Get a 28 month 0% interest balance transfer credit card from Sainsbury’s Bank, with no transfer fees to pay.
What’s the deal exactly?
Sainsbury’s Bank has launched the longest fee-free balance transfer card on the market. Customers are able to transfer balances of £100 or more across to the bank and receive an interest-free period of 28 months.
The lender charges an initial 1.5% transfer fee but this is completely refunded within 60 days.
Representative APR is 18.9% and there are no annual fees to pay. Users also get 0% interest on purchases for three months.
Why should I care?
If you have credit card debt with another provider and are paying interest on your balance then transferring it can save you cash each month. This is the top deal on the market if you want to move your money but don’t want to pay any transfer fees.
What’s the catch?
Transfers must be made within three months of the account opening and remember that you will be charged a 1.5% transfer fee when you move your money across, but this will be refunded in full within 60 days.
You must also make a minimum payment each month of either 1% of your balance plus interest, 2.25% or £5 – whichever is greater. If you transfer any balance after the first three months you'll pay a 3% fee or £3 – whichever is greater.
What other options do I have?
Competition in the balance transfer credit card market remains fierce so there are plenty of options out there. You can get up to 43 months interest-free from other cards, but you will have to pay a transfer fee. You can use Moneywise’s credit card comparison tool to find a product that’s right for you.
Where can I find out more?
Full details of the product are available on the Sainsbury’s Bank website.