Purchase Protection Insurance
Purchase Delivery Insurance
Comprehensive Travel Insurance
Travel Accident Insurance
Travel Inconvenience Insurance
Assistance Abroad
Emergency Card Replacement
Other Extras	- Card replacement if lost - Additional cards available for family members over 18 years old.
Optional Extras	These are extras that you can choose, but you will have to pay for them. - Identitycare - Repayment cover - Card protection.

Payments & Payment Details
		Notes..
Credit Limit	£500 minimum	Maximum credit limit is subject to status.
Interest Free Period	Up to 59 days	Actual interest free period will be displayed on your statement. The interest free period is for purchases if you pay the balance in full and on time. There is no interest free period on balance transfers, cheques or cash advances.
Minimum Monthly Payment	2.25% (£5 minimum)	The minimum monthly payment will be the greater of: - 2.25% of your outstanding balance, OR - £5.
Allocation of Payments	Low interest rate balances > Higher interest rate balances (default sums > balance transfers > purchases > cheques > cash advances).	If you do not pay off your statement balance in full, your payment will be applied first towards balances where no interest is charged, then those at lower rates before those at higher rates. Where two balances are charged at the same rate of interest, your payment will be applied to transactions in the following order: default sums, balance transfers, purchases, cheques and then cash advances. During the 0% introductory offer, payments will be applied towards 0% Sainsbury's purchases first, and then 0% balance transfers and then 0% purchases.
Default Charges	£12	This is how much you will be charged for late payments, returned payments and if you go over your credit limit.
Copy of Statement Fee	£5	This is the fee you will be charged for duplicate statements.

Card Details
		Notes..
Online Application	Yes	-
Card Type	Classic	-
Payment Company	MasterCard	The company who provides the payment technology and infrastructure to allow you to use this credit card. Retailers and ATM machines displaying the 'MasterCard' logo will accept this credit card.
Card Issuer	Halifax	The bank who issues this credit card.
Card Advertiser	Sainsbury's Bank	The company who advertises and promotes this credit card.

Sainsburys Credit Card User Reviews

Review Continued...

Imagine this - you're at the checkout in Sainsbury's; you hand over your cash to pay for your groceries along with your Nectar Card; the checkout operator says, "I'll just double your Nectar points on this purchase", and you say "Brilliant!"

Well, this is just what Sainsbury's are offering with the Sainsbury's credit card.

Nectar points

If you use Nectar at the moment to collect points off your grocery shopping, you'll get 2 points for every £1 you spend. If you pay for that same shopping using a Sainsbury's credit card, you'll get an additional 2 points per £1 on top for the first 2 years - after 2 years you'll get an additional 1 point for each full £5 you spend.

If discounts off your groceries are what you're into, then the standard Nectar loyalty deal gets you a £2.50 discount for every £250 you spend. Using your Sainsbury's credit card during the first 2 years brings this down to £2.50 discount for every £125 spent - that's about one Nectar voucher for every weekly shop - handy for saving up for that big grocery bill at Christmas!

Of course, there are many other retailers who will give you Nectar points for your purchases, like BP or Debenhams, and you still get these when you hand over your Nectar loyalty card. But if you also pay for these purchases using your Sainsbury's Credit Card, then you'll earn even more Nectar points - an extra 1 point for every £5 spent, on top too.

Plus, anywhere you shop with the Sainsbury's credit card, be it Nectar sponsor or not, you'll still earn 1 Nectar point for each full £5 spent.

0% deals

Collecting Nectar points twice as fast is not the only great thing about the Sainsbury's credit card.

You'll get a full 12 months' interest free on all Sainsbury's purchases (excluding telecoms or energy).

Whilst it's probably not a good idea to keep 12 months worth of groceries on your card without paying it off, this is a great idea if you're planning a large purchase from Sainsbury's, like kitchen appliances, or a new TV or stereo.

The Sainsbury's credit card also comes with a 10-month 0% non-Sainsbury's purchases and a 10-month 0% balance transfer deal too, with a 3% balance transfer fee.

Payments will be applied towards Sainsbury's purchases first - so you'll need to stock your cupboards and clear all Sainsbury's shopping transactions to get any non-Sainsbury's purchases and balance transfers repaid before their 10-month 0% period is up.

Repaying in full

Another good feature of the Sainsbury's credit card is that you get up to 59 days to clear your balance in full without incurring interest charges - a full two weeks more than some cards offer.

Interest rates

One thing to watch out with the Sainsbury's credit card is the 'risk based pricing' that is used when you apply. Most customers are offered the standard rate, but some customers will be offered a rate that is much higher, either 19.9% or 21.9%.

Even the standard interest rate, at 15.9% is not the best on the market, but this is a card that is aimed squarely at Sainsbury's shoppers who will benefit from features other than the standard interest rate.

This card is not suitable for taking cash out or using abroad - both options carry high charges, and if you need to be doing either of these on a regular basis then check out some cards with better cash rates or no foreign transaction fee.

Summary

If you regularly shop at Sainsbury's, then the Sainsbury's credit card really is a good deal. If you are saving Nectar points for something specific, then you'll be able to get it in half the time than just using a Nectar loyalty card on it's own.

The Sainsbury's credit card is also really good for increasing your discounts on Sainsbury's groceries, or spreading the cost of a large purchase from Sainsbury's without paying any interest.

If you do your grocery shopping at Tesco or Morrisons, then this is probably not the card for you. However, if you do use Sainsbury's on a regular basis, then provided you utilise it correctly, this card is really offering something for nothing.

Apply Online for Sainsburys credit card »