Sainsbury's Card 0% for new purchases

Vikingfan

The web site says ----get a platinum card
Remember, it's 0% p.a. for 10 months on purchases 15.9% APR .
Does this mean 0% or 15.9%.
What intrest rate would I be paying as a new customer?

King_Of_Fools

0% for the first 10 months then 15.9%

Rafter

The APR is always the 'goto' rate and ignores any introductory offer.

As long as you make your payment on time each month you will pay no interest on your balance for the first 10 months.

Just make sure you are putting the equivalent amount in savings or have somewhere to move the debt to afterwards at a lower rate.

At the top of this page you will find a link to the 'tart alert' that will automatically remind you when you need to pay off your 0% debt to avoid paying any interest.

Good luck.

R.

Vikingfan

Cheers Was thinking of buying my car insurance with the new 0% offer instead of buy DD at 18.6% apr.
Do you think this is the way to go?
I also am overdrawn by 1800 so maybe I should clearthat witht the card as well over 10 months it will be cheaper than bank charges at The YB

Rafter

Absolutely! No point paying installment credit to your car insurance company when you can get it at 0%.

If you have enough credit limit then put all your purchases on the card to get your overdraft down too.

Please please please, make sure you are putting away enough each month into a high interest savings account so that you can pay it off at the end though. The last thing you want in 9 months time is your overdraft back and a large interest earning credit card bill.

If your insurance bill is £700 and your overdraft £1800, then you need to be transferring £250 a month to savings to clear at the end.

By doing this you should save about £250 in interest over the next 10 months - well done!

R.

King_Of_Fools

Vikingfan wrote:

CI also am overdrawn by 1800 so maybe I should clearthat witht the card as well over 10 months it will be cheaper than bank charges at The YB

You will not be able to clear the overdraft directly using the card as this is a purchases only credit card.
However, you will be able to reduce your overdraft over time by making all purchases with the credit card and keeping the cash you save in the bank account.