Martin Lewis has shared his latest money-saving tips for anyone with a credit card as he urged them all to check out his guide in the latest issue of the MoneySavingExpert newsletter
Martin Lewis has issued a stark warning to all credit card holders, revealing that borrowing has surged by a whopping eight per cent.
The BBC Sounds podcast host and ITV star Mr Lewis said: “Credit card borrowing is UP 8% year on year. If you pay interest on credit cards, you can’t afford not to check if you can shift it to the new, longest, 29mths 0% – or special 0% deals if you’ve got poor credit. My new card cost cutting masterclass is here.”
In the MSE guide, the financial group illustrated the impact, reports Birmingham Live. An email from a reader called Raheem said: “Due to rising costs we quickly racked up nearly £6,000 on a credit card. Our anxiety worsened on the £90+/mth interest and the feeling that we couldn’t get out of a hole. Then my wife remembered about your balance transfer eligibility checker. We put the details in and within minutes were approved for a 0% balance transfer for 27 months.”
Responding to a social media user who asked: “Any credit cards or tips for those with ‘poor’ credit? Got approved for a phone on EE but declined (soft check) for anything credit card related.” MSE founder Mr Lewis advised: “Join my free MSE Credit club which will analyse the problem and show you what to do”.
A Twitter/X user chimed in saying: “I just shifted my £4500 balance for nothing to the Santander card that card that charges £3/ month 0% for 15 months. That’s a total of £45 over 15 months, then shift the remainder after that. Would have been 3 times that on the longest 0% card.”
Another person shared their frustration about trying to switch credit card providers: “The issue I’ve had so far trying to switch is that they ask amount required, then they offer me way less required to do switch and issue card anyway, in the post. Maybe a few cards and divide the expensive debt up?” while another reader spoke about a savvy tactic for managing their account: “We set up on our account, as suggested by you, to pay it off every month, and with Santander, if we use it spending up to a certain amount so they pay us, which covers the card charge and sometimes a little more – so winner winner chicken dinner!”
Another comment advised against accruing interest on credit purchases, stating emphatically: “If you pay interest on credit cards… Don’t. Simply don’t. If you cannot pay for any goods or services bought via a credit card in full at the end of the month, then cut the card in half. And start living within your means. In 1973, I learnt that lesson the hard way.”