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News: Sainsbury's Bank launches new Visa card

Sainsbury's Bank has announced the launch of its latest 0% Visa card. In addition to offering 0% APR on purchases for 10 months, the new card has a lifetime rate of 5.9% for balances transferred within the first six months. And it won't charge an additional fee for transferred balances, bucking what is becoming a growing market trend for 0% cards.

Indeed, figures from Moneyfacts show that out of the 59 cards currently available that offer 0% on purchases, nearly one in five (18.6%) now charge a fee of up to 2.5% for customers transferring a balance. This means that when transferring a balance of £2,000 you could pay as much as £50. Six months ago, 11.8% of 0% cards levied a fee; and 1 year ago, none did.

As an extra benefit, cardholders will also receive a regular voucher booklet entitling them to exclusive discounts against purchases in Sainsbury's stores as well as money off Sainsbury's wines and flowers.

At the end of the 10 month 0% term, the purchase rate rises to 15.9% APR.

The new Sainsbury's Standard and Platinum Visa cards replace the previously available Standard cards. However, the bank's Advantage card which offers 0% on purchases and balance transfers for five months remains available.

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