A fan of MoneySavingExpert founder and TV personal finance guru Martin Lewis has explained how she used a simple online trick to save herself almost £2,000. The MSE site has an online eligibility calculator you can use to find out how likely you are to be accepted for a variety of credit cards that could help reduce debt.
Users fill in a handful of personal and financial details, which takes around two minutes, for a 'soft search' that does not impact credit scores. Patricia, contacted Martin to let him know how she had benefited from the calculator after she was concerned her 0% APR credit card interest was drawing to a close, reports The Mirror.
She was unsure how to avoid being charged 20% APR until she tried out the calculator. She managed to find a no-fee credit card that gave her 18 months at 0% APR to pay off her debts.
Patricia wrote: "Hello Martin, some feedback and big success. I was approaching the end of my 0% and was not sure how to avoid the 20% APR.
"Did the Eligibility Checker, received the Santander no-fee card, saved myself the stress of £1,940 in interest. I now have 18 months 0%, which I plan to clear in 14 months. Thanks so very much."
The financial advice site tells credit card holders looking to reduce the money they owe to 'aim for the lowest fee with a 0% long enough to clear your debt' and has three 'golden' balance transfer rules it believes everyone should follow.
These include clearing or moving the credit card again before the 0% APR ends and never missing the monthly repayments, which could forfeit the cardholder's 0% APR.
It is also advised never to spend or withdraw money from these credit cards.
