The card, being positioned as a leading all-rounder, offers users a 15-month 0% introductory offer on balance transfers (3% fee) and a 6-month 0% introductory offer on purchases as well as a reward scheme. It offers a representative APR of 16.9%.
Like its predecessor, the card offers Double Nectar points on Sainsbury's shopping in-store, online and in petrol-filling stations for two years.
The credit card gives shoppers an extra 2 points for every £1 spent, the equivalent of 1% cashback on top of their usual Nectar card points (2% cashback when both credit card and Nectar cards are combined).
Additionally, customers will also earn 1 Nectar point for every £5 spent elsewhere and can redeem their points against thousands of Nectar offers.
Research commissioned by Sainsbury's Finance indicates that the new card is one of the best all-round cards on the market.
The research reveals that only 13% of credit cards available in the UK offer both a 0% introductory offer on balance transfers and purchases as well as a reward scheme, a figure that decreases to less than 2% of cards that offer rewards equivalent to 2% cashback as well as 0% introductory offers on balance transfers and purchases.
Stuart McKeggie, Head of Sainsbury's Credit Cards said:
"This card represents our commitment to offering the Sainsbury's shopper a compelling reason to bank and shop with us by giving them a market-leading product with the combination of a great BT and 0% purchase period, as well as rewarding them when they shop in our stores.
"There are very few cards available that offer rewards of this value and also very competitive introductory offers, and we are confident that a lot of Sainsbury's shoppers in particular will want to take advantage of this product."
Andrew Hagger, Moneynet, commented:
"This card is a good all-rounder, if you're looking for a long-term balance transfer you've got it, and for those without a balance to switch, the combination of 6 months interest-free purchases and a 2% reward rate makes this a must have card for Sainsbury's shoppers."
As of 6th September Sainsbury's Finance's existing Nectar credit card will no longer be available to new customers.
