UK retailer turned bank Sainsbury’s has announced it has lowered the rate of its Low Rate Nectar Credit Card to 6.9% APR representative variable.
According to the company, this makes it the lowest rate credit card on the UK market.
Additionally, Sainsbury’s Bank has announced it is extending the interest fee period on purchases and balance transfers on its Sainsbury’s Nectar Credit Card to 16 months.
Customers will also be provided a third option to choose the Nectar Credit Card with BT fee refund, which offers an interest fee period on balance transfers and purchases for 12 months, with the 3% balance transfer fee refunded in Nectar points.
All three credit cards offer double Nectar points on Sainsbury’s shopping, one point for every £5 ($8.30) spent elsewhere (including abroad) and two Nectar points per £1 spent on fuel at Sainsbury’s petrol filling stations.
Simon Ranson, head of banking at Sainsbury’s Bank said: "Our strengthened credit card offering makes it difficult for Sainsbury’s shoppers to find a card that beats the combination of great rates, interest free options and a reward scheme."
Research by Sainsbury’s Bank reveals 10% of people plan to take out a new credit card over the next 12 months, with 40% of people saying they would consider a card from a supermarket bank.