Not all that glitters... the Sainsbury's Gold Credit Card
In the ongoing battle to leech off you until you die, supermarkets will try any loyalty-related promotion to ensure every pound you spend is spent with them. So say hello to Sainsbury's who are launching a Gold Credit Card that the supermarket claim will revolutionise spending - both at home or overseas.
Yep, now you're interested. And so were we. According to blog MyFinances, the card offers:
• family travel insurance for up to two adults and six children, worth around £250 a year according to Sainsbury's
• no fees for foreign currency exchange
• interest-free cash withdrawals provided the balance is paid in full and on time
• no charges for cash advances in the UK or overseas
• no charges for balance transfers
• double Nectar points on purchases from Sainsbury's
The card comes with an annual interest rate of 9.94 per cent on purchases and transfers. Brilliant. Sounds wonderful. Where do we sign? There's only the matter of the devil in the detail:
• not only is comprehensive travel insurance increasingly less of an incentive due to certain bank accounts offering it as standard, but you've got to put substantial effort into spending £250 on it, because it usually costs far, far less
• there's a £5 monthly fee, which adds up to £60 per year; unless you're travelling several times a year, you're unlikely to pay that in fees for cash while abroad or exchanging currency
Perhaps you can transfer a balance from a higher APR to Sainsbury's lower APR, but then you'd probably try for a 0 per cent APR card first. So it looks shiny, and there are those double Nectar points, after all. Oh year, you want to shop there all the time now there's double points. Odd that.