Martin Lewis explains credit cards on Facebook live - why you should change yours NOW
MARTIN LEWIS explained credit cards and fees on Facebook live to give his followers. The Money Saving Expert also revealed whether Britons can get a mortgage with bad credit.
Martin Lewis gives advice on when to get a new credit card
Martin Lewis, Money Saving Expert, gave advice on Facebook to Britons who needed the 45-year-old financial journalist’s help.
The expert filmed himself walking through the streets of London on his mobile phone while he answered their queries. He told users he was conducting, “A ten minute ask me anything, here then on BBC radio 5 live.”
One Facebook user asked Martin when they should switch credit cards - and he had this advice.
Martin said: “When your existing credit card is costing you too much. It’s a very simple answer.
Martin Lewis Money Saving Expert gives credit card and mortgage advice in Facebook video
Martin Lewis Money Saving Expert gives credit card and mortgage advice in Facebook video
“If you are on a 0 per cent deal, you’re on a 0 per cent deal.
“If you are paying 18.9 per cent APR and you’re getting no rewards from it you need to get yourself a better card - there is no actual timing issue that goes on in that one.”
Those on an expensive credit card should change as soon as possible to avoid wasting any more money.
Another woman asked for a 0 per cent credit card that does not have a big transfer fee.
Martin recommended the Sainsbury’s 28 month 0 per cent no fee card.
Martin Lewis: The expert filmed himself walking through the streets of London
He said: “And it’s not an ‘up to’ which means if you get it you’ll get that (rate).”
The expert also answered the query of a woman who was hoping to change her mortgage despite the fact she has bad credit.
Martin looked worried, as he told the woman this might be difficult for her.
He said: “It’s difficult. In that case I would certainly be speaking to mortgage broker to see whether they can match you with one that’s out there but it certainly makes things more difficult.
Martin Lewis explains why credit cards are safest way to pay
Martin Lewis: Those on an expensive credit card should change as soon as possible
Martin Lewis appeared on This Morning earlier this week to reveal whether it is better to pay with card or cash.
The expert revealed he always tries to pay on a card, as he says it’s like wearing a piece of invisible financial armour.
And is it cheaper to turn heating on and off? Martin revealed how you should really run your heating to save the most money.
The Money Saving Expert told Holly Willoughby and Phillip Schofield that is it best to use a timer to turn heating on and off to save money.