Martin Lewis shares ‘golden rules’ for credit management and ‘best transfer deals since 2019’ | Personal Finances | Finance
Mr. Lewis also shared his “golden rules” and best practices for paying off credit card debt quickly and avoiding large fees. Speaking on Live ITV, he explained how balance transfer debt transfer cards could help many Brits get rid of their credit card debt as well as the best deals currently available to students.
Regarding the best suited balance transfer cards, Mr Lewis noted: “Always go for the lowest over-term charge of 0%, as long as you are sure you can pay them back within that time. “
He commented that MBNA’s offer of up to 27 months 0% card with a one-time fee of 1% of the amount of debt that is transferred between cards.
However, this card also offers up to £ 30 cash back when transferring over £ 1,000. Mr Lewis pointed out that because of this, if you go from £ 1,000 to £ 3,000, there would effectively be no costs.
“Think about it,” he said, “you shift £ 2,000, there’s £ 20 but they give you £ 30 cash back, so they actually reduce your debt by £ 10 when you start. “
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Another noteworthy card for Mr Lewis was the Santander card, which offers 31 months at 0% for a one-time fee of 2.75% of the debt transferred.
Maverick Money also shared their top three tips for dealing with credit cards and managing debt, even when it comes to transactions like these.
“My golden rules: never miss the minimum repayment.
He continued, “Solve the debt before the 0% is over or you will pay the APR of 20% or more,” while for some debts that may seem overwhelming, it is always best to deal with them as quickly as possible.
This is especially important for those whose 0 percent is ending soon, as many simply forget that these fees keep creeping up on them.
“Don’t spend or withdraw money because it’s not cheap,” while credit cards can be used to withdraw and spend, but it usually costs more than withdrawing money from it. ‘a general bank account.
At the start of the new school year, Mr. Lewis also weighed in on the best student accounts currently on offer:
“Santander gives a guaranteed overdraft of £ 15 at 0% interest for those accepted and a free four-year train card worth £ 100.
“HSBC unsecured but overdrafted by £ 1,000 at 0% in the first year and up to £ 3,000 in the final year, giving you £ 80 free credit to your account and £ 20 UberEats.”
“These are the two to beat if you look at what’s out there,” he concluded.
The Martin Lewis Money Show is officially back for its usual September through March duration and appears to have aired just in time to help viewers cope with the energy crisis.
In the current economic climate, even Mr. Lewis noted that he was slightly disdained that the majority of this episode focused more on “damage control” than on helping its viewers generate and optimally use their wealth.