![Pinterest](https://pinterest.com/pin/create/button/?url=https://uknews.evprotec.com/martin-lewis-mse-issues-warning-over-credit-card-debt-you-could-save-1000s/&media=https://uknews.evprotec.com/wp-content/uploads/2023/09/newspress-collage-23882335-1694215585340.jpg&description=IN THE RED Published : 0:32, 9 Sep 2023 MARTIN Lewis has issued an urgent warning to anyone with a credit card - and it could save you £1,000s. The MoneySavingExpert revealed how to become debt-free quicker by using 0 per cent balance transfer cards - here's what you need to know. 1 Martin Lewis has issued an urgent warning to anyone with a credit card Credit: Getty What is a 0% balance transfer credit card? Balance transfer credit cards could be a useful option if you have debt spread across a few different cards or soaring interest rates. They allow you to move the balance from other cards onto a new one, and you pay no interest for a set period. This means your debt is easier to pay off because money saved on interest can be used to put toward owed finances. "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. "A card will have a 0 per cent period, during which you pay no interest – for example, 28 months – and sometimes you'll pay a small fee," Martin Lewis penned in his latest statement. "It means you become debt-free quicker, as more of your repayments reduce the debt, rather than pay interest." Which balance transfer card is best? Money can't be transferred from one card to another within the same banking group. This means your options will be narrowed down by banks you do not have debt with. There is an eligibility calculator on the MoneySavingExpert website to help assess which cards are suitable for you. You will need to pass a credit check to be approved for a 0% balance transfer card. 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. Others may see 15 months interest-free months and/or a higher 31.9 per cent rep APR. M&S bank had the next best deal, with a 0 per cent period of 28){kind=link}
MARTIN Lewis has issued an urgent warning to anyone with a credit card – and it could save you £1,000s.
The MoneySavingExpert revealed how to become debt-free quicker by using 0 per cent balance transfer cards – here’s what you need to know.
Balance transfer credit cards could be a useful option if you have debt spread across a few different cards or soaring interest rates.
They allow you to move the balance from other cards onto a new one, and you pay no interest for a set period.
This means your debt is easier to pay off because money saved on interest can be used to put toward owed finances.