Sainsbury’s Financial institution is again to providing bank cards to self-employed debtors after coronavirus restrictions had been lifted

Sainsbury’s Bank introduced a ban on credit cards and personal loans to the self-employed for the first time in July 2020. She blamed significant financial uncertainties due to the coronavirus pandemic. While many other banks tightened their lending criteria, Sainsbury’s Bank was the only provider we know of who introduced this type of blanket restriction.

The rules were relaxed in November 2020 when it allowed self-employed borrowers to re-apply for personal loans below £ 25,000. From February 25th, self-employed borrowers can apply for credit cards again. Some of the Sainsbury’s Bank credit cards are some of the best buys, which means self-employed borrowers now have more choice – although they still don’t lend personal loans of £ 25,000 or more to the self-employed.

Nor does this change mean that self-employed borrowers are now automatically accepted for credit cards. You will continue to be asked based on your credit rating and other factors such as: B. Your income assessed. The change just means that you can now apply for these products. Use our Eligibility Calculator to check your chances of getting accepted for credit cards, including those offered by Sainsbury’s, before applying.

Existing customers of Sainsbury’s Bank are not affected

Sainsbury’s Bank’s temporary ban on self-employed customers only applied to new credit and card applications – including applications for new products made by existing self-employed customers.

Those who were self-employed and already had a credit card or Sainsbury’s Bank loan saw no change.

Sainsbury’s Bank offers top credit cards

Below are some of the best Sainsbury’s Bank credit cards to apply for now if you are self-employed. For all credit cards, make sure you pay back the balance in full every month after a 0% period to make sure you never pay interest.

  • Common Longest 0% Purchase Card: Sainsbury’s Bank Dual Offer Credit Card. This card offers a combined purchase duration of 0% – you can get up to 20 months interest free, although you could also be offered 12 months. After the 0% period, it’s 21.9% rep APR. If accepted, earn 750 Nektar Reward Points (£ 3.75 worth) every time you spend more than £ 35 at Sainsbury’s (excluding fuel), up to ten times in the first two months (max 7,500 points , valued at £ 37.50). . If you run a large store, break it down into smaller £ 35 pieces to maximize the bonus.

    However, Virgin Money’s offering guarantees that anyone who applies will be accepted with 20 months of interest-free spending. So if you don’t mind foregoing the Bonus Nectar Points, this is the better choice. After the 0% period, it’s 21.9% rep APR. For more information on 0% cards and a breakdown of the best options, see our 0% credit card guide.

  • Longest Wire Transfer Card: Sainsbury’s Wire Transfer Credit Card: This card offers the longest period of 0% but charges a 3% or 4% (£ 3 minimum) fee to transfer funds depending on your creditworthiness. Bad scorers can also be accepted, but offer 25 or 21 months at 0%. After the 0% period, it’s 21.9% rep APR.

    Alternatively, Virgin Money’s offer guarantees all accepted with a lower 2.7% fee a 0% transfer time of 28 months. After the 0% period, it’s 21.9% rep APR. Read our complete guide to balance transfers.

For information on personal loans and a full breakdown of the interest rates available, see our Guide to Cheap Personal Loans.

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