MARTIN Lewis revealed a credit card hack that can slash your fuel bills when you fill up your tank.
But drivers must remember one golden rule to reap the rewards of his advice.
The money-saving expert recommended paying for fuel with cashback credit cards, which pay you back each time you spend on them.
Martin’s trick can save drivers precious pennies when filling the car, so long as they always abide by the golden rule.
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Set up a direct debit to repay the card in full each month, so you never pay interest. Interest would outweigh any money you gained.
Credit card companies offer cashback or reward schemes for one reason – to get customers to spend on the card and pay them interest. The interest cost of all the cashback cards will dwarf the cashback a customer earns.
Lenders credit-check anyone who applies for a cashback card, so beware that multiple applications in a short period of time can impact your future ability to get credit.
Setting up a direct debit is an easy way to pay off the card in full, because it allows the card company to take whatever is owed each month.
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Martin recommended selecting the ‘pay off in full’ option from direct debit forms, but warned drivers that some providers deliberately miss this option off the application, as it makes them less money.
In this case, he said to write ‘pay off in full’ on the form and to call up the provider after a week or two to check they’ve received the request.
The money-saving expert’s top pick cashback credit card is the American Express reward card. It offers a 5% bonus cashback on everything you buy, up to a maximum £100. Cashback is capped at 1% after this introductory bonus, and you need to spend more than £3,000 a year to get any cashback.
Martin has been vocal about the difficulties facing the nation as the cost of living continues to soar. He predicted on the radio that “civil unrest isn’t far away” as many have “nothing left to cut back on”.
The finance guru’s motoring advice comes after he warned Brits not to spend money renewing their passport. He advised holidaymakers should be careful when going to renew their documents online, as a number of websites on Google offer a fast-track service but you needlessly.
Martin has also directed Brits recently towards a maternity grant for new parents. The one-off payment of £500 is designed to help those on the lowest incomes known as a Sure Start Maternity Grant. He recommended the fund for new or soon-to-be parents struggling with the rising cost of living.
The petrol pump advice comes after one in three garages were closed yesterday in the South of England, according to fuel campaigners. The eco-mob Just Stop Oil protesters blocked oil terminals, affecting as many as 1,200 pumps south of Midlands.
However, retailers have assured drivers there is no need to panic-buy fuel. Motorists have been advised to continue to fill their tanks as normal when they need to.
Martin’s trick can save drivers precious pennies when filling the car, so long as they always abide by the golden rule[/caption]
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