Martin Lewis shares secret way to borrow 0% money with zero interest

Amazon recently announced that as of January 19, it will no longer accept payments made with Visa credit cards, causing more consumers to search online for the best deals on Mastercard alternatives.

The world’s largest online marketplace informed customers via email on Wednesday that the decision to no longer accept the payment method was due to Visa’s “high fees for processing credit card transactions,” however , customers will still be able to use Visa debit cards to pay. for the goods after the deadline.

To help people make the best decision to borrow with a credit card, finance guru Martin Lewis has shared essential tips on how to do it “safely and inexpensively” – but only if it is an absolute necessity.

During this week’s episode of Martin Lewis Money Show Live on STV, he told viewers, “Borrowing is very cheap right now. From banks that will pay you £ 130 to get zero percent overdrafts, to zero percent long cards and the explosion of purchases now, pay later.

“Yet with an increase in UK interest rates on cards, that may soon change. So if you need to borrow, and only if you need it, my big briefing today is how to do it safely and at no cost.

But he warned, “I want to show you how to do it safely and cheaply, but I don’t want anyone to think that what I’m trying to do is encourage people to borrow.

“You should only do this when needed.”



Martin Lewis explained how to borrow money safely and cheaply, but only if you need it

He then advised anyone considering applying for a credit card or overdraft to consider three things first.

These are:

  1. Don’t borrow unless you need to – make sure it’s a one-time loan that is planned, budgeted and affordable
  2. Borrow as little as possible
  3. If you are not sure, don’t

The founder of MoneySavingExpert.com emphasized how his advice was to borrow for a critical “need” and not just to pay off other debts.

Attention, new loan

“For most people, the main route to zero percent is a credit card, because they’re interest-free for a decent amount of time,” Martin explained.

He explained to viewers how credit cards are best for borrowing up to £ 5,000 and are regulated which means if you have a problem with a purchase you can go to the Financial Ombudsman for free as you are covered. by the protection of Article 75.

Section 75 means that if you have a problem with a purchase, the retailer is jointly responsible.

“The problems with credit cards that you need to solve are that it’s easy to overspend, the refunds aren’t fixed – you have to control that – and not everyone is accepted,” Martin said.

Best choices if you can pay by card

Martin highlighted two credit card offers to consider if you need to borrow for an expensive one-time purchase, but urged anyone who thinks about it to use an eligibility calculator first.

  • Tesco Bank – offer up to 23 months at 0% plus Clubcard points
  • M&S Bank – 22 month offer at 0%

Little known way to access 0% cash

If you need a cash loan, which is not covered by Section 75 protection, Martin shared a smart and secret way to quickly access money using a credit card.

He said, “If you need a cash loan, there is a little-known technique on some cards called ‘money transfer’.

“That’s when you get a new card and it earns money. It transfers the money to your bank account for you, so the money is there and you now owe the card zero percent instead.

If this is the option that best suits your borrowing needs, Martin suggested the MBNA credit card which currently offers up to 18 months at 0%, but to use it you need to choose the option. of “money transfer” in your account.

However, this incurs a transfer fee of 2.99% on the amount you choose to transfer to your bank account. For example, if you transfer more than £ 1,000, you will need to pay a transfer fee of £ 30.

But Martin warned, “Please be careful. Don’t assume that most cards offer this, it’s a very limited number of cards that do, so do your reading on this one.

“And always with credit cards, it’s only for a one-time purchase, not for spending as you wish.”



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If you’re struggling to keep your spending under control, the financial reporter also shared a unique way to help you get it under control.

He said, “If you have a hard time disciplining yourself, when you get the card and have used it for what you intend to do, get yourself a bowl of water, put it in. the water bowl and put the water bowl in your freezer, because then you need to break it before you can use it again.

His final piece of advice was to treat your credit card like a loan and pay off a set amount by direct debit every month before the zero percent offer ends, otherwise the interest rate will rise.

Full details of other credit card borrowing options are available on the MoneySavingExpert.com website here.

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