Best of both: Sainsbury's Bank reveals credit card package with longest ever purchase and balance transfer duel offer
Credit card offers normally fall into two categories: long-term balance transfer card to pay off debts on the cheap, and zero per cent purchase cards, which allow you to buy big-ticket items pay off the damage gradually.
But Sainsbury’s Bank has launched a new card that gives cardholders 18 months of no interest on both purchases and balance transfers.
Its Nectar Credit Card - the longest ever 'dual promotion' - is therefore a good option for those who want to pay off existing debts but also might need to splash out.
Combo package: Sainsbury's Bank has launched a new credit card deal
While other providers are embroiled in a seemingly never-ending race to beat the longest deals on offer - Barclaycard recently revealed a 34-month interest free balance transfer promotion - the move by Sainsbury's Bank signals a shift in the market as providers start to offer more flexibility to customers.
Usually, those in the market for a credit card have to choose a product that offers either a much longer balance transfer promotion or purchase card offer.
The Sainsbury's card allows cardholders a year-and-a-half to pay off existing debt in a more manageable way, as well as any large purchases they may need to make.
As Andrew Hagger, of Moneycomms, points out: 'The 18/18 month Sainsbury's Bank credit card is a really good combo package for people who have a balance to switch across but also have a major purchase to make in the near future.
'There is such a wide range of 0 per cent terms and combinations out there at the moment, it's good news for consumers as there's probably a card that'll work for most people and their specific requirements.'
Another similar card offering a good combination of 0 per cent on both balance transfers is the MBNA Everyday card with 21 months interest free on balance transfers and 13 on purchases.
The balance transfer fee is just 1.5 per cent compared with Sainsbury's Bank's Nectar card at 3 per cent - although the purchase term is five months shorter.
Alternatively there's Halifax 0 per cent for 15 months with 0.8 per cent BT fee for balance transfers and 0 per cent for 15 months on purchases.
The new Sainsbury’s Nectar Purchase Credit Card 3 per cent balance transfer fee means a debt of £1,000 will cost £30 to shift over to the card.
To keep the promotional rate, customers must pay at least the minimum payment by the due date and stay within their credit limit.
For the supermarket giant's existing customers there are a number of perks, including double Nectar points on all Sainsbury’s shopping – online and in store – and two Nectar points per £1 spent on Sainsbury's fuel - plus one point per litre when the customer also swipes their Nectar card.
Cardholders will also receive one Nectar point for every £5 spent when the card is used anywhere outside of Sainsbury’s.
Remember, the most popular credit cards are usually only offered to those with spotless credit ratings because of high levels of competition.
In addition, even those who are accepted may not be given the advertised deal as card providers only have to offer this to 51 per cent of those they accept.
Sainsbury's has also released a new 33-month 0 per cent balance transfer card, with 0 per cent interest on purchases for six months, which is the second longest deal in the market.
Simon Ranson, Head of Banking, Sainsbury's Bank said: 'Our new credit card offers reinforce our commitment to providing good quality, competitive products that add value by rewarding our customers each and every time they use their card.'
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