Martin Lewis has issued a stark warning to people who have debt on their credit card. In his weekly newsletter Martin warned about shorter 0% balance transfer periods. He said: "So this is a clarion call to anyone with existing credit or store card debt. Do not dilly-dally if you pay interest - sort it now while deals are still reasonable or you may miss the boat (though as we've no crystal ball, there are no certainties). Balance transfers let you move money from an existing card to a new one. There's sometimes a small fee for making the switch, but in return you pay no interest on that money for a set period - reports Mirror Online. There used to be a lengthy period of time for people to clear the card before the interest kicked in - but now they're getting much shorter. Figures from MoneyFacts show last month the best deal on the market was from MBNA at 28 months, a year before you could have got 31 months and back in 2016 there was a 42 month deal on the market. There were also 21 … [Read more...] about Money saving expert Martin Lewis issues stark warning to credit card holders
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Martin Lewis warns credit card holders to move debts fast
As recently as a few short years ago, customers could transfer a balance on their credit card and often expect to get more than 40 months interest free. However, as the favourable rates of zero per cent periods face a continued decline, MoneySavingExpert founder Martin Lewis has issued a warning to anyone with existing debt on their credit cards, The Mirror reports. Balance transfers let you move money from an existing card to a new one. There's sometimes a small fee for making the switch, but in return you pay no interest on that money for a set period. The problem is that the length of time you have to clear the card before interest comes into play is getting shorter and shorter. Figures from MoneyFacts show last month the best deal on the market was from MBNA at 28 months, a year before you could have got 31 months and back in 2016 there was a 42 month deal on the market. There were also 21 fewer deals available than a in March 2018. And that means anyone looking to move money, … [Read more...] about Martin Lewis warns credit card holders to move debts fast
Martin Lewis warning to all credit card holders
A few years ago, you could transfer a balance on a credit card and get more than 40 months interest free. No longer. And as the trend of shorter and shorter 0% periods continues, Marin Lewis has issued a warning to anyone with debt on their existing cards. "So this is a clarion call to anyone with existing credit or store card debt. Do not dilly-dally if you pay interest - sort it now while deals are still reasonable or you may miss the boat (though as we've no crystal ball, there are no certainties)," he wrote in his weekly newsletter . Balance transfers let you move money from an existing card to a new one. There's sometimes a small fee for making the switch, but in return you pay no interest on that money for a set period. The problem is that the length of time you have to clear the card before interest comes into play is getting shorter and shorter. Figures from MoneyFacts show last month the best deal on the market was from MBNA at 28 months, a year before you could have got 31 … [Read more...] about Martin Lewis warning to all credit card holders
Best reward and cashback credit cards in the UK – as Apple announces iPhone credit card
APPLE has just announced a new credit card giving customers up to three per cent in cashback, but with a little shopping around you can get even better rates. If used properly, cashback and reward credit cards boost you for your everyday spending, so it makes sense to use them instead of cash or a debit card. Apple announced its new credit card for your iPhone called Apple Card last night. It will offer three per cent cashback when a customer buys Apple products, two per cent when they make purchases through the Apple Pay app and one per cent on everyday card spending. There's no limit on the amount of cashback that users can receive. The card will charge no fees but it'll come with annual percentage rates (APRs) ranging from 13.24 per cent and 24.24 depending on your financial situation. It'll be rolled out in the US this summer. We don't yet know whether it'll become available in the UK too, and if so, whether the features would be the same. Cashback and reward credit cards - what … [Read more...] about Best reward and cashback credit cards in the UK – as Apple announces iPhone credit card
It’s in your best interest to figure out credit card rates
A recent survey suggested Irish people don’t understand how their credit cards work, certainly not as well as they ideally should. According to the research study, commissioned by the Irish League of Credit Unions (ILCU), more than half the adult population (57%) has one but many cardholders are unclear of their interest rates and when interest begins to accumulate. This is worrying; the first part of taking control of your finances is to fully understand them. There is nothing wrong with having a credit card and they are hugely useful in a variety of situations. But they are also one of the easiest ways to start accumulating lifestyle debt and finding yourself in a situation of paying interest on day-to-day expenses. According to the survey almost six in ten (59%) credit card users said they were not aware of the interest rate they pay on their balance. Of those who said they did know the interest rate they pay, their answers did not always match with the actual rates on offer … [Read more...] about It’s in your best interest to figure out credit card rates