Martin Lewis has issued an urgent warning to anyone with a credit card – urging them “do not wait” for a statement. The BBC Sounds podcast host has discussed credit cards and the need to transfer to a 0 per cent interest card.
ITV star Mr Lewis, MoneySavingExpert.com founder, says on his website: “Don’t wait for a statement, sort card debt now. Today’s 31mth 0% debt shift deals are the longest since 2023. Can’t afford to clear the debt? You can’t afford not to check if you can shift it to 0%
“Even though it may feel hard to face, the sooner you tackle it, the sooner it can be improved. So don’t wait for a statement, each day’s delay just adds more interest, deal with it now.” MBNA offers 0 per cent for 31 months with a 3.2% transfer fee and a 24.9% rep APR afterwards
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Barclaycard offers a 31 month term with 3.45% fee (min £5) 24.9% rep APR afterwards, HSBC Balance Transfer Credit Card Visa comes for 30 months at 0%, 3.49% transfer fee, 24.9% rep APR afterwards. Tesco Bank is for 29 months at 0% 2.95% fee 24.9% rep APR afterwards.
Virgin Money Balance Transfer Credit Card Mastercard’s is for 29 months 0%, 3.45 transfer fee., 24.9% rep APR afterwards, Tesco Bank have a second offering at 18 months at 0% 0.99% fee 24.9% rep APR afterwards.
Barclaycard has a 14 month offer at 0%, no fee, 24.9% rep APR afterwards, plus £20 cashback if you shift £2,500 within 60 days and you get £20 cashback. Depending on the period your offer lasts – this varies by provider and product – you can use your credit card without being charged interest.
This can be when you make a purchase or on a balance you transfer across from an existing credit card. Some providers will take away your 0% interest rate if you don’t make at least your minimum monthly payment on time or go over your credit limit.