New Credit Cards From Sainsbury’s Finance
Published: 8 April 2010 By MoneyHighStreet Staff Leave a Comment
Sainsbury’s Finance has launched 2 new credit cards, the Sainsbury’s Nectar Credit Card and the Sainsbury’s Credit Card.
Both of the new credit cards are aimed at Sainsbury’s shoppers and in order to apply for either of them you need to have a Nectar card.
Sainsbury’s Nectar Credit Card offers users an APR of 12.9% on purchases and balance transfers, and double Nectar points on their shopping, in store, online and in petrol filling stations for two years. The extra Nectar points are equivalent to an additional 1 per cent off their Sainsbury’s shopping bill.
Sainsbury’s Credit Card offers 0% APR for the first 12 months on purchases and also on balance transfers. It has a typical APR of 15.9% on both purchases and balance transfers.
Stuart McKeggie, Head of Sainsbury’s Credit Cards said: “Over the past few months, the credit card market has seen interest rates rise steadily. Our strategy is very much focused around encouraging more Sainsbury’s shoppers to take out our financial services products, and to do this we need to ensure that we continue to offer them exclusive deals that are extremely attractive. We are confident our new credit cards will be well received by Sainsbury’s shoppers.”
Peter Harrison, credit card expert at moneysupermarket.com, said: “These two cards are good products at face value, and although you have to be a Nectar card customer to get them, you can pick up a Nectar card free in store and register online – this is not a difficult barrier to overcome. This move shows how the credit card market is becoming more niche – not only do you need a good credit rating, but providers are looking to give better offers to existing customers.”
Research from Sainsburys shows that over 3 million people are considering taking out a new credit card in 2010 with over 1 million people planning to transfer up to £2.55 billion between cards. Clearly there will be interest in these 2 new market leading cards from Sainsburys.