Sainsbury's Finance launches credit card with rate of just 6.9% APR
Wednesday, 21 September 2011 08:34
Sainsbury’s Finance is launching a new Nectar credit card with the lowest APR rate currently available in the UK.
The Sainsbury’s Nectar Credit Card has a rate of 6.9 per cent APR on balance transfers and new purchases.
Zero interest applies to balance transfers for 15 months, though there is a three per cent fee and the rate is one of just three cards that have offered a rate below seven per cent in the last four years.
There is no interest applied to purchases for the first six months. The card is only available to customers with a Nectar card. Double Nectar points are available on Sainsbury’s shopping in-store, online and at petrol stations for two years.
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. 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."
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