Sainsbury’s launches new 29-month balance transfer credit card
SAINSBURY'S Bank has unveiled a top balance transfer card with an interest-free period of up to 29 months.
This is the longest balance transfer rate currently on the market, according to data from comparison website Moneyfacts - but there are shorter ones with cheaper fees.
You can apply for the new card on the or phone customer services on 0808 540 5060.
But the actual interest-free period you get will depend on your credit rating and some may be offered 25 or 21 months instead.
There is also a 3% or 4% transfer fee, depending on your individual circumstances.
For example, it would cost £30 to transfer £1,000 of debt based on the 3% fee or £40 if you are charged 4%.
Applicants also need a minimum annual income of £10,000 to get accepted for the card.
The card moves to an interest rate of 21.9% at the end of the 29-month period so it's always important to clear the debt in full before the 0% term ends.
If you're unable to pay it all off on time, you could shift it to another 0% balance transfer card beforehand - you can find the best cards of this kind here.
Be warned though that applying for multiple credit cards will hurt your credit score - use an eligibility checker, such as one from , to see what deals you're likely to be accepted for beforehand.
Make sure you don’t miss any of the monthly payments though as the bank will charge you interest of 21.9%.
In contrast, MBNA and TSB offer 28 month balance transfer cards - although their transfer fees are lower at 2.79% and 2.95% respectively.
Sainsbury’s Bank said customers made more than double the number of balance transfers between January and March 2020, up 111% annually as people traditionally take stock of their finances during the new year period.
Jason King, customer director at Sainsbury’s Bank. said: “Following Christmas spending, the new year is usually a popular time for people to take a look at their finances and ensure they’re getting the best deal on their credit cards and other financial products.
"That’s why we are committed to providing our customers with 0% balance transfer deals, along with regular rewards for Nectar customers on their everyday shopping.
“Offering a balance transfer period of up to 29 months, our balance transfer credit card could help make a difference to people’s pockets in the new year.”
You can currently get support on credit card repayments if you are struggling during the pandemic.
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It comes as there have been warnings about "unmanageable debt" after shoppers spent £2.3billion on buy now, pay later to help fund Christmas.
See how to get extra help paying the bills if you are struggling to make it to payday.