Sainsburys 31 months, close and opening to extend

knutton

Hi guys,

Didnt really know where to start to find an answer to my query!

So I have a sainsburys card 0% on 31 months, I'm probably 12 months into it, I have enough funds to clear the balance and have enough to have enough for my current accounts to still accumulate interest.
But I have a big purchase which will stem over 2 years next year, whats the best way around this? Shall I pay this off then reapply for the same deal again?

[Deleted User]

That very much depends on your circumstances.

What are your carious limits, balances and income, for a start? How much more would you be looking to borrow?

knutton

No, its not so much to borrow MORE, its more to see if I can extend the deal I have for another 12 months.

My credit limit with sainsburys is 12000, Im 7000 into it, I have 12000 of savings in my current accounts.
Im planning on leaving my job and going for a career change, probably best to not go down this avenue, but I need to place my purchases onto something long term whilst I do this..

SainsburysAnonymous

Hi Knutton,

Please note - this is only information and does not advise.

Please remember, if you're currently on the 0% 31 month Purchase Credit Card and currently around 12 months into this cycle (so you effectively have 19 months remaining) if you were to close the account down to try and get the promotion again you would need to wait the timescale of 90 days from when the balance is set to £0.00 and the card is closed.

Example: You decide to close the account on the 1st April and pay the whole £7000.00 off - you wouldn't be able to apply until 1st July and there is no guarantee the card, or promotion would be available at that time.

Please also remember you still have the 19 months remaining for any new purchases within that 31 months at 0%

If you have any other questions, feel free to ask away.

Kind regards
Anonymous
:j

knutton

That is great information!

If my circumstances were to change during the period of the 31 months, do I have to declare that? Would that effect my credit limit? Or do I need to just make sure I!!!8217;m at £0 at the end of the agreement?

Ben8282

SainsburysAnonymous wrote: »

Hi Knutton,

Please note - this is only information and does not advise.

Please remember, if you're currently on the 0% 31 month Purchase Credit Card and currently around 12 months into this cycle (so you effectively have 19 months remaining) if you were to close the account down to try and get the promotion again you would need to wait the timescale of 90 days from when the balance is set to £0.00 and the card is closed.

Example: You decide to close the account on the 1st April and pay the whole £7000.00 off - you wouldn't be able to apply until 1st July and there is no guarantee the card, or promotion would be available at that time.

Please also remember you still have the 19 months remaining for any new purchases within that 31 months at 0%

If you have any other questions, feel free to ask away.

Kind regards
Anonymous
:j

Be aware that despite the username there is no reason to believe this poster has any connection whatsoever with Sainsburys.

knutton

Back to square one then !!!55357;!!!56874;

PixelPound

You also have no guarantee that the same credit limit will be given. Is it only 90 days, as I know banks like Barclays have periods like 6 months after closure before you can re-apply. 90 days seems short.

SainsburysAnonymous

nic_c wrote: »

You also have no guarantee that the same credit limit will be given. Is it only 90 days, as I know banks like Barclays have periods like 6 months after closure before you can re-apply. 90 days seems short.

90 days/ 3 months currently with Sainsbury's Credit Cards but again to put emphasis on the fact the account has to be closed and the balance sitting at £0.00 - this includes not being in a credit value.

Kind regards,
Anonymous

SainsburysAnonymous

knutton wrote: »

That is great information!

If my circumstances were to change during the period of the 31 months, do I have to declare that? Would that effect my credit limit? Or do I need to just make sure I!!!8217;m at £0 at the end of the agreement?

Hi Knutton,

You wouldn't need to let Sainsbury's know if your circumstances change for the better (unless you'd be asking for a Credit Limit Increase for example) and you don't have to let Sainsbury's know if your circumstances change for the worse i.e. loss of job, family bereavement etc.

However, I would say if you were in a position that your circumstances changed and you're not able to make the minimum payments required, Sainsbury's do have departments to chat through possibilities to help you through they situations. Honestly - if you think you need to let us know about any changes, there isn't any harm in phoning and doing so!

Please also note Credit Limit's can change automatically (increase/ decrease) depending on information Sainsbury's receive & how the card is managed with payments etc.

In a perfect world the best situation is you paying minimum (or above) on your 0% promotional rate and paying the debt off by the promotional end date. If you're not in a position to do that, it would possibly then be up to yourself to look at external cards that are then offering 0% promotion's to transfer the remaining balance over to them to give you some leeway.

Hope that sheds some light on the situation.
Again, please note this isn't a formal response - it's my personal experience/ information and should only be treated as information and not advice.

Kind regards,
Anonymous
:j