Fees, Charges and Interest
For some transactions and in some circumstances you’ll have to pay a fee, charge or interest.
Fees and charges
- Late Payment Fee - £12
- Overlimit Fee - £12
- Returned Payment Charge - £12
- Changing your statement date more than twice in six months − £5
When you withdraw cash, you’ll be charged 3% of your withdrawal or £3, whichever is greater. There’s no interest free period on cash, so you’ll be charged interest from the day you withdraw it until it’s paid off.
Cash advances include:
- Cash obtained by using the card
- Finance payments or gambling transactions
- All ATM withdrawals
Balance transfers and money transfers
We may charge a fee for a balance transfer or money transfer. This fee will vary depending on your current offer. If we've sent you a personal offer you'll find details of the fees on it. Or you can contact us to find out.
Charges when you use your card abroad
When you use your card abroad, your payment will be converted into sterling at the rate determined by the payment scheme (Mastercard or Visa). You’ll be charged a fee of 2.75% of the value of the transaction.
There’s more information in the Terms and Conditions.
At Sainsbury's Bank we care for our customers and have provided some tips on how to avoid paying Fees.
Pay your Credit Card bill on time each month
We will send you a statement each month, unless there have been no transactions into or out of your account during that period and the balance is nil.
Your statement will show the date by which we must receive at least the minimum payment. You can always pay more, and have the right to repay all or part of the credit early at any time.
Your monthly statement also tells you how to make payments to us. Please ensure you allow enough time for the payment to reach us by the due date.
You must make a payment between the statement date and the payment due date in each month when there is a balance on your account. If you’re going on holiday and won’t be able to make a payment we recommend you either set-up a Direct Debit or schedule an online banking payment. Paying early could result in 2 payments being made for the same period and then a missed payment for the next period.
We recommend you set up a Direct Debit to automatically pay at least your minimum monthly payment by the payment due date. You can set up a Direct Debit payment to automatically pay:
- The minimum repayment balance
- The full statement balance
- A fixed amount
If you select to pay a regular monthly fixed amount and this is less than the minimum payment due in any particular month, the minimum payment due will be debited from your bank account. If the regular monthly fixed amount is more than the statement balance, then the statement balance will be debited from your bank account. Also, if you have a Direct Debit set-up and you make an additional payment to your account, the Direct Debit may still collect depending on when the additional payment is made.
Other ways you can make payments:
- Sainsbury’s Bank Online banking
- Your own bank’s online or telephone banking service
- Over the phone using our automated telephony system
- Through the post
Stay within your credit limit
To avoid over limit fees, you should always manage your account within your credit limit.
Your credit limit and balance are shown on your monthly credit card statement. You can also check your current balance using Sainbury's Bank online banking. Not already registered for online banking? You can register here.
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.
Your monthly statement will tell you the maximum amount of interest you would incur in the following month if you did not use your card again and made the minimum payment on the date it was due. It helps you plan the level of your repayment for the next month.
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.