 founder has advised anyone struggling with debt to apply now for a 0% balance transfer credit card . 1 Martin Lewis is urging anyone anyone with a credit card to make a quick check Credit: ITV In the latest MSE newsletter, Martin said: "Immediately take two minutes to check if you can shift debt to an interest-free balance transfer card and cut hundreds of pounds of unnecessary interest. "Don't delay. It's very likely most top deals will be pulled soon." It comes just weeks after the consumer site warned that many banks were pulling 0% offers . Balance transfer credit cards are a great idea if you have debt spread across a few different cards or if your interest rate is high. These let you 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 erode the original borrowing. Below we explain how a balance transfer credit card works and how to find the best deal, as well as the risks you could encounter. How does a balance transfer credit card work? If you have credit or store card debts that are gaining interest you can move the money you owe onto the card. That means you can focus on repaying the debt, rather than the amount added in interest, and it can help you get back in the black faster. But it's important to note that you can't transfer a balance between cards from the same bank. How to transfer your debts on a 0% card You can usually apply for a balance transfer credit card online or on the phone, and banks may be able to help in-branch. To make an application, you will need to provide your name, address and email address as well as details of your income so a provider can assess your eligibility. Applicants need to be over 18. If your application is){kind=link}
MARTIN Lewis is urging anyone with a credit card to make a quick two-minute check.
The MoneySaving Expert (MSE) founder has advised anyone struggling with debt to apply now for a 0% balance transfer credit card.
In the latest MSE newsletter, Martin said: “Immediately take two minutes to check if you can shift debt to an interest-free balance transfer card and cut hundreds of pounds of unnecessary interest.
“Don’t delay. It’s very likely most top deals will be pulled soon.”
It comes just weeks after the consumer site warned that many banks were pulling 0% offers.