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Crackdown on credit card stealth charges
New rules in by year's end, but fight back yourself now
Using the threat of legislation the Govt's just pushed the credit card industry into a new code of practice, enforceable by the Ombudsman, to combat stealth charges (see stealth charges news story) by the end of the year. These are the main changes, and how to protect yourself until they come in...
- They must repay costliest debts first. It's no coincidence cards charge different interest rates for different transactions, e.g.0% on balance transfers but 20% for spending; as they focus all your repayments at clearing the cheap debt so the high APR one is untouchable, rapidly accruing interest - adding £100s to bills.
Govt change: Card companies must repay most costly debt first (costing the industry £500m/year).
DIY protection NOW: If needed use separate cheap balance transfer and cheap for spending cards ie. never, ever, ever spend on a card you've used a cheap balance transfer deal on.
- Credit reports for £2 online.
You should check your credit file regularly for errors as they can kibosh applications, yet the current law only says they must let you do it for £2 by post, online it can be much more.
Govt change: Online credit reports will now be free for those in hardship, £2 for everyone else.
DIY protection NOW: Get it free online now; by signing up for a 30-day trial of their expensive credit monitoring services, get the file, then cancel immediately (see the free credit report guide).
- Reject rate rises. Lenders are putting many existing customers' rates up. A one year old rule lets you 'cancel' your card instead of the rise, but that language is confusing as it actually means as long as you don't borrow more, you can refuse the hike.
Govt change: Happily the Govt followed our MSE submission and is renaming this a 'right to reject', plus you'll have 60 not 30 days to do it. .
DIY protection NOW: Use the rules in the reject rate rises guide.
- Minimum repayment changes. With £3,000 on a high st. credit card at 17.9% interest, only repay the minimum and it'll take 41 years to be debt free with an interest cost of £6,300.
Govt change: It wanted to substantially increase minimums, but many (including us) argued this'd lead to more defaults and reduce control over repayments for those with multiple cards. Instead it plans to force lenders to flag up big n bold the exact impact of sticking to minimums.
DIY protection NOW: Use our www.minimumrepaymentcalculator.com to calculate how long you'll be in debt for and how to speed it up
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| The Ones Not To Miss |
Free warranties, flights, purchase protection, loyalty points & more
New 'play your cards right' guide. Top 10 ways to manipulate credit cards for gain
Use credit cards to get expensive benefits for free by always REPAYING IN FULL each month, so there's never any interest. This new guide takes those with decent credit scores through the top 10 benefits eg. Free Warranties: 3 cards offer a year's extra warranty if you buy electrical goods costing £50+ on them, e.g. Nationwide* Gold card (16.9% APR) which is also the cheapest way to spend in Europe and has purchase protection. Free Purchase Protection: This usually covers you for 90 days if things are lost or stolen, check if your card has it in the guide (it's separate to section 75 laws, where buy goods over £100 and all credit cards are liable as if they'd sold you the goods). Grab Freebies: Eg. On BMI Amex* (15.9% APR) get a Europe Biz return if you spend £250 within 90 days (just do your normal day-to-day spending) or with Amex Express rewards* (17.9% APR) get a £30 high street voucher for £500 spend in 3mths. For more freebies, the FULL TOP 10, pros cons and a credit score warning see the New Guide: Play your cards right Related: 0% for 16mth balance transfer, 5% cashback card, credit card freebies
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URGENT! M&S 1-day sale (Friday) 25% extra off sales goods online
Mega short-lived sales inc Oasis & Burton up to 70%, La Senza & Figleaves 50% and Faith 20%.
Plus Laura Ashley 25% off everything Thurs-Sun. Full detail & more in
Daily Deals List: High Street Sales
Free £5 breakfast at home, courtesy of the milkman
Special code gets £5 of free food delivered to your door, eg, milk, bread, eggs, croissants
Provided you're in a milkman area, register with Milk&More and enter the special code. Deals List: Discount Vouchers
Urgent! £150 iPod + £25 M&S voucher for new Sky+ signups
Only 5,000 available! Get HD+ box, 200+ channels & installation for £20.50/mth all-in
Ending Thurs 25 March, this is the best sign-up incentive deal we've yet seen yet for people who want Sky. As well as the £25 M&S voucher, sign up via this specific Sky promo link* (goes live 9am Wed) and the first 5,000 sign-ups get an 8GB Apple iPod touch (worth c. £150). Non-HD deal: Sky+ HD boxes are now standard, but you needn't opt for its HD channels. Take its 200-channel variety pack for £18/month plus £30 installation, making it £20.50 all-in. HD deal: For £28/month you can get the 37 HD channels on top (you'll need an HD telly to notice) and here there's no installation fee. You pay line rental on top: To get Sky TV you need a BT or Skytalk landline too and will pay c. £11/mth on top for it. FULL info, alternatives and Virgin alternatives in the Deals Note: Cheap Digital TV Deals Related: Cheap Broadband
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Last chance ever! Broadband for £4/mth ends Thur midnight
Code gets 4mths free on already best-buy £6/mth Plusnet - making it an avg £4/mth over the year's contract
To get it, sign up via BroadbandChoices* and use the code '4monthsBB'. As those signing up to Plusnet after mid-April will pay £6.49 this is likely to be the last ever chance to get it this cheap. FULL info in the Updated Guide: Cheap Broadband
B&Q 20% off £50+ Fri - Sun, Woolworths.co.uk £10 off £30+ & Ocado 15% off £40+. These and many more in the Daily Deals List: Shopping Vouchers
It's now the PERFECT time to switch energy. Save £250+ & get cashback
The last of big six gas & elec providers have just announced cuts so it's a level playing field to compare
In the last few days EDF and Scottish Power became the final big 6 energy providers to announce gas only price cuts of 4-9% ending the current round of price moves. The cuts all come into effect at the end of the month (barring BG which has already started). PERFECT time to switch! Compare now and you can see who is genuinely cheapest as it's a level playing field- the comparison services have confirmed they've already incorporated all the new prices. Save £250+ with no real change: Switch energy suppliers and it's the same gas, same electricity, same pipes, same safety - only the customer service and prices change, and as energy suppliers' standard tariffs are now around £1,150/year for average usage, and the cheapest deal £883/year, over £250 savings are possible for many. Switch & Get Cashback: (via these special links) Top Pick Comparison: Energyhelpline* pays £15 cashback per switch. Dual Fuel: Moneysupermarket* gives £30 cashback & Uswitch* a free case of wine. FULL info on all price cuts and the ways to save more in the Updated Guide: Switch Gas & Elec Related Guides: Grant Grabbing, Boiler Cover
15,000 FREE (£15) Grand Designs Live tickets
Book online using special code before 31 March, valid weekdays 4-7 May at London's ExCeL
Joins free National Trust entry this Sat & Sun, £5 comedy tickets and loads more in the Daily Deals List: Cheap Days Out
New Look 20% off, Dorothy Perkins 20% off, Oliver Bonas 20% off. These new fashion retailer codes and vouchers join Barratts 10% off in the Daily Deals List: Shopping Vouchers
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Tesco.com loophole! Earn up to £12 rewards buying £5 Easter treats
Up to £7 profit! 300 Clubcard points convertible into £12 rewards when buying 5 selected items online
Provided you'd use the rewards, select the lowest price items and you're in profit. See the Deals Note: Boost Tesco Points
Last Chance! Top 0% for spending card plus year's 0% balance transfer too
Ends Thurs. Get a year's 0% on all purchases if you need borrow and 0% balance transfers (2.98% fee)
The Virgin Exclusive* via moneysup'mkt ends Thurs (18th). After a year the rate jumps to up to 22% APR so ensure you've repaid all the debt by then. FULL details, warnings & alternatives in the Updated Guide: Top 0% Balance Transfer & Spend
Now bag up to £200 for out-of-contract mobiles inc. iPhones
MSE's Mobilevaluer.com reveals top paying 'recycling companies' for all handsets
A mass of popular smartphones are now coming to their contract's end, including 3G iPhones grabbed when first released. If you've upgraded and aren't an ebayer you can easily flog these to a glut of old mobile buying websites. Free tool: Amount vary vastly per site and per handset, so use our Mobile Selling Comparison tool to instantly tell you who pays the most. How much can you get? The iPhone 3G 8GB result shows the lowest at £140 and the highest £189, though of course some older handsets are sub-£5 or even nowt (see the list on the right). How mobile recycling sites work: Selling is simple, once you agree, they send a freepost bag for it, you post it, they give you the cash. Full Comparison Site & FAQ: MobileValuer.com Related: Cheap Mobiles, Haggle Your Mobile Bill, eBay Selling
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MOBILEVALUER
Top 5 Mobiles |
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La Tasca 50% off, Cafe Rouge 2for1 & ASK 2 meals for £10
New restaurant vouchers! Plus Prezzo 2for1 for £1, Pizza Express 2 courses & wine for £12 & HaHa 2for1
Join Zizzi 2 mains for £12 & Sizzling Pubs 2 steaks & drinks for £11 in the Daily Deals List: Restaurant Vouchers
Instant Thorpe Park 2for1 voucher. This and vouchers for Alton Towers & others in the Daily Deals List: Cheap Theme Parks
Bank Charges Latest: Long awaited OFT report is major let-down
Consumers must fend for themselves - compare your bank charges now, and reclaim if you're in hardship
Yesterday the long awaited Office of Fair Trading (OFT) report into how it expects banks to improve unarranged overdrafts appeared with a fanfare of hot air. After three years all it's managed to do is set up yet another enquiry into best practice, and 'encourage' banks to provide a charges opt-out, see MSE News stories: OFT delivers 'flaccid' report and Minister warns banks. Take them on yourself: As the OFT's been a let down, combat bank charges yourself with three quick steps. Step 1: Avoid 'em. The best way to fight them is not to get them, do a budget and constantly check your statements. Step 2: Compare charges. Charges can hit when you don't expect so use our Bank Charges Comparison tool to see how your bank stacks up (as well as more avoidance tips) and consider ditching and switching if possible. Step 3: Reclaim past charges: If you're in financial hardship it's still possible to try and reclaim. We're getting success stories through, see the Bank Charges Reclaiming guide for more. Related: Best Bank Accounts
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Martin's George Osborne Interview. Read the full George Osborne Interview Transcript blog.
3X Free £1 Cheltenham races bets with The Sun (20p)
The voucher is printed every day until Fri. Redeem in-store at Ladbrokes
No spend required, except 20p for the paper (25p or 30p in some regions). Forum Note: Free £1 bets
Petrol to hit all time high at £1.20/litre! Slash costs by a third
The AA's predicting further fuel price rises - chop a third off costs in three steps inc. new 'target price' finder
Petrol and diesel are both currently hovering around £1.16 a litre but the AA's warning a further rise is likely, and there's a 3p hike in duty due on 1 April. While it can't lower the price, our guide has helped many slash bills by £100s. Step 1: Declutter: Added weight and resistance means your car must work harder - get rid of empty roof racks and unnecessary junk, keep tyres inflated & turn off aircon. Step 2: Drive better: This is where the big savings are from, think of the accelerator as a 'money pump' so gentle acceleration (not lower speed), can cut cost by 30%. Step 3: Find petrol target price: We've built a speedy tool where you enter your post code and it sets you an instant target price for buying your petrol based on what's cheapest in your area. FULL details, driving guide & more info in the Updated Guide: Cheap Petrol Related: Cheap Car Insurance, Breakdown Deals
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Ultimate mortgage calculator... suggest additions. Last month we launched our Ultimate Mortgage Calculator which calculates rate rise costs, overpayments, savings and fix ditching impact. We want to add more features so please suggest additions
On Facebook? Do join me and other MSE'ers there... Martin's facebook page
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[[tip_box_in_tip]]
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| Big & Easy Ways To Save |
| Quick links or click the titles for full pros, cons, alternatives & more savings |
- 0% Balance Transfers: Virgin* 16 mths 0%, 2.98% fee (18.6% APR) Barclaycard* 15 mths 0% 2.9% fee (16.9%)
- Car Insurance: Use both MoneySupermarket* & GoCompare* then get cashback. Also see: Van, Motorbike
- Home Insurance: Use as many as you can of GoCompare*, MSP* & Confused*, then get cashback
- Reclaim £1,000s: Full Mortgage Fees, C'cil Tax, Endowments, Bank Charges, PPI guides
- Cheap Personal Loans: £5k-£7.5k: A&L* 8.9%,S'burys 8.8% w/ Nectar £7.5k-15k: A&L* 7.9%. £15k+: Tesco 8.4%
- Cheapest Phone Line Rental: Primus* £9.15/mth
- Free Printed 30 page+ MSE Guides: Annuities, Remortgaging, Mortgages
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| More MoneySaving |
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Q. If a person is unemployed do we need to pay tax on our savings accounts? Wendy
A: No matter whether you're a man, woman, child, employed or unemployed you do pay tax on your income.... once you've earned over the personal allowance (£6,475/year for under 65s in the 2009/10 tax year).
So if you've earned more than this during the year (from any salary and some benefits) you will pay tax on savings interest (barring cash ISAs which are tax free), if not you won't. Yet remember savings accounts take basic rate tax off automatically, so if you need to claim it back you'll need to fill out an
R40 form which can be found on the HMRC website.
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Discuss: Tax Payments
Suggest: A question of the week
(big general issues not personal q's pls) |
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Explanation of * Links
FSA NOTE: Referring people to insurers or insurance intermediaries can in some circumstances require FSA authorisation. For this reason, Martin Lewis of Shepherd's Studios, Rockley Road, Shepherd's Bush, London W14 0EH is authorised and regulated by the Financial Services Authority.
How this site is financed. Any links with a * by
them are affiliated. That means go via this link and a contribution may be made
to MoneySavingExpert.com, which helps it stay ad-free and free to use. You
shouldn't notice any difference, the links don't impact the product at all and
the editorial line (the things we write) is NEVER impacted by it. If it isn't
possible to get an affiliate link for the best product, it's still included in
exactly the same way. As we believe transparency is important, we're including the
following 'un-affiliated' web-addresses for the same things: alliance-leicester.co.uk, americanexpress.co.uk, barclaycard.co.uk, capitalone.co.uk, confused.com, directline.com, energyhelpline.com, gocompare.com, mbna.co.uk, moneysupermarket.com, nationwide.co.uk, play.com, plus.net, primussaver.co.uk, simplyswitch.com, sky.com, uswitch.com, virginmoney.com. Read more about this in how this site is financed.
MoneySavingExpert.com is the free to use Consumer Revenge website focused on how to save you cash. It's owned, and run by ultra-focused journalist and bestselling author Martin Lewis. On TV amongst other things Martin is GMTV's Money SavingExpert and presents money programmes for ITV1 Tonight. On Radio Martin has regular slots on Radio 2 Vine and Radio 1 Whiley. He's also a columnist for amongst others the News of The World, The Telegraph and the Sunday Post. Find out more: About the site and its funding.
Disclaimer: This e-mail is based on journalistic research. It does not constitute financial advice. Any information should be considered in regard to your
own specific circumstances. All tips are followed at your own risk and should be followed up with your own research Full Terms & Conditions.
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