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<\/p>\nMARTIN Lewis has issued an urgent warning to anyone with a credit card – and it could save you \u00a31,000s.<\/p>\n
The MoneySavingExpert revealed how to become debt-free quicker by using 0 per cent balance transfer cards – here's what you need to know.<\/p>\n
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Balance transfer\u00a0credit cards\u00a0could be a useful option if you have\u00a0debt\u00a0spread across a few different cards or soaring interest rates.<\/p>\n
They allow you to move the balance from other cards onto a new one, and you pay no interest for a set period.<\/p>\n
This means your\u00a0debt\u00a0is easier to pay off because money saved on interest can be used to put toward owed finances. <\/p>\n
"A balance transfer is the key cost-cutting weapon – it's where you get a new card that pays off debt on old credit and store cards for you, so you owe it instead, but at 0 per cent interest," a letter from the MSE added earlier this year.<\/p>\n
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"A card will have a 0 per cent period, during which you pay no interest \u2013 for example, 28 months \u2013 and sometimes you'll pay a small fee," Martin Lewis penned in his latest statement.<\/p>\n
"It means you become debt-free quicker, as more of your repayments reduce the debt, rather than pay interest."<\/p>\n
Money can't be transferred from one card to another within the same banking group. <\/p>\n
This means your options will be narrowed down by banks you do not have debt with.<\/p>\n
<\/span><\/p>\n <\/span><\/p>\n <\/span><\/p>\n <\/span><\/p>\n There is an eligibility calculator on the MoneySavingExpert website to help assess which cards are suitable for you. <\/p>\n You will need to pass a credit check to be approved for a 0% balance transfer card.<\/p>\n The best card listed on the MSE website was Barclaycard, who offer the longest 0 per cent period of 30 months for those who are pre-approved. <\/p>\n Others may see 15 months interest-free months and\/or a higher 31.9 per cent rep APR.<\/p>\n M&S bank had the next best deal, with a 0 per cent period of 28 months, 2.99 per cent fee and 23.9 per cent rep APR.<\/p>\n Santander have a very similar option but with a 3 per cent fee and 22.9 per cent APR.<\/p>\n Coming in fourth was Sainsbury's with 20 month interest-free rates, if you are pre-approved, and 1 per cent transfer fee. <\/p>\n HSBC offers the longest period with no fee, and if you can repay in full within 16 months, this transfer will cost you nothing.\u00a0<\/p>\n Virgin Money and Chrome by Vanquis Bank were suggested as valuable options for those with poorer credit scores<\/p>\n<\/p>\n By applying directly to the bank, it will be noted on your credit reportand that could go against you in the future.<\/p>\n The MSE eligibility calculator is a great way to see who will accept you for a card. <\/p>\n This is because the system uses a "soft search" that lenders are unable to access. <\/p>\n The easiest way to choose a card is selecting the one with the lowest fee in the amount of time you can repay in, according to the MSE.<\/p>\n "The longest charge a one-off fee, as a percentage of the amount of debt you transfer (for example, 2.9 per cent is \u00a329 per \u00a31,000 shifted)", Martin Lewis explained on his website.<\/p>\n "But there are shorter options with no fee, so no cost if you can clear your debt within 19 months or fewer. If unsure, play safe and go long."<\/p>\n There is also a guide for those with a bad credit past on how credit cards will affect them.<\/p>\n If you're\u00a0concerned about debt, Citizens Advice suggests taking things a step at a time by working out a budget and keeping an eye on your bank balance.<\/p>\n It's good to pay off more than the minimum on cards each month, even if it's not by much.<\/p>\n They also advise paying the most expensive credit card first and it's important to prioritise if there are several debts.<\/p>\n Your rent, mortgage,\u00a0council tax\u00a0and energy\u00a0bills\u00a0should be paid first because the consequences can be more serious if you don't pay.<\/p>\n Groups like\u00a0Citizens Advice,\u00a0StepChange\u00a0and\u00a0National Debtline\u00a0can help you manage your debt and negotiate with your creditors.<\/p>\n You should always have a look at what free options are available for managing debt before you turn to a private firm for support.<\/p>\n![](\"https:\/\/www.thesun.co.uk\/wp-content\/uploads\/2023\/09\/NEW-OFF-PLATFORM-TEMPLATE-2023-09-06T115911.467-1.jpg\")
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