Search results for “what is £”

What is trailing interest?

Trailing interest is the amount of interest that accrues between when a credit card bill is sent, and when payment is received. Also called "residual interest", it applies only when you carry a balance on your credit card. In other words, if you carried a balance over from April, have paid your May statement in full and make no further purchases during June, you may still see interest charged on your June statement for the outstanding balance between the date of your May statement and the date your repayment is made.

If you call us to request an up to date balance with the intention of paying it off in full, you need to bear in mind that this will not include trailing interest or transactions which you’ve made but which have not yet been added to your account. Because of this, you may need to make a further payment to clear your account once you receive your next statement.


My payment failed - what do I do?
If your payment fails this can be for a number of reasons:
• please check the card you are using is not a credit card and is either a VISA debit or Mastercard debit
• please check the amount as the maximum amount you can pay is your current card balance
• please check the card is in your name and registered at your address
• if your bank has declined the payment – please contact them.


What is a 'Third Party Provider'?

A Third Party Provider is an organisation that can, with your consent, access your account information to allow you to manage multiple accounts on one site or app. You should check that any provider you’re thinking of using is regulated by the Financial Conduct Authority (FCA) or by an equivalent European regulator.



What is a payment account?

PSD2 regulations apply to “payment accounts”. This is defined as an account that is used to make payment transactions. Payment accounts include current accounts, e-money accounts, flexible savings accounts, credit card accounts and current account mortgages.



What is Google Pay?

Google Pay™ is the fast, simple way to pay at millions of places – on sites, in apps, and in stores. It brings together everything you need at checkout and protects your payment info with multiple layers of security. With Google Pay, there’s no need to dig for your wallet – you can pay with your phone wherever contactless payments are accepted. Just wake up your Android phone and hold it near the reader until you see a check mark. You don’t even need to open the app.

With Google Pay, you can make secure contactless purchases above the £100 limit (merchant limits may apply).

When you use your phone to pay contactless, Google Pay doesn’t send your actual credit card number with your payment. Instead, an encrypted virtual account number is used to represent your info – so your real card details stay safe.



What is Persistent Debt?

From September 2018, the Financial Conduct Authority (FCA) introduced rules to try and prevent credit card borrowing becoming a long-term problem for customers. As a responsible lender, we fully support this. 


Persistent debt arises when, over the previous 18 months, a customer has been paying back more in interest, fees and charges than they have paid towards their outstanding debt. This could also mean the customer is having problems repaying their credit card balance.



What environment is the app built in?

The app is available for both iOS and Android users.



What is a promotional interest rate?

A lower rate of interest may be offered when you first open your account or from time to time once your account is opened. It might even be a 0% interest rate. This will likely expire after a specific period of time and you’ll see the rate increase to the standard rate. We’ll tell you on your monthly statement if you have any balances on an introductory promotional rate and if you do, when they expire. We’ll also email you a reminder three weeks before your promotional rates expire.



What is identity theft?

Identity theft is when someone steals your personal documents or information. Identity fraud is when this person makes use of your details to obtain money, goods or services in your name. Find out about protection for yourself, your computer and how we can help in our guide to staying safe online.



What is an APR?

An APR, also known as an Annual Percentage Rate, is the cost of borrowing over a year. It's the total cost of the credit i.e. the interest rate (e.g. 29.4%) plus any standard fees every cardholder pays, such as an annual fee. All other fees and charges such as missed payment fees and cash withdrawal fees are excluded from the APR. The advertised APR is calculated the same way by all credit providers, allowing you to compare cards across the market.



What should I do next if my credit card is in long-term debt?

To get your credit card account out of long-term debt, you should increase your monthly repayments to more than the contractual minimum amount if you can afford to. Your minimum payment is provided on your monthly credit card statement. As a normal guide your payment should be double the interest, fees and charges applied to your account.

You can use this calculator provided by UK Finance to look at different repayment options: www.cardcosts.org.uk 

The best way to get out of persistent debt is by setting up a Direct Debit. You can do this through Online Banking, via our Mobile Banking App or through our contact centres on 0808 108 0017*

If making changes to your repayments doesn’t feel affordable, or if losing the use of your card would cause you serious worry, we’re here to help and support you. Just call us on 0808 108 0017*



My card’s expiration date is coming up soon. What should I do?

You don’t need to do anything. If a replacement card is being issued, it will usually arrive around 12 weeks before your current card is due to expire. If we have reasonable grounds not to reissue a card we will usually be in touch with you about this before the expiration date.



What is Apple Pay?

Apple Pay gives you all the benefits of your Sainsbury's Bank Credit Card, on your iPhone, Apple Watch, iPad and Mac. It’s an easy way to pay in store, in apps and online. Instead of searching for your card at the checkout, it just takes a glance or a touch using Face ID or Touch ID wherever you see the Apple Pay or contactless symbol.


What are chargebacks and Section 75?
A chargeback is a way for Sainsbury’s Bank to dispute transactions on your behalf. There are time limits on when these claims can be made. 
Additionally, under Section 75 of the Consumer Credit Act, you may be able to claim a refund from us. 
You are eligible for Section 75 protection in the following circumstances: 
• The goods or service was paid for, even partially, using your credit card
• The primary card holder purchased the goods/service or benefited from the purchase if made by an additional card holder
• Misrepresentation from the retailer or trader
• Breach of contract by the retailer or trader 
• The value of the goods or service is between £100 and £30,000


What is Chip and PIN?

A small computer chip on your credit card holds your 4-digit Personal Identification Number (PIN). As your PIN is personal to you, it makes counterfeiting almost impossible and keeps your transactions secure. When you pay anywhere displaying the chip and PIN logo, you won't sign a receipt. Instead you'll simply type your 4-digit PIN into a keypad. We strongly recommend that you keep your PIN safe, never give it to anyone else, and avoid using obvious numbers (e.g. 1,2,3,4 or your birthday).