Sainsbury's Credit Card Increases 0% Introductory Period on Purchases from Three to Ten Months and Reduces Typical APR

    LONDON, ENGLAND, October 08, 2009 /24-7PressRelease/ -- Winner of Best Online Credit Card provider in Your Money Direct Awards

Sainsbury's Finance has increased the 0% introductory period on purchases on its credit card from three months to ten months and has reduced its typical APR from 16.9% to 15.9%, going against the current trend in the credit card market.

Research released in July revealed that credit card firms have slashed the number of zero per cent purchase deals by a fifth in the past year, and have increased rates across the industry to an all-time high of 18%, after an increase in 0.5% in the previous 12 month period.

Stuart McKeggie, Head of Sainsbury's Credit Cards said: "By increasing the 0% period on our card and decreasing the typical APR we are bucking the trend and hopefully offering borrowers a bit of respite in what is still a tough economic climate for many people.

"However, when choosing a credit card we would urge people to consider the rewards on offer as well as the rate and introductory deals. People should shop around for a card that offers a sustainable reward that is easy to redeem and suits their spending habits. A family spending GBP100 every week at Sainsbury's on our card would receive GBP104 worth of Nectar points each year on this expenditure alone."

The Sainsbury's credit card offers Nectar points equivalent to 2% cash-back on Sainsbury's purchases. There is no limit to the amount of points customers can earn and these can be easily redeemed at a Sainsbury's checkout or any other company that is part of the Nectar scheme. Card holders can also receive Nectar points on non Sainsbury's purchases as well. Of those cards offering a cash-back deal to new customers, on the first GBP3,000 the average non-introductory rate is 0.45% on universal spend, and no cards offer over 1% on universal spend.

About the Sainsbury's credit card:
Rewards:
4 Nectar points awarded for every GBP1 spent on the card at Sainsbury's - equivalent to 2% cash-back
2 points for every GBP10 spent elsewhere on the card - equivalent to 0.1% cash back
There is no limit to the amount of points customers can earn
Points can be redeemed against thousands of Nectar offers by simply visiting www.nectar.com

Features:
0% APR for 12 months on Sainsbury's purchases
0% APR for 10 months on all non-Sainsbury's purchases
0% APR for 10 months on balance transfers, subject to a 3% fee
A standard APR of 15.9%
No annual fee
Fraud protection at home, abroad and online
Convenient online servicing
To find out more about the Sainsbury's credit card, call free on 0800 032 1365, visit www.sainsburys.co.uk or pick up a leaflet in store.

For further information, please contact:
Ian Morris / Georgiana Varey
Citigate Dewe Rogerson
020 7638 9571

Notes to editors:
MoneyExpert, 20th July 2009
Shop at Sainsbury's and you could earn a whopping 4 points for every GBP1 you spend. Pay with your Sainsbury's Credit Card and collect 2 points for every GBP1 you spend. Hand over your Nectar card at the same time and collect an additional 2 points for every GBP1 you spend.

Sainsbury's Finance:
To view our latest press releases and product information, please visit the Sainsbury's Finance online media centre at www.sainsburysfinance.co.uk/media. Sainsbury's Finance offers a range of quality, competitively priced, award-winning products. It opened for business on 19th February 1997 and was the UK's first supermarket bank. It is a 50:50 joint venture with Sainsbury's and Lloyds Banking Group.
Sainsbury's Finance offers the following products: Credit Cards and Loans, a range of Savings products and Car Insurance, Life Insurance, Home Insurance, Travel Insurance and Pet Insurance. For further information and general Sainsbury's Finance enquiries customers can call the freephone number on 0500 40 50 60 or visit www.sainsburysfinance.co.uk

Sainsbury's provide a wide range of financial services including credit cards, loans, personal loans, savings account,pet insurance,life insurance,home insuranceand car insurance

Notes to editors/webmasters
If using this article on a website, please link to www.sainsburysbank.com using the following hyperlink text at the bottom of the article:
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