Sainsburys bank are currently offering The Nectar Purchase Credit Card which is the market leading longest on 0% on purchases and offers the following:
0% interest on purchases for your first 29 months
0% interest on balance transfers for your first 18 months (3% balance transfer fee applies. Minimum £3 at all times)
No annual fee
Apply online
Collect points with your card
Like all our credit cards, this one lets you collect Nectar points wherever you shop. You’ll pick up 2 Nectar points for every £1 you spend on Sainsbury’s shopping and fuel, and 1 Nectar point for every £5 you spend elsewhere.
Apply by 26th March 2017, and your points could add up even faster when you shop at Sainsbury’s. Spend £250 or more on your Sainsbury’s shopping and fuel in your first month and pay with your Sainsbury’s Bank Credit Card, and you’ll collect an extra 5,000 bonus Nectar points. You could use your points to treat yourself and your family without stretching your budget in the year ahead*.
To keep your promotional rate you must pay at least the minimum payment by the due date and stay within your credit limit. Nectar points collected using your Credit Card are in addition to the points you collect from swiping your Nectar Card or using it online during a transaction.
Hope that this helps a few people out. :wink:
Top comments
voodoo85 to jrawlins28
18 Jan 173#8
From the summary box:
"The greater of:-
a) An amount equal to the total of interest, default charges, your monthly fee and 1% of the balance shown in your statement
b) 2.25% of the balance shown in your statement
c) £5 (or the full balance if less than £5)
plus any amount that you owe that is over your credit limit"
So a balance of £500 would have a minimum payment of £11.25 but obviously this would then take over 44 months to pay off and you would therefore begin paying interest as it wouldn't be paid off within the interest free period (29 months)
If wanting to build credit, use this for normal things like grocery shopping, car fuel etc as you would already be buying these things anyway and therefore can pay the full balance each month.
Go and buy a new flat screen tv for £600 that you didn't budget for and spending on a credit card can become a habit.
All comments (28)
stbk
18 Jan 171#1
Heat added & ordered thanks
jagoanneon
18 Jan 171#2
don't need it atm but head added
NigelL
18 Jan 171#3
Great find :smiley:
jrawlins28
18 Jan 17#4
Dumb question, what's the minimum payment usually? And then do you have to pay that minium each month to keep the 0% interest?
Never had a credit card but thinking of getting one too build my credit rating..
jackvdbuk to jrawlins28
18 Jan 17#5
usually 2pc or so, there's a min payment DD u can set up so don't need to worry
voodoo85 to jrawlins28
18 Jan 173#8
From the summary box:
"The greater of:-
a) An amount equal to the total of interest, default charges, your monthly fee and 1% of the balance shown in your statement
b) 2.25% of the balance shown in your statement
c) £5 (or the full balance if less than £5)
plus any amount that you owe that is over your credit limit"
So a balance of £500 would have a minimum payment of £11.25 but obviously this would then take over 44 months to pay off and you would therefore begin paying interest as it wouldn't be paid off within the interest free period (29 months)
If wanting to build credit, use this for normal things like grocery shopping, car fuel etc as you would already be buying these things anyway and therefore can pay the full balance each month.
Go and buy a new flat screen tv for £600 that you didn't budget for and spending on a credit card can become a habit.
WillPS
18 Jan 172#6
Better to set a fixed price DD at a level £1 higher than the minimum payment, that way it wont be marked as promo/minpay on your credit record.
themadgoose
18 Jan 17#7
is this correct? handy to know if so!
dinosteveus
19 Jan 17#9
5000 nectar points, isn't that fifty quid? The 3% fee could wipe that out depending on how much you are transferring.
Getting points in purchases could be handy.
pidgeofcdf to dinosteveus
19 Jan 171#11
nope it's only £25, plus you have to spend £250 at sainsbury's in first month to get it.
thermomonkey
19 Jan 17#10
Not heard of this before?
I have been paying min amount on credit cards for the last 3.5 years, including doing a balance transfer to start a new one.... It hasn't affected my credit score.
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Opening post
0% interest on purchases for your first 29 months
0% interest on balance transfers for your first 18 months (3% balance transfer fee applies. Minimum £3 at all times)
No annual fee
Apply online
Collect points with your card
Like all our credit cards, this one lets you collect Nectar points wherever you shop. You’ll pick up 2 Nectar points for every £1 you spend on Sainsbury’s shopping and fuel, and 1 Nectar point for every £5 you spend elsewhere.
***********5,000 bonus Nectar points offer***************
Apply by 26th March 2017, and your points could add up even faster when you shop at Sainsbury’s. Spend £250 or more on your Sainsbury’s shopping and fuel in your first month and pay with your Sainsbury’s Bank Credit Card, and you’ll collect an extra 5,000 bonus Nectar points. You could use your points to treat yourself and your family without stretching your budget in the year ahead*.
To keep your promotional rate you must pay at least the minimum payment by the due date and stay within your credit limit. Nectar points collected using your Credit Card are in addition to the points you collect from swiping your Nectar Card or using it online during a transaction.
Hope that this helps a few people out. :wink:
Top comments
"The greater of:-
a) An amount equal to the total of interest, default charges, your monthly fee and 1% of the balance shown in your statement
b) 2.25% of the balance shown in your statement
c) £5 (or the full balance if less than £5)
plus any amount that you owe that is over your credit limit"
So a balance of £500 would have a minimum payment of £11.25 but obviously this would then take over 44 months to pay off and you would therefore begin paying interest as it wouldn't be paid off within the interest free period (29 months)
If wanting to build credit, use this for normal things like grocery shopping, car fuel etc as you would already be buying these things anyway and therefore can pay the full balance each month.
Go and buy a new flat screen tv for £600 that you didn't budget for and spending on a credit card can become a habit.
All comments (28)
Never had a credit card but thinking of getting one too build my credit rating..
"The greater of:-
a) An amount equal to the total of interest, default charges, your monthly fee and 1% of the balance shown in your statement
b) 2.25% of the balance shown in your statement
c) £5 (or the full balance if less than £5)
plus any amount that you owe that is over your credit limit"
So a balance of £500 would have a minimum payment of £11.25 but obviously this would then take over 44 months to pay off and you would therefore begin paying interest as it wouldn't be paid off within the interest free period (29 months)
If wanting to build credit, use this for normal things like grocery shopping, car fuel etc as you would already be buying these things anyway and therefore can pay the full balance each month.
Go and buy a new flat screen tv for £600 that you didn't budget for and spending on a credit card can become a habit.
Getting points in purchases could be handy.
I have been paying min amount on credit cards for the last 3.5 years, including doing a balance transfer to start a new one.... It hasn't affected my credit score.