Sainsbury's Bank visa card launched

Sainsbury’s Bank has launched a new Visa card offering 0 per cent APR on purchases for 10 months.

The new credit card has a lifetime rate of 5.9 per cent for balances transferred within the first six months and will not charge an additional fee for transferred balances.

Sainsbury's quotes Moneyfacts research that found that 18.6 per cent of the 59 cards currently available offering 0 per cent on purchases now charge a fee of up to 2.5 per cent for customers transferring a balance, up from 11.8 per cent six months ago.

Holders of the new Visa card will also receive a regular voucher booklet which entitles them to exclusive discounts against purchases in Sainsbury’s stores and money off Sainsbury’s wines and flowers. At the end of the ten month 0 per cent term, the purchase rate rises to 15.9 per cent APR.

The new Sainsbury’s Standard and Platinum Visa cards will replace the previously available Standard cards.

Lucy Hunter, Sainsbury’s Bank said: "Our customers consistently tell us that they want a 0 per cent interest rate, so that remains our core offering. Whilst an increasing number of providers are now charging a fee to transfer a balance, our new card allows customers to make use of a low lifetime rate for their balances, without having to pay an additional charge to do so."