Financial journalist Martin Lewis is urging Britons to verify in the event that they’re eligible for a zero % steadiness switch card because it might slash bank card debt by “hundreds” of kilos.

With “strong signals” that the highest offers shall be pulled quickly, Mr Lewis stated to not delay the verify to keep away from “costlier” and “worse” outcomes.

In his latest Money Saving Expert newsletter, Mr Lewis stated: “For anyone paying interest on credit card debt. Immediately take two minutes to check if you can shift debt to an interest-free balance transfer card and cut £100s of unnecessary interest. Don't delay. It's very likely most top deals will be pulled soon.”

At the top of May, excellent shopper credit score lending hit a staggering £213.0billion, reflecting a rise of £809million on the overall the month earlier than.

Up to 51 % of UK clients are paying off bank card curiosity each month in response to analysis by credit score app TotallyMoney, and 1 / 4 of 25 to 34-year-olds say bank card debt is their primary cash drawback.

With a zero % steadiness switch bank card, clients cease paying curiosity for a set time period - probably as much as 33 months, relying on the cardboard. These playing cards usually carry a payment of two to 4 % of the quantity being transferred.

The method it really works is that clients switch their excellent bank card debt onto the zero % card and repay the steadiness as it's, as a substitute of letting the cardboard accumulate much more curiosity.

Mr Lewis stated it means folks’s repayments clear the precise debt as a substitute of principally overlaying the interest.

To verify if they will apply for a card, Mr Lewis prompt folks take “two minutes” to make use of a zero % eligibility checker, reminiscent of Money Saving Expert’s, which can present the card-by-card odds of which an individual can be probably accepted.

Sharing a hit story, Mr Lewis stated “Lisa” emailed him saying: “[First,] I got £2,100 of zero percent from NatWest. My [original] card still had a balance, so I thought I'll give it another go.

“It said I've 10 percent chance with HSBC, I thought ‘What have I got to lose?' I was accepted with a £4,000 limit. [With no interest,] I can up my payments on both zero percent cards to clear them sooner. I can't thank you enough.”

Mr Lewis added that those that have a selection might go for the “lowest fee” inside a zero % time interval that’s lengthy sufficient to clear their debt.

He stated: “Generally, the longer the balance transfer, the bigger the one-off fee, e.g., three percent of the amount transferred (so £30 per £1,000). So if you can clear your debt quicker, go for a shorter deal to minimise fees. Unsure? Play safe, and go long.”

Providing a couple of “golden rules” to managing a steadiness switch bank card correctly, Mr Lewis stated debtors ought to “never” miss the minimal month-to-month compensation or they might danger shedding their zero % deal.

He stated: “Aim to clear the card (or balance-transfer again) before the zero percent ends, or the rate rockets to the higher APR.

“Don't spend or withdraw cash. It usually isn't at the cheap rate and withdrawals may hit your ability to get future credit.”

He added: “The balance transfer must usually be done within 60 to 90 days to get the zero percent - check your card.”

Martin Lewis is the Founder and Chair of MoneySavingExpert.com. To be a part of the 13 million individuals who get his free Money Tips weekly electronic mail, go to www.moneysavingexpert.com/latesttip.