Archive: MoneySavingExpert's Money Tips Email

Do a 5-min wallet workout - you could GAIN pounds (100s of 'em)

Each year, at this time, we like to delve into your wallet and put it through its paces to ensure you're holstering the right plastic. This is our form of HIIT - but for us, it's high-intensity income training.

So cast off the fluff and random receipts in your wallet or purse, put your cards on the table and let's get a sweat on. 

An easy start point is to join (or log in to) our free Credit Club and use our MSE credit card Wallet Workout tool (as it includes your credit file, registration involves giving security info). While this tool analyses the best cards for you from many variations, we include the main items below among many other tips to perfect your purse.

1. Dig out your photocard driving licence - is it still valid? They only last 10 years, and a whopping 2.3m are out of date - check yours or risk a fine of up to £1,000. What to check and do if it's invalid.
   
   
2. Got credit or store cards you pay interest on? STOP. A 0% balance transfer pays off debt on old cards for you, so you owe the new card instead, but at 0% interest. It means you're debt-free quicker as more of your payments cover the debt, not interest.
    
   Yet the difficulty is getting accepted, as you're credit-checked, so use our Balance Transfer Eligibility Calculator to check your chances first. Then go for the card with the lowest fee in the time you're sure you can repay in. If unsure, go long for safety. Here are the top deals for new customers:
    
    - Longest 0%: Virgin Money (eligibility calc / apply*) is 0% for 29mths with a 3% fee. Unlike some cards, if you're accepted you definitely get the full 0% length (21.9% rep APR interest after).
   - Long no-fee 0%: Barclaycard (eligibility calc / apply*) is up to 20mths 0%, but you could get fewer 0% months (19.9% rep APR after). If you're a NatWest/RBS/Ulster Bank customer, you can apply for 23mths 0% no-fee.
    
   Always follow the Balance Transfer Golden Rules - with full help in Best Balance Transfers (see APR Examples):
    
    a) Clear the card or transfer again before the 0% ends, otherwise you'll pay the high APR.
    b) Never miss the min monthly repayment or you can lose the 0%.
    c) Don't spend/withdraw cash. It usually isn't at the cheap rate.
    d) You must usually transfer within 60 days of opening to get the 0%.
   
   
3. Got 0% balance transfer cards in your wallet? Stick 'em in the freezer instead. If you've a balance transfer card, it's best not to spend on it again. So don't keep it in your wallet. If you struggle with self-control, Martin's tip is to put it in a bowl of water, then pop it in the freezer. That way you'll need a hammer before you can spend on it - which gives you thinking time to decide if it's worth it.
   
   NB: MSE deputy editor Guy would like to point out that you could just run boiling water over the bowl - then again he is paid to be a pedant.
   
   
4. Gym card in your wallet? When did you last use it? Paying for the gym doesn't make you lose pounds, going does. And paying for the gym without using it will just lose you £pounds. So if you pay and don't go, cancel (if tied in, see if you can escape your contract penalty-free). Or if you attend irregularly at least see our Free and Cheap Gyms guide to cut costs.
   
   
5. Got an Oyster card or use contactless to travel in the capital? Check if you're due cash back. If you failed to touch your card out at the end of a journey or were delayed 15mins+ by tube, you can often claim (some have got £70+ back just for not touching out). Plus if you've an old Oyster, you can claim a share of £350m+ in old credit sloshing about. See Oyster and London contactless card reclaiming.
   
   
6. Got a credit card and always repay in full? Make it pay YOU. Some pay you to spend via an account credit or in shopping vouchers or airline miles. But only use these cards for everyday spending, avoid withdrawing cash and repay IN FULL each month or interest dwarfs the gain. And don't just apply in hope - first use our eligibility calculator to find the cards you've best odds of getting. Here are the top deals for new cardholders:
    
    - Get paid up to 5% cashback: The fee-free Amex Platinum Everyday (eligibility calc / apply*) cashback credit card gives 5% back for the first 3mths (max £100), up to 1% after. But you need to spend £3k+/yr to get anything (22.9% rep APR). Spend £9k+/yr? The £25/yr Amex Platinum (eligibility calc / apply*) may win as you get an intro 5% (max £125), then up to 1.25% (28.2% rep APR incl fee).
   
   As Amex isn't universally accepted, the best non-Amex is the Mastercard from app-only Tandem (apply). This pays 0.5% (18.9% rep APR).
   
   - Free £100 of Nectar points: Accepted Amex Nectar (eligibility calc / apply*) cardholders who spend £2,000 within 3mths get 20,000 bonus Nectar points worth £100 at Nectar retailers such as Sainsbury's. You also earn the normal 2pts per £1 spent. Remember to cancel after 1yr if you want to avoid the £25/yr fee from year 2 (28.2% rep APR incl fee).
    
   Full info on these cards and lots more in Credit Card Rewards (APR Examples).
   
   
7. The MyWaitrose card gives you 'free' daily tea and coffee. You can get a free hot drink every day if you use a reusable cup and buy something - even a 10p banana. See free Waitrose coffee for how.
   
   
8. Does your debit card do it for you? If not, someone will give you £175 to switch to a new one. It's linked to your bank account, and if yours has hideous fees or service, switching's easy - and you can earn big cash. Here are the top deals for newbies, with full info and eligibility help in the links.
   
   - Ends Fri. Free £175 + 2% bills cashback: Request a switch by 11.59pm on Fri and RBS Reward pays switchers £125 in Aug and £50 more in June 2020. There's a £2/mth charge but the average gain from cashback even after the fee is £60/yr, while some get much more.
   
    - Free £175 cash + access to a 5% regular savings account: HSBC's Advance pays the biggest upfront bribe.
    
    - Free £100 + great service + access to a 5% regular savings account: First Direct is a great mix of free cash and a good track record for service, as a huge 90% of its customers who voted in our last poll rated it 'great' for service.
   
   - Free £100 M&S vch with NO min pay-in + £80 more after 1yr if you pay in £1,250/mth + access to a 5% regular savings account: Unlike most deals, with an M&S Bank account, you get the £100 without having to pay anything in, but for the rest you need to jump through some hoops.
   
   
9. Ditch your loyalty cards (without losing points)... A heavy wallet may be good for the biceps, but not for clutter. If you want to get rid of loyalty cards, store 'em in your Apple Wallet, Google Pay, or put them in an app such as Stocard which can replace them all.
   
   
10. ... then max your loyalty points, eg, how to get 200 free Boots points. Never choose where you shop based on a loyalty card, but always have one for where you go regularly. See our points-boosting tricks for Boots | Tesco | Nectar | Morrisons. Don't forget you may have takeaway or fast-food loyalty points kicking about too. 
    
    
11. Don't wait to file expenses - make those old receipts pay you. If you claim expenses at work then old receipts in your wallet (or elsewhere such as on your phone) may be worth as much as cold hard cash. So look after them, but as some employers say you must claim in a certain time-frame, don't wait. If you've a cashback card, check if you can use it to pay and then reclaim so you earn rewards on expenses.
    
    
12. Get protection... just for spending a penny on a credit card. Under 'Section 75 law', buy something costing £100 to £30,000 and pay for any of it (even 1p) on a credit card, and the card firm's jointly liable with the retailer for the ENTIRE amount. This get-out-of-jail-free protection is hugely powerful if the retailer goes bust or won't play fair. Our Section 75 guide has full help.
    
    
13. Need to borrow for a big purchase? Don't automatically peek in your purse for existing credit cards. Credit cards can be the cheapest way to borrow, but only if they're the right cards used in the right way for the right thing. Just sticking with whatever you have can be costly - so we've full guides with best buys to help...
    
    - If you're buying something where you can pay on a credit card, see our 0% Purchases guide.
    - If you're buying something where you can't pay on a credit card, but need to borrow, see 0% Money Transfers.
    - If you need a large amount (say £5k+) even with a good credit score, you won't likely get that credit limit on a card, so see Cheap Loans.
    
    But ONLY borrow for a planned, affordable purchase (eg, replacing a broken fridge). NEVER borrow just to fill income gaps.
    
    

14. Are you entitled to a railcard? Couples, families, under-31s, over-60s, people with disabilities and more can get them. They cost up to £30/yr and get you a third off most train travel (so spend over £90/yr and you can save). See can I get a railcard?

15. Do you have an NHS organ donor card? If not, it's worth a thought. Joining the NHS Organ Donor Register could mean you save lives. In England, NI and Scotland you must sign up to be on the register. In Wales you're automatically a donor unless you opt out - with Eng and Scot to follow suit next year. Yet even where it's opt out, families will still be approached before donation, so it's important to register your decision so they know you consented.