![Pinterest](https://pinterest.com/pin/create/button/?url=https://uknews.evprotec.com/martin-lewis-urgent-warning-over-credit-card-mistake-thatll-cost-you-1000s/&media=https://uknews.evprotec.com/wp-content/uploads/2023/08/crop-23316173.jpg&description=DON'T DO IT Published : 23:48, 2 Aug 2023 CONSUMER guru Martin Lewis has issued an urgent warning over how to avoid losing thousands of pounds on credit cards. The financial advisor has exposed a key mistake made by many which could save you plenty of cash in interest fees. 2 Consumer expert Martin Lewis has highlighted the costly mistake made by many Credit: Rex Money saving expert Lewis - familiar to viewers of ITV's Good Morning Britain - is now recommending people set up separate balance card accounts, as plenty are advertised at 0% interest. That could enable you to transfer existing credit card debts to a parallel card, with less to pay back added on top. He began his latest online update with the instruction: "Paying credit card interest? STOP." He wrote: "It means you become debt-free quicker, as more of your repayments reduce the debt rather than pay interest." He explained how different schemes should be with different lenders. The presenter also set out five "golden rules", including a warning to make sure you settle your 0% account within any agreed timeline. He also says to pay off each monthly minimum amount demanded - and to not add any extra spending on the new card. A point-by-point guide was posted today on his MoneySavingExpert website. It comes a day after his firm sent out tips to travellers heading abroad on holiday this summer, about potentially-expensive mobile phone roaming fees imposed in Europe. Martin has told how a mere two-minute check can help clear debts - amid fears companies could be about to withdraw 0% offers . He describes the tactic as a "key cost-cutting weapon" . Balance transfer credit cards are said to be a good idea if you have debt spread across different cards or if your interest rate is high. They let you move the balance from other cards on to a new one, with no interest for a set period - potentially making debt easier to pay off thanks to the money saved. Analysts suggest the best cards currently available include o){kind=link}
CONSUMER guru Martin Lewis has issued an urgent warning over how to avoid losing thousands of pounds on credit cards.
The financial advisor has exposed a key mistake made by many which could save you plenty of cash in interest fees.
Money saving expert Lewis – familiar to viewers of ITV’s Good Morning Britain – is now recommending people set up separate balance card accounts, as plenty are advertised at 0% interest.
That could enable you to transfer existing credit card debts to a parallel card, with less to pay back added on top.
He began his latest online update with the instruction: “Paying credit card interest? STOP.”