Supermarket chain Sainsbury's has released a new 0 per cent APR on purchases for ten months.
The new card will also offer holders a 5.9 per cent rate on any balances transferred within the first six months as well removing any fees for transferred balances – in contrast to many low interest visa cards currently available. The rate will be fixed for the life time of the balance, although the APR for purchases will rise to 15.9 per cent at the end of the promotional ten month period.
Financial information provider Moneyfacts shows that nearly one in five cards charge customers around 2.5 per cent to transfer a balance from another account as they aim to recover money from the growing number of "rate tart" consumers.
"Our customers consistently tell us that they want a 0 per cent interest rate, so that remains our core offering," said Lucy Hunter, Sainsbury’s Bank.
"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," she added.
Cardholders will also be entitled to a number of voucher books which will enable them to make savings within the company's retail stores. To read more about credit card, click here.
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