Debt is like fire. It’s a useful tool, but get it wrong and it burns. If you need to borrow, nothing is cheaper than interest-free. And if you know what you’re doing, 0% loans are possible. ■ Step 1: The key questions to ask yourself before borrowing Just because you can borrow cheaply doesn’t mean you should. Ask yourself: Do I really need to borrow? Be tough. If possible, it’s better to wait and save. If you do borrow, keep the amount to the minimum. Is it a planned purchase? The worst borrowing is where you repeatedly do it to fill gaps in your income. This risks a debt spiral. Only borrow for a one-off, planned, necessary purchase, such as paying for annual car insurance as it’s cheaper than monthly. Have I budgeted for affordable repayments? Do the numbers. If you can’t afford it, don’t do it – even if you really need it. It’s likely to make life worse, ruin your credit score and add stress. Can’t get a … [Read more...] about How to get a loan for only 0 per cent, reveals Martin Lewis
Apr 0 credit card
EXPERIAN is set to launch a new online tool, which means you'll be able to see the real interest rates that some credit card lenders are offering before you apply. At the moment, credit card providers only have to give 51% of their customers the representative APR that they advertise. The remaining 49% could be offered a higher rate, which they won't find out until they've completed an application, according to the credit reference agency. But with the new comparison service, Experian says users will be able to see the actual interest rate they will be charged before they apply. The new price comparison feature, which will be free to use, is set to launch over the next couple of months. Experian has said that customers should look for a "star" next to the price comparison results , which means they will be offered the advertised rate. How to apply for a credit cardHERE's what to consider when applying for a credit card. Figure out what sort of card you need - There are several … [Read more...] about You can find out what interest rate you’ll be charged on a credit card with a new online tool
Savvy credit card users can pocket up to £45 by using a little-known trick when signing up for a new credit card. The secret is to use a cashback site to make your application. Cashback sites essentially pay you to do your online shopping by taking advantage of the way commercial payments from one website to another work. They use affiliate links which allow the retailer to track where leads and sales are coming from, and then split the resulting commission with the customer. Where to go to find the money TopCashback and Quidco are the two biggest players in the cashback market, and both offer eye-catching deals in a bid to outdo one another. You’ll need to set up an account with TopCashback or Quidco to get going but this is easy and takes just a few minutes. Once you’re up and running, just click on the cashback deal you want and you’ll be taken to the retailer’s website to make your purchase or application as usual. Cashback deals tend to be for a … [Read more...] about How to bag £45 for yourself now and get interest-free credit for 36 months
BARCLAYCARD will give new credit card customers £20 cashback when they move their debts to one of their balance transfer card. But whilst cashback is always good news, you may want to weigh up whether the deal is worth it before taking the plunge and switching. Credit cards are a great help when it comes to paying for those big purchases - but if the balance has been on it for a while, the chances are you're racking up lots of interest which you may be struggling to pay back. Transferring the debt onto a 0 per cent interest credit card instead means your monthly repayments will be going towards paying off the debt, rather than on interest rates. "If you’re being charged interest on your credit card debts, a balance transfer could help you get a lower interest rate, or give you a break from being charged interest full stop, for a set period by moving what you owe to a new card," says Martin Lane, from money.co.uk. The cashback offer on the Barclaycard is on the Platinum 25 … [Read more...] about Barclaycard will PAY you to transfer debts to balance transfer credit card – but is it any good?
This has taken me a while to admit but finally I need to say it – longer isn’t always better! For years when listing balance transfer credit cards that slash existing debt costs, I’ve led on the longest 0% deals. Yet the market’s changing. Anyone paying interest on credit or store cards sit up and take note. Balance transfers are where you get a new card that pays off credit and store card debt – so you owe the new card instead but at a much cheaper rate. The impact can be huge, as Adele tweeted me: “Just saved over £1,200 in interest switching my card thanks to @MartinSLewis.” Most long balance transfer cards charge a one-off fee of the amount of debt shifted – as much as £30 per £1,000 – and after years of these long 0% deals getting ever longer, they’re going the other way. Today the longest is 36mths 0%, a year ago it was 43mths. At the same time, the longest NO-FEE deals have stayed stable. So for … [Read more...] about Anyone paying interest on credit or store cards take note, says Martin Lewis