Sainsbury’s Bank Nectar Credit Card Review

The Sainsbury’s Bank Nectar Reward credit card hey guys TheFrugalife here back with another video today we're going to talk about something a little different than usual and we're talking about credit cards wait

I know there are people out there that are absolutely horrified by the idea of recommending or using credit cards it's your fault but the things i'm gonna outline

The Sainsbury’s Bank credit cards first we're going to look at the details of the 10,000 nectar point sign up offer and how it works next i'll show you some extra cashback benefits here you'll make continuous and recurring cashback even after the initial sign up offer and after

we're going to look at the other Sainsbury’s Bank credit cards and show you how their bonuses work

so i know that when it comes to credit cards the U.S. have some amazing signup offers and there are some better offers that exist here in the UK but for a starter or beginner credit card the

Sainsbury’s Bank Reward Nectar card has some pretty decent perks even for me this was my second ever credit card to be fair i still only have two credit cards but i plan to change that soon

but this card has really helped me build my credit score rack up points and i was accepted without any issues

understanding of what these points even mean and establish what the points to pounds conversion is looking at Sainsbury’s FAQs they say that 1,000 Nectar Points is worth £5 so with some quick maths 1 Nectar Point is worth 0.5p and looking at the 10,000 Nectar Point bonus that alone is worth £50 there is more cashback to be made but we'll get on to that later

so how does the 10,000 sign up bonus work this applies to customers that open a new Sainsbury’s Bank Reward credit card you'll get the 10,000 points by using your Sainsbury's credit card to spend £400 at Sainsbury's stores and some of their partners and that £400 spend has to be done within 2 months of opening your new account

perfect if you're hosting dinners parties or anything like that just before christmas the terms say that your points will be added to your account within 60 days after the offer period and unlike some other credit cards

this card has no monthly fees and no annual fees for this card in particular you must have been a Nectar member for at least 6 months before applying for the card so hopefully you've had a Nectar card for a while

you need your Nectar card number for the credit card application and you won't get any bonus points if you exceed your credit limit or you don't make at least the minimum monthly payment

you really should be paying the card off in full at the end of every month but that's their minimum requirement there's a few other points so make sure that you read through the terms and conditions before applying after

you're done with the 10,000 sign up bonus there are still benefits to be had during the initial sign up bonus period and even after that you can collect up to 3 Nectar points per £1 spent this is a combination of two things

so just from using the credit card you'll collect 2 points per £1 spent at Sainsbury's and by tapping your Nectar card you'll collect 1 point for £1 spent with 3 Nectar points being worth 1.5p that's essentially getting 1.5% back

on every purchase at Sainsbury's just by paying with your credit card and making sure that you tap your Nectar card yes i'm aware that 1.5% cashback is not going to make you rich but it all adds up and every little helps especially

when you look at the long run you're a regular shopper at Sainsbury's and you're spending £100's and £1,000's across several months and years and aside from checking

your eligibility and applying for the card there really isn't a lot of work involved here and as long as you're only spending money that you were planning to spend anyway i'm talking about groceries and essentials here

then this is a great bonus when dealing with credit cards in general it's important to remember a few things never carry a balance pay your card off in full at the end of each and every month so that you avoid any interest payments set

your card to auto-pay your balance off in full so you don't even have to think about it and don't have to remember

in full and it shouldn't be a factor for you either no late or missed payments losing the bonus points aside you're gonna be slapped with late fees this is similar to the first point but don't think you're gaming the system by getting these bonus points

but all the while you're losing even more in fees and interest payments that is not the way to do it don't spend money that you don't have if you don't have the money

i'm talking about liquid cash having it in a current or checking account then that is no excuse to put it on the card you should be able to pay the card off in full at any time using cash in another account do not spend extra

you should only use the card to make purchases that you would ordinarily make even without the card or the bonus points and don't rationalize spending a lot more just so you can collect a small bonus that is a losing game

if you fail at any of those points then congratulations you've fallen for the marketing and you've played right into the credit card company's hands these promotions and new customer offers aren't there because

these companies are nice and generous it's all about customer acquisition and all about customer retention and i do not blame them in the slightest they are counting on you to be forgetful or emotional and to fall for these behavioral traps but instead you can be the customer

that's conscious of their money and conscious of their spending and how they're spending it so that you can take advantage of these offers and come out as a winner and just in case anyone was interested it's not the fanciest of cards

it's only made of plastic and it doesn't make that cool metallic sound like the metal cards do and just to mention Sainsbury's Bank do offer a few extra credit cards they have a balance transfer credit card a low-fee credit card and a couple others like

i said i'm not going to go over the interest rates or the balance transfer details but i will go over the cashback details of these cards the rest of the Sainsbury's Bank credit cards have a slightly different sign up offer when compared to the Nectar Reward credit card that

we looked at earlier with these cards you can earn up to 7,500 bonus points as part of their signup offer and those 7,500 points are worth £37.50 and just to be clear the mechanics of these cards are a little different to the other one every time you spend £35 or more using your Sainsbury's card at Sainsbury's you'll collect 750 Nectar points so that's £3.75 per shopping trip

you can repeat this up to 10 times totaling to your 7,500 points and similar to the first card that we talked about this again has to be done within 2 months however unlike the Nectar Reward credit card

i don't believe you have to have been a Nectar Reward member for 6 months bear in mind you'll only get 750 points for that trip if the receipt has a spend of £35 or more if you spend £30 one day and then go

the next day and spend another £5 even though they total £35 because they're two separate transactions on two separate receipts i don't believe you'll get the 750 bonus Nectar Points in that example you'll still get the bonus 1.5% back that we talked about

but you won't get that signup bonus for those transactions as neither of those payments were over £35 and going completely the other way and spending £70 in one shopping trip and one transaction you would still only get the 750 bonus points instead of 1,500 like

you might be expecting their system would class this as 1 transaction over £35 which is technically true so to get the full value of bonus points split large shopping trips into multiples of at least £35 or more

when i opened my Sainsbury's credit card last year this 7,500 point offer was actually the only one available at the time and this is exactly what i did i ended up receiving the card about a month and a half before Christmas

where possible i would ask my family not to do multiple small trips and instead do one big trip over £35 spend i would put it on the card and then they would pay me back for whatever items

they bought another huge one was putting all of our family's christmas shopping on that one card and then they would pay me back this was a huge contributing factor to reaching the £350 spend and then getting the maximum signup bonus and when paying in the store even though

i had this massive trolley and i knew it was such a pain i would split those into separate payments of £35 or more while the checkout staff was scanning the items if i saw the total go above £35 at that point

i would ask to pay yes i know that's a pain for both us and even more so for the checkout staff but that's just how Sainsbury's Bank have set up their system and on top of the 7,500 bonus points all the while

i was collecting 1.5% back from using my credit card and tapping the Nectar card and in case you were wondering even though alcohol purchases don't count towards the 1 point back when tapping your Nectar card for the sign up bonus the card only considers

how much you're spending and not necessarily what you're spending it on so alcohol purchases should count towards your credit card spend for the sign up offer i did check this with their customer service over a year ago

so you might want to check this for yourself when it comes to making payments it's really unfortunate that Sainsbury's Bank aren't on Apple Pay some may find it frustrating having to pull out two separate cards each time

they want to shop at Sainsbury's especially when more of us are becoming accustomed to using our phone to pay for everything hopefully this is something that gets rolled out in the future and having them embrace the amazing technology that we have these days but despite that to this day

if i'm ever in Sainsbury’s i'm always going to use these two cards i do believe that the 1.5% back is worth it i really want to reiterate that

you to get into debt i understand that the use of credit cards can be a slippery slope for a lot of people out there and i want to make it clear that there's a right way and there's a wrong way of doing this

so please bear that in mind and listen to the rules and recommendations that i laid out earlier and even with the debt argument aside this still may not be the card for you

if you don't have a Sainsbury's nearby and the value from the bonuses doesn't make up for the inconvenience of shopping further from home then that's totally fair hopefully there are stores that are closer to you that offer something similar and hopefully that's of value to you and even

if this card doesn't work for you hopefully i've inspired you to explore your options it's no surprise that you get the full benefits of this card when you shop at Sainsbury's Sainsbury's is my local store and because i live in London there are small and large shops all over the place

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THANK YOU SO MUCH