Published On: Thu, Sep 23rd, 2021

Martin Lewis shares ‘golden rules’ for handling credit & ‘best shifting deals since 2019′ | Personal Finance | Finance

Mr Lewis also shared his “golden rules” and best practices to quickly pay off credit card debt and avoiding extensive fees when doing so. Speaking on the Live ITV show, he explained how balance transfer debt shifting cards could help many Britons out of their credit card debt as well as the best deals currently on offer for students.

When it comes to which balance transfer cards are the best to go with, Mr Lewis noted: “Always go for the lowest fee within the 0 percent length provided you’re sure you can repay it in that time.”

He commented that the MBNA’s offer of up to 27 months 0 percent card with a one percent one-off fee of the amount of debt that is being shifted between the cards.

However, this card also gives up to £30 cashback when shifting over £1,000. Mr Lewis pointed out that because of this, if one shifts between £1,000 and £3,000 it would effectively be no fee at all.

“Think about it,” he said, “You shift £2000, there’s a £20 but they give you £30 cashback so they’re actually reducing your debt by £10 when you start.”


Another card that was noteworthy for Mr Lewis was Santander’s which offers 31 months 0 percent for a once-off 2.75 percent fee of the debt being shifted.

The money-maverick also shared his top three tips for dealing with credit cards and managing the debt, even when it comes to deals like these.

“My golden rules: never miss the minimum repayment,” keeping on top of the repayments is vital to ensuring one’s interest rate stays low and decreases the chances of any penalties.

He continued: “Clear the debt before the 0 percent ends or you’ll pay the APR of 20 percent or more,” while for some debt may seem insurmountable, it’s always best practice to deal with it as quickly as possible.

This is especially important for those whose 0 percent ends soon as many simply forget that these fees are still creeping up on them.

“Don’t spend or withdraw cash on it because that isn’t at a cheap rate,” while credit cards can be used to withdraw and spend, it usually comes at a higher price than taking the money from a general bank account.  

As the new school year starts, Mr Lewis also weighed in on the top student back accounts currently on offer:

“Santander gives a guaranteed £15,00 0 percent interest overdraft for those who are accepted and a free rail card for four years worth £100.

“HSBC not guaranteed but £1,000 overdraft 0 percent in the first year and up to £3,000 in the last year and that gives you free £80 in credit on your account and £20 UberEats.”

“Those are the two to beat if you’re looking what’s out there,” he concluded.

The Martin Lewis Money Show is officially back for its usual run-time of September to March and appears to have aired just in time to help viewers with the energy crisis.

In the current economic atmosphere, even Mr Lewis noted that he was slightly disdained at the fact that majority of this episode was focused around ‘damage control’ more than helping his viewers generate and use their wealth optimally.

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