Martin Lewis issues urgent credit card warning – STOP making the same mistake as it’ll cost you £1,000s

MARTIN Lewis has issued an urgent warning over how to avoid losing thousands of pounds on credit cards.

The MoneySaving Expert (MSE) founder has advised anyone struggling with debt to apply now for a 0% balance transfer credit card.

He began his latest update with the instruction: “Paying credit card interest? STOP.

“A balance transfer credit card can save you £1,000s by slashing the interest you pay.”

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 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 one from NatWest for example which is offering a 30-month long 0% deal with a 2.99% fee.

The bank is also offering a no-fee card too if you can pay it off in 19 months.

M&S Bank also offers a deal at 0% for a 2.99% fee for 28 months with a £5 minimum, while Barclaycard touts “Up to” 30 months 0% with a 3.45% fee.

People concerned about debt have been urged not to bury their heads in the sand.

Consumer group Citizens Advice urges people to work out a budget and make sure rent, mortgage, council tax and energy bills are paid first.

Groups such as ,  and can help manage debt and negotiate with creditors.

There’s also a specific government scheme to help manage debt called Breathing Space, which gives you the right to legal protection from creditors for up to 60 days.

The FCA said consumers can get free and impartial advice from the  or by telephone on 0800 138 7777.