Sainsburys Credit Card

flashingblade_2

I have just received my Sainsburys Credit Card which i was going to use to balance transfer a £2,500.00 overdraft. However i didn't realise that the 12 month 0% interest rate was for purchases only, and it is 5.9% for 6 months for balance transfers.

If i was to make a payment using my Sainsburys credit card to the account were my overdraft is held, would this been seen as a balance transfer or as a purchase?

Can anyone help?

Reaper

However i didn't realise that the 12 month 0% interest rate was for purchases only

As always make sure you understand what you are getting before signing any agreements. If you look on the main site you will see this card is only recommended for purchases.

If i was to make a payment using my Sainsburys credit card to the account were my overdraft is held, would this been seen as a balance transfer or as a purchase?

Neither. Sainsbury's does not allow transfer of money to your bank account. You could do a Cash Advance but DON'T. Very expensive.

If you want to do this you have got the wrong card. You need an SBT card. Once again have a read on the main site, starting with this article, then apply for an Egg or Mint card.

Greenstuff_2

What you could do flash is keep the Sainsbury's card for your usual spending being really careful to make a note of everything and not to go over your limit.
For instance, look back at the last 2 months at groceries, petrol etc, adding it up and keep to that on the SC. (or do the budget on here)
Then take that money from your current account and put it in a high interest account or ISA, there is a full article on this site.
I have done just that with mine but bought premium bonds with the money.
I know it's easy to say you should read the small print but it's not that easy for everyone to understand that's why this site is so valuable.
Personally, I don't do a thing financially without checking on here first.
Put it down to experience, and look on here for a card that better suits your needs.
Good luck.

Martinslovechild

You can't make a payment direct to your bank account without doing a cash advance - and that would be EXPENSIVE.

Apply for the Lloyds Advance card - 12 months @ 0% on BT's only - NEVER EVER EVER use the Lloyds for purchases.

In the meantime, use the Sainsbury's card for all your purchases in the next 12 months but just pay them the minimum payments. Pay the rest of the balance into a savings account. It should make you a few quid interest in a year's time, and you'll have all the money available to pay it all off (you will have all the money available won't you??).

deemy2004

If i was to make a payment using my Sainsburys credit card to the account were my overdraft is held, would this been seen as a balance transfer or as a purchase?

Can anyone help?

probably be as above a cash payment thus the highest rate !

Unless tucked away in the small print it says you can transfer your overdraft to them, in which case it would be a balance transferr.

But definetly not a purchase,