Sainbury's lengthens 0% interest period on balance transfers

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www.moneynews.co.uk > Banking > Sainbury's lengthens 0% interest period on balance transfers

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Sainbury's lengthens 0% interest period on balance transfers

Sainbury's Finance announced today that it will extend the zero per cent interest period on balance transfers from ten to 12 months for its credit card customers.

The bank's credit card also offers a year-long introductory rate of zero per cent APR on purchases made at Sainsbury's and Nectar points equivalent to two per cent cash-back at the supermarket.

After the year's introductory rate, card charges revert to a standard APR of 15.9 per cent.

New research from Sainsbury’s Finance has shown that 24 per cent of credit cards offer zero per cent APR for twelve months or more on balance transfers.

Donald MacLeod, head of cards at Sainsbury's, said: "We believe extending the interest-free period on balance transfers as well as offering great rewards and zero per cent on Sainsbury's purchases will make our card even more appealing."

He also advised consumers to take a "holistic view when picking a credit card" and try to choose one that has a reward scheme as well as an interest-free period on purchases.

Earlier this month Sainsbury's Finance decided to offer a five per cent discount on life insurance to customers applying online.

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