New Sainsbury’s credit cards will help customers to live well for less

Sainsbury’s has become the latest provider to ‘up the ante’ in credit card war with the launch of two new cards – the Sainsbury’s Low Rate Nectar Credit Card and the Sainsbury’s Low Rate Cashback Credit Card. The move comes just weeks after Tesco increased the balance transfer period on its Clubcard Credit Card to 25 months.

Michael Ossei, personal finance expert at**Uswitch.com, says:** “The credit card market is fast becoming a battle of the supermarket heavyweights. Hot on the heels of Tesco’s 25 month balance transfer card, Sainsbury’s is piling the pressure back onto its rival – as well as giving the traditional banks a run for their money.

“The combination of a low interest rate and a generous reward scheme is another great example of how retailers are focusing on products that they know their existing customers will really like. These new cards are likely to appeal to those fed up with transferring their credit card balance from one provider to another and want to pay it off at their own pace. At just 7.8% they offer the lowest standard rate on the market and, with no balance transfer fee, are competitive with personal loan rates. In many cases, taking one of these cards could provide a quicker, simpler and cheaper option for people looking to consolidate their debt.

“Customers will also reap generous rewards when they use their card to shop. The Cashback Credit Card offers 5% cashback on purchases made in-store for the first three months. This puts it hot on the heels of some of the bigger credit card players, including American Express, Santander and Capital One.

“As far as rewards cards go, the Nectar Credit Card is one of the best out there. Getting the equivalent of 4% cashback on fuel in Nectar points will be especially helpful to cash-strapped consumers. While customers can use Nectar points in stores other than Sainsbury’s, the latest changes are clearly designed with the Sainsbury’s customer in mind – making it clear that rewards and loyalty go hand-in-hand.

“Competition from the supermarket aisles continues to grow and, unlike the high street banks, they have both a large and a loyal customer base. The banks will have their work cut out to keep up – it will be interesting to see if Barclaycards bring back the 36 month 4.9% card that it teased customers with before Christmas. In the meantime, all this is great news for consumers, leading to more choice and better value.”

FOR MORE INFORMATION

Charlotte Nunes

Phone: 020 7148 4664

Email: charlotte.nunes@uswitch.com

Twitter: @uswitchPR

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