Martin Lewis issues credit card spending advice – ‘it’s not worth it’

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For those who are hoping to get a mortgage one day, having a credit card can be vital.

Building up a credit rating is an important way for lenders to know that you are a good candidate for a mortgage.

Speaking on his Money Show, Martin Lewis shared advice for those looking to build a credit rating.

The Money Saving Expert founder said: “The main purposes of getting a credit card if you don’t want to borrow is to get a mortgage at some point, where you’ll need a credit history.

“To have a credit history, you have to have credit. So how do you get credit? Well, you get a credit card, you spend on it £50.”

He went on to explain how important it is to pay off the debt as you go.

Martin said: “£100 a month, you pay it off at the end of the month, make sure that it’s absolutely clear and that starts to build you history as a credit citizen.”

He tipped Sarah to make sure that she pays off in full if she spends over £100, because “you’ll get extra section 75 protection and you might get rewards”.

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Martin added: “If you've never had one before it's tougher to get; the key is you go into an eligibility calculator, you may as well look for a rewards credit cards, they're the ones that pay you a little bit each month if you're paying off each in full on it and see what it'll give you.”

Martin also issued a warning to those who may not trust themselves with money, and may go into dept.

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He asked Sarah how her self-discipline was, and she seemed hesitant to reveal the truth.

Martin warned: “If you don’t trust yourself, if you’re not good with money, if you’re good but impulse-drive, don’t get a credit card.

“It’s not worth it is my answer.”

  • Martin Lewis
  • Money

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