Martin Lewis tells credit card holders you 'can't afford' not to check
manchestereveningnews.co.ukMartin Lewis has issued a crucial warning to all credit card users, including those with Barclaycard and Mastercard. He emphasised the importance of checking if you can get a better deal, especially for those who pay interest on their credit cards, stating "you can't afford not to check" in an article on his Money Saving Expert (MSE) site.
The key tool that Mr Lewis recommends is the 0 percent balance transfer, which allows you to obtain a new card that pays off any existing ones.
This means your debt is transferred to the new account but remains interest-free for a set period. He explained: "This way more of your repayments clear the actual debt, not just mostly cover interest." He encouraged individuals to first use the MSE eligibility calculator to determine which of the best cards they are likely to qualify for.
The check is a soft search, meaning while you can see it on your file, lenders cannot use it to assess you. When selecting a deal, Mr Lewis advised choosing one that provides ample time to clear your debt.
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