Up to 56 days Interest Free
Your Sainsbury’s Bank credit card provides a period of up to 56 days interest-free borrowing for purchases, as long as the bill is paid in full every month by the payment date. This period will depend on when the transaction takes place and when it’s posted to the credit card account so it could be less than 56 days. However when using credit cards for cash withdrawals or balance transfers, interest charges will normally apply from the date the transaction occurs.
Allocation of Payments
We use any payments you make to pay off transactions that appear on your statements starting with those on which we charge interest at the highest rate. If the payment is not enough to pay off all transactions at a particular interest rate, we will pay off transactions charged at that interest rate in the order:- cash advances, cheques, purchases, balance transfers and default sums.
Promotional Interest Rates
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.
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.