Martin Lewis warns of four looming changes to credit-card balance transfers
Money-saving expert Martin Lewis cautioned that upcoming interest-rate rises could tighten balance-transfer offers, affecting fees, 0% periods, post-promo rates and eligibility.
On October 16, Martin Lewis issued an "important alert" about four subtle shifts likely to affect balance-transfer deals as interest rates climb. He explained that lenders may cut the length of 0% interest offers, raise the one-off transfer fee, increase the standard APR once the promo ends, and make it harder for borrowers to qualify for the best terms. With Stepchange estimating 18 million people carry credit-card debt in the UK, many could see higher costs.
Lewis shared the warning on X, then expanded on the ITV Money Show, noting that advertised three-year transfers might be reduced to two or one year. He also promoted his one outlet Radio 5 podcast for further guidance, stressing that lower interest saves more of the repayment toward the principal.
Why it matters
Consumers with credit-card debt could face higher costs and fewer favourable balance-transfer options as rates rise.
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