Martin Lewis has issued a credit card warning that people “can’t afford” to miss. The BBC Sounds star has dedicated his first Money Saving Expert newsletter of the year to clearing credit card debt as we head further away from Christmas.
The ITV star spoke out on Twitter, now X, to say: “Financial hangover? Don’t wait for a statement, sort any card debts NOW as each day racks up cost. There are two new 31mth 0% balance transfer deals (longest since 2023). Full masterclass on how to cut existing debt costs & top deals here.”
He said: “Can’t afford to clear the debt? You can’t afford not to check if you can shift it to 0 per cent. Many save £1,000s.” Mr Lewis’ tips included to “protect your credit history” and “apply via our eligibility calculator to find who’ll accept you.”
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Mr Lewis went on, adding: “It shows which cards you’re most likely to get, minimising applications to protect your credit score. Go for the lowest fee within a 0% period long enough to clear the debt. Longer balance transfers usually have a bigger one-off fee, so if you can go shorter it’s cheaper.
“Unsure? Play safe & go long. Usually rejected when you apply? Money Saving Expert’s free Credit Club (available via the MSE App on Apple | Android) can analyse the problem, plus you can also access our eligibility calculator there.”
MBNA is the joint longest 0% but has a lower fee than the other. While it’s an ‘up to’, you’ll know the length before applying. If transferring under £2,500, this beats Barclaycard due to the lower standard fee. If eligible for the card, you’ll be pre-approved for either 31mths with a 3.2% fee, or 14mths with a 3.49% fee (if the latter, you may be better with another card).