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.
Bitterwallet - Nectar
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.



  • Nobby
    Halifax Clarity is good for cash advances abroad, as no loading or fees. Plus they give you a fiver if you spend £300 on it in a month. We got worldwide family travel insurance (inc US) for about £50. > family travel insurance for up to two adults and six children Maybe they need to give out some condoms instead. Although if you have six children, what is the point of travel insurance? You could never afford to go anywhere anyway.
  • Rod c.
    Agree that all that glistens etc on comparison sights this looks excellent and just what I wanted it states NO ANNUAL FEE but you start searching and you find there is a £5 MONTHLY FEE so 12 months adds up to an annual fee. How are they allowed to deceive people like this.They may think it is clever and try to justify it but quite honestly it is very short sited practice. Rather than them sucking me in and getting all the benefit of my spending they have now alienated me and ii will avoid all things Sainsbury.

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