You are here: Home - Credit Cards & Loans - News -

Sainsbury’s Bank drops self-employed borrower ban

0
Written by:
02/03/2021
Sainsbury’s Bank has resumed offering credit cards to self-employed borrowers.

Last year Sainsbury’s introduced a ban on lending to self-employed borrowers through either credit cards or personal loans, a move which it blamed on the uncertainty sparked by the pandemic.

In November last year it resumed lending to self-employed borrowers looking for a personal loan of up to £25,000.

It has now gone one step further by resuming offering credit cards to borrowers who work for themselves.

A spokesperson for the bank said: “We reopened applications for our range of credit cards for self-employed customers from 25th February 2021. As usual, credit checks will apply.”

Are the cards any good?

Sainsbury’s Bank offers a host of credit cards that may be worth considering.

For example if you have existing credit card debt and want to spread the payments, then it offers a balance transfer card with an interest-free period of 29 months. That’s the longest 0% balance transfer period on the market, though it’s worth remembering that you will have to pay a transfer fee of either 3% or 4% (depending on your circumstances) of the fee being transferred.

Other cards offer shorter 0% periods, but charge smaller transfer fees, so ultimately the right card for you will come down to how long you need in order to clear that balance before interest starts being charged again.

Another card worth noting is the Dual Offer credit card, which boasts a 20-month 0% period on purchases, the joint longest in the market. It also offers the same interest-free period on balance transfers, with a 3% transfer fee.

Getting something back when you spend

Alongside its competitive 0% terms, an added bonus of the Sainsbury’s Bank cards is the fact that you can earn Nectar points on your spending. 

Cardholders earn up to three points for every £1 spent at Sainsbury’s, Argos and Tu Clothing, and one point for every £5 spent elsewhere.

Some cards offer additional points rewards too. The Nectar credit card for example hands cardholders 10,000 bonus points when the card is used to spend a total of £400 at Sainsbury’s, Argos or Tu in the first two months after the account is opened.

There are 0 Comment(s)

If you wish to comment without signing in, click your cursor in the top box and tick the 'Sign in as a guest' box at the bottom.

Everything you wanted to know about ISAs…but were afraid to ask

The new tax year is less than a fortnight away and for ISA savers or investors, it’s hugely important. If yo...

Your right to a refund if travel is affected by train strikes

There have been a wave of train strikes in the past six months, and for anyone travelling today Friday 3 Febru...

Could you save money with a social broadband tariff?

Two-thirds of low-income households are unaware they could be saving on broadband, according to Uswitch.

What will happen if rates change

How your finances will be impacted by a rise in interest rates.

Regular Savings Calculator

Small regular contributions can build up nicely over time.

Online Savings Calculator

Work out how your online savings can build over time.

DIY investors: 10 common mistakes to avoid

For those without the help and experience of an adviser, here are 10 common DIY investor mistakes to avoid.

Mortgage down-valuations: Tips to avoid pulling out of a house sale

Down-valuations are on the rise. So, what does it mean for home buyers, and what can you do?

Five tips for surviving a bear market mauling

The S&P 500 has slipped into bear market territory and for UK investors, the FTSE 250 is also on the edge. Her...

Money Tips of the Week