- Sainsbury’s Bank launches leading no-fee reward credit card offer1
- Research reveals customers are putting rewards at the heart of their smarter shopping choices2
Sainsbury’s Bank has enhanced its Nectar Credit Card 3 with a new, enriched Nectar offer. Sainsbury’s customers can collect 10,000 Nectar points, worth £50, when they spend over £400 in Sainsbury’s, Tu Clothing or Argos in the first two months after opening the account.4
The new credit card offer ranks highest for earning rewards compared to other no-fee reward credit cards on the market, according to top personal finance expert, Andrew Hagger, from Moneycomms.co.uk.1
The boosted credit card offering also enables customers to collect up to three Nectar points per £1 spent at Sainsbury’s, Tu Clothing and now also at Argos, when they use their Sainsbury’s Bank Nectar Credit Card and swipe their Nectar card 5. In other retailers, customers earn one Nectar point per £5 spent.
Rewarding regular spending
New research from Sainsbury’s Bank reveals nine in 10 (92%) UK adults collect rewards on their weekly shopping and 71% of these people said collecting rewards points is important when shopping.2
A quarter (25%) of those who collect points said it had become more important since the start of the COVID-19 pandemic to collect rewards on their regular shopping.
The top reasons why earning rewards has become more important since the COVID-19 pandemic are:
1. Wanting to get more for their money (35%)
2. Having more time to assess their money (25%)
3. Being more engaged in reading and watching financial news (17%)
Based on a weekly spend of £100 at Sainsbury’s or Argos, plus a £50 weekly spend at other retailers , customers could be earning 310 Nectar points each week on regular grocery shopping and other everyday spending alone. Over the course of a year, this could be worth over £80 in Nectar points.5
Furthermore, customers who are buying this year’s must-have Christmas toys could be collecting additional Nectar points in the process. Those purchasing the LEGO Technic Lamborghini (£350.00) from Argos6 could earn 1050 in Nectar points, worth £5.25, when bought with the Sainsbury’s Bank Nectar Credit Card, whilst scanning their Nectar Card. 5
Jason King, Customer Director at Sainsbury’s Bank said: “We’re committed to helping Sainsbury’s customers get the best value from their credit cards. Our new Sainsbury’s Bank Nectar Credit Card offer means customers could be collecting significantly more points on their everyday shopping, whether this is buying their weekly groceries or getting ahead on the Christmas list.”
Reward credit cards with no monthly or annual fee1
An analysis of the reward credit card market by Andrew Hagger, personal finance expert at Moneycomms.co.uk, demonstrates the significant return new Sainsbury’s Bank Nectar Credit Card customers can earn, which is based on a weekly £100 spend in Sainsbury’s or Argos, and a £50 spend with other retailers.
| Ranking | No-fee rewards credit cards | Net Reward first full year | Net Reward year 2 onwards |
| 1 | Sainsbury’s Bank Nectar Credit Card | £130.60 | £80.60 |
| 2 | American Express Platinum Cashback Everyday Credit Card | £140.75 | £53.00 |
| 3 | M&S Credit Card Reward Plus | £129.20 | £57.20 |
| 4 | John Lewis/Waitrose Partnership Reward Card | £71.50 | £71.50 |
| 5 | Tesco Bank Clubcard (Standard) Credit Card | £68.25 | £68.25 |
| 6 | M&S Credit Card Shopping Plus | £62.20 | £57.20 |
| 7 | M&S Credit Card Transfer Plus | £62.20 | £57.20 |
| 8 | Barclaycard Rewards Cashback | £19.50 | £19.50 |
Andrew Hagger, Personal Finance Expert from Moneycomms.co.uk said: "The new Sainsbury's Bank Nectar Credit Card deal is very competitive in the current market and ranks highest amongst the no-fee rewards based credit cards. The card offers good long term rewards value for those customers shopping with the Sainsbury's and Argos brands.
"It's a good all round card, not only offering generous own brand rewards value but also up to 17 months interest free on balance transfers and purchases. Unlike a growing number of rewards based credit cards, this new deal doesn't come with a monthly or annual fee."
To apply for a Sainsbury’s Bank Nectar Credit Card customers should visit: https://www.sainsburysbank.co.uk/credit-cards/nectar-reward
ENDS
For further information, please contact:
Sainsbury’s Bank press office 0131 286 0010 / bank_communications@sainsburys.co.uk
Notes to editor:
This press release is information for journalists only and is not intended to be a promotion to be acted upon by consumers.
(1) Research & Calculations by Moneycomms.co.uk – 30th September 2020. Figures based on £100 per week Sainsbury’s shop and £50 per week spent at other retailers. Full analysis of data available on request.
(2) Omnibus research undertaken by Opinium amongst 2,000 UK adults from 29th September – 2nd October 2020.
(3) About the Sainsbury’s Bank Nectar Credit Card
• 0% interest on balance transfers for up to 17 months. We may offer you a 0% interest period of 14 or 12 months depending on your individual circumstances
• 0% interest on purchases for up to 17 months. We may offer you a 0% interest period of 14 or 12 months depending on your individual circumstances
• APR 20.9% (rates may vary based on individual circumstances)
• To apply for a credit card you must be a Nectar member and should have been one for at least 6 months
(4) Collect 10,000 bonus points when you use your card to spend a total of £400 or more at Sainsbury’s, Argos or Tu Clothing during the 2 months after your account is opened. This offer is only available when you take out a new Sainsbury’s Bank Nectar Credit Card. Points will be added to your Nectar account within 60 days of the end of the offer period.
(5) Collect up to 3 points per £1 spent at Sainsbury’s, Argos or Tu Clothing when you use your credit card and swipe your Nectar card.
(6) Argos top toys for Christmas 2020
About Sainsbury’s Bank:
To view our latest press releases and product information, please visit the Sainsbury’s Bank online media centre at https://www.about.sainsburys.co.uk/news
Sainsbury's was the first major supermarket to open a bank in the UK in February 1997. Our range of financial products includes credit cards, savings and loans, as well as travel money, and car, home, pet, travel and life insurance which we provide online and by telephone. We offer Sainsbury’s shoppers great deals and rewards for choosing to shop and bank with us.
We have travel money bureaux at various Sainsbury's supermarkets across the UK and a large ATM estate.
Sainsbury's Bank plc. Registered Office, 33 Holborn, London EC1N 2HT (registered in England and Wales, no 3279730) is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority (register no. 184514). Sainsbury's Bank plc is covered by the Financial Services Compensation Scheme (FSCS).