Top 0% debt shift card ending, £10-£105 Ikea vouchers in £3 advent calendar, ‘free’ £10 at Boots, and the truth about the new energy price cap. These are our Money Saving Expert Martin Lewis’ Quick Deals.
Remember, deals can change quickly, even while I’m on the programme. So always double-check the terms and conditions before spending. Plus, while I hope these deals will save you cash, don’t spend if you can’t afford it, don’t need it, or won’t use it.
Got existing credit card debt? The top 0% debt shift deal ends today
Anyone paying interest on existing credit or store cards needs to sit up and take note. A balance transfer is where you get a new card that pays off the debts on old cards for you – so you owe it instead but at a lower rate, usually at 0%. This means all your repayments clear the actual debt rather than covering the interest – so you’re debt free quicker.
Of course what counts most is will you be accepted and you can find that out using Martin’s free ‘Balance transfer eligibility calculator’ tool – it shows which top cards you are most likely to get, without impacting your credit worthiness. The real issue at the moment though is that deals are getting much worse, in fact a year ago you could get 10 months longer 0% than you can now. And another top deal is ending, without anything close looking to replace it.
Until 11.59pm tonight (Friday 9 November) if you apply to HSBC you’ll get up to 32 months 0%. It does charge a 1.4% fee (£5 minimum), but it’ll credit £25 into your account if you transfer £300+ in the first 60 days – so if you've under £1,750 to shift the cashback effectively cancels out the fee – making it better than the longest fee-free card available – or you may even actually be up.
Yet if you are balance transferring, always follow my balance transfer golden rules…
The same brands have many similar cards, check you’re applying for the right one.
Repay at least the monthly minimum or the bank can end the 0% deal.
Clear the card in full by the end of the deal or the rate rockets to 19.9% rep APR.
Never withdraw cash or spend on the card as it’s not at the 0% rate.
Free £10-£105 to spend at Ikea in its £3 advent calendar
Go to any UK Ikea store (not online and excluding the small order and collection points) and if you pick up its £2.95 advent calendar, you'll get two vouchers to spend in store worth at least £10, up to £105 – as well as the obligatory chocolate inside.
When buying your advent calendar, staff should give you one £5 voucher at the checkout (make sure they do). Your second voucher is hidden inside the calendar and will be worth between £5 and £100, though few will bag the highest value. Of the 75,000 calendars available… 50,000 contain a £5 voucher (so you get £10 in total), 20,000 contain a £15 voucher, 4,990 contain a £25 voucher, and only 10 contain a £100 voucher (£105 in total).
You can spend each voucher (together or separately) in any Ikea store, excluding order and collection points, between 1st December and 31stJanuary. There’s no minimum spend but it excludes online purchases, remote ordering, Swedish Food Market, Bistro, gift cards and services such as installation and kitchen planning.
‘Free’ £10 worth of Boots points until Sunday/Monday
If you’ve got Boots spending you need to do, this weekend is a good time. Spend £50 or more in store in a single transaction at Boots from today (Friday 9 November) until Sunday, or £60+ online until Monday,and you get 1,000 of extra points added to your Boots Advantage card worth £10 in store. You get the normal points too above this.
Of course, this isn’t an excuse to spend more than you would have, so only buy what you were going to buy anyway.
Some products won’t count towards the minimum spend, including infant milks, prescriptions, postage stamps, gift cards, and services such as travel insurance, pharmacy, opticians and hearing care. You can spend your points in store or online at Boots.
The new energy price cap is NOT £1,137
The energy price cap announced on Tuesday is misnamed. It is not a cap on the price you pay, it’s a cap on the rate that will be charged. This is important, it’s caused much confusion, even some news bulletins were reporting that the price cap will be set at £1,137/yr and that is the maximum anyone will pay – that is simply untrue.
The cap depends on your usage, the £1,137 figure is a nominal figure based on what the cap would be for someone with typical usage, if you have higher usage your cap will be higher, if you have lower usage your cap will be lower. For most people who are on standard tariffs, the energy cap is likely to reduce their bills by around 10% at most.
Altogether, the message is the same now as it has always been… Do not simply sit on your hands, do not simply rip yourself off by sitting with your energy provider’s standard tariff – you are being fined for apathy. Many people can still cut their bills by hundreds of pounds below the price cap, by moving to a cheaper tariff.