Virgin Money Balance Transfer Credit Card (34 Mths) (21.9%)

Credit Rating | good |
Minimum Age | 18 years |
Minimum Income | £7,000 |
UK Resident |
A fan of collecting reward points whilst you shop? You’ll get 0% interest on balance transfers and purchases for up to 24 months, as well as up to 5,000 bonus Nectar points in your first two months.
Representative example: The standard interest rate on purchases is 21.9% pa (variable), so if you borrow £1,200 the representative APR will be 21.9% (variable).
Balance transfers
Representative APR
Purchases
Annual fee
Last updated: 20th April 2022
This Sainsbury’s Dual 24 month credit card, is considered an all rounder because it comes with two offers, 0% interest on balance transfers (3% fee) and 0% interest on purchases for 24 months.
With no annual fee, a balance transfer could help you consolidate any existing credit card debt. On the flip side, interest-free purchases might be ideal for you, if you have a large purchase you want to make and would rather spread the cost, or want the extra security of Section 75.
An additional benefit for those who collect Sainsbury’s nectar points - collect 500 bonus points for every £35 spend in the first two months, totalling 5000 points. *
Important things to note:
You might be offered an interest period of 16 months, as opposed to 24 months. This is case by case, as everyone’s circumstances are different. The same will apply to the 0% interest offer on purchases.
If you transfer money from this card to your current account, there’ll be a charge of 4% for each transfer.
*5000 nectar points on a Sainsbury's shop. This is allowed up to ten times in your first 2 months, making a total of 500 points, the equivalent of £25
With two introductory offers in one, the Sainsbury’s Dual 24 month Credit Card helps you potentially clear debt, and gain reward points all at the same time.
These points can now be converted into Avios points, if you have a British Airways Executive Club account.
You’ve got two years to set up a goal to clear your existing credit card debt. How much can you afford each month to go towards paying off your balance?
Without the worrying threat of incurring monthly interest, you might feel inspired to pay more than the monthly amount set by the provider, this will help you clear your debt faster.
In turn, bringing down your credit utilisation rate, and helping to improve your credit score. Remember there will be a 3% transfer fee.
Similarly, this credit card offers two years to make purchases without incurring any interest charges. This could be handy if you want to purchase something that would otherwise cause quite a dip in your savings. In this way you can spread the cost, whilst helping to build your credit score.
However, if you’re also using this card as a balance transfer card, be careful not to accumulate additional debt. Can you afford to pay off your balance transfer each month, and pay off your purchases too?
Rewards are always a great incentive, as you’re getting a little extra for its usage. There’s 500 Nectar points up for grabs per every £35 spent on a Sainsbury’s shop, in the first two months.
Then you receive 3 points per £1 spent at Sainsbury’s, Argos, Sainsbury’s petrol, Tu clothing and Habitat. Or £1 for every £5 spent elsewhere.
Accumulated points can go towards your regular shop, or saved up for that much needed getaway, for example, 400 nectar points can be converted into 250 Avios points.
Sainsbury's might be on a mission to help everyone eat better, but does that mean they can deliver when it comes to helping you clear your debt?
The Dual 24 credit card presents the best of both worlds, but expect some drawbacks that should be considered when comparing this credit card, such as fees, the rewards and APR after the introductory period.
If your main need is a balance transfer credit card, then you might be able to find another credit card that doesn't have a transfer fee attached. Or even a credit card with a longer introductory period, ranging from 30-33 months.
The Sainsbury’s Dual 24 Credit Card has a 3% charge on any amount that is transferred.
The larger the transfer amount, the more it will cost you. So if you were to transfer £2,000, you’ll have to pay £60.
Are these introductory offers worth it?
At first glance they look great, but are you likely to reduce your debt if you’re being enticed with a purchase offer at the same time?
Having this card will require great discipline.
Knowing that you have 24 months before interest is applied, can be tempting to let those monthly payments slide. If you're not careful, this can result in an accumulation of debt.
To keep the introductory offer you must make minimum payments each month, and not exceed your credit limit.
If you're not a regular shopper in Sainsbury's, or you don't collect nectar points, the rewards could be less of a deal breaker.
There might be another credit card on the market that would suit your needs better, such as the M&S bank reward card, or the Virgin Atlantic reward card.
If you're using this credit card for the no interest purchase offer, then you might as well utilise rewards that work for you.
Think about what you really want to use your credit card for. Your finances and your credit score are important things to protect.
The purpose of a balance transfer card is to help you clear your debt, so it’s a good idea to utilise introductory offers, such as the 24 month interest free opportunity.
However… the interest free purchase offer is a great deal if you know you have self control.
Are 0% interest purchase offers like this the reason you’re now shopping for a balance transfer credit card? No judgement! Just be careful to assess your monthly finances. Make those monthly payments count, and get back on track.
Issuer | Sainsbury’s |
Network | Mastercard |
Annual fee | £0 |
Balance transfer rate | 0% interest for 24 months |
Balance transfer fee | 3% (minimum £3) |
Purchase rate | 0% interest for 24 months |
Cash advance fee | 4% (minimum £4) |
Rewards offers | 3 nectar points per £1 spend (Sainsbury's stores) 500 Nectar points (first two months) |
Monthly/annual fees | £0 |
Balance transfer fee | 3% |
Cash withdrawal/Cash advance fee | 4% (minimum £4) |
To apply, you must meet the below requirements:
Be aged 18 years or over
Be a UK resident
Have a UK bank or building society account
Have a good credit history
Have a personal income of at least £10,000
Credit Rating | good |
Minimum Age | 18 years |
Minimum Income | £7,000 |
UK Resident |
Credit Rating | good |
Minimum Age | 18 years |
Minimum Income | £7,000 |
UK Resident |
Credit Rating | good |
Minimum Age | 18 years |
Minimum Income | £7,000 |
UK Resident |
Credit Rating | good |
Minimum Age | 18 years |
Minimum Income | £10,000 |
UK Resident |
Credit Rating | good |
Minimum Age | 18 years |
UK Resident |
Credit Rating | good |
Minimum Age | 18 years |
UK Resident |
Credit Rating | good |
Minimum Age | 18 years |
Minimum Income | £10,000 |
UK Resident |
Credit Rating | good |
Minimum Age | 18 years |
Minimum Income | £3,000 |
UK Resident |
Credit Rating | good |
Minimum Age | 18 years |
UK Resident |
Credit Rating | good |
Minimum Age | 18 years |
Minimum Income | £7,000 |
UK Resident |
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0% credit cards do not charge you interest on your purchases for a set period of time. They're commonly used for buying big, expensive products so you can spread out the cost.
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