Sainsbury's Finance launches market-leading credit card

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6.9% APR Representative is lowest available in the UK (1). New card joins Sainsbury's Nectar Credit Card, offering competitive introductory offers on BTs and purchases (2).

With an APR of just 6.9% this card is a much cheaper way to manage your cash flow than an overdraft.

On 22nd September 2011, Sainsbury’s Finance is launching a new market-leading credit card with the lowest APR currently available(1) in the market.

The low rate card, available to customers with a Nectar card(3), offers a representative APR of 6.9% on new purchases and balance transfers, and does not impose balance transfer fees. This is only the third sub-7% credit card to hit the market in the past four years and currently offers the lowest APR available in the UK by a considerable margin(1). According to new research from Moneynet(4) the average credit card APR on the market currently stands at 17.82%.

Stuart McKeggie, Head of Sainsbury’s Credit Cards said: "We're pleased to be able to offer our customers a card with a market-leading low rate. We strive to reward them for their custom and provide a range of cards so they can pick the best one for their needs. With no balance transfer fee, those who may previously have switched cards for introductory offers can avoid incurring a balance transfer fee while enjoying a low rate."

Andrew Hagger of Moneynet commented: "With an APR of just 6.9% this card is a much cheaper way to manage your cash flow than an overdraft. Even if you can't clear your statement balance in full every month the interest charges aren't going to hit your pocket too hard."

The new card joins the Sainsbury’s Nectar Credit Card (16.94% APR Representative), which offers double Nectar points on Sainsbury’s shopping in-store, online and in petrol filling stations for two years(5), a 15-month 0% introductory offer on balance transfers (3% fee) and a 6-month 0% introductory offer on purchases. Shoppers are rewarded with an extra two points for every £1 spent, the equivalent of 1% cash back on their Sainsbury's shopping on top of their usual Nectar card points (2% cash back equivalent when both credit card and Nectar card are used at the time of transaction).

To find out more about Sainsbury's new low rate credit card call 0800 030 4365 or log onto Sainsbury's Finance or pick up a leaflet in your Sainsbury’s supermarket. Customers applying for a Sainsbury's card should have their Nectar card ready when they apply.

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Tom Wilson