12 months interest free with Sainsbury's Bank credit card
Monday, 25, Oct 2004 11:41
Sainsbury's Bank has extended the interest free period on its platinum credit card to 12 months - making it the longest interest free period in the marketplace.
The Platinum Visa card is also offering cashback for the first time - at a rate of 0.25 per cent. The option of one Nectar point for every £2 spent is also available on the card.
"Our new cards are the first to offer a 12 month 0 per cent period on purchases as well as cashback and discounts off shopping," said Lucy Hunter, credit cards manager at Sainsbury's Bank.
Following the 12 month period of grace the interest rate on the card jumps to 15.9 per cent. Any balances transferred to the card in the first six months are charged interest at a rate of 5.9 per cent for their life.
Currently 41 per cent of UK cards have an introductory offer of 0 per cent interest on purchases, for six months on average, according to a Moneyfacts report commissioned by Sainsbury's Bank.
Additionally only one in four credit cards offer cashback, with another 18 per cent offering a different award scheme, Ms Hunter noted.
The new Sainsbury's card also offers a quarterly discount book and a 50 day interest free period on all purchases. Sainsbury's Bank Platinum card customers also receive emergency medical and legal assistance abroad.