Martin Lewis warns anyone with a credit card should check their balance immediately

Money Saving Expert Martin Lewis has warned anyone with a credit card to check it immediately. He has issued his warning ahead of a change to interest rates that will kick in tomorrow.

Martin wants anyone with a credit card to check their balance. He's warned that if you're in debt on it, you should try your hardest to minimize it before the interest rate changes come into place.

The MoneySavingExpert explained how credit card deals could worsen if the Bank of England hikes interest rates for the seventh time in-a-row. The base rate went up by 0.5 percentage points to 1.75% last month.

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Money markets suggest the Bank could raise rates to 2.5% tomorrow (September 22) in what would be the biggest rise in 33 years. Writing in the latest MoneySavingExpert newsletter, Martin explained how even though credit cards are not explicitly linked to the base rate, deals have been worsening over time.

This is because if the cost of borrowing gets more expensive, banks will offer less competitive deals. With this in mind, Martin has urged anyone who already has credit card debt to check if they can save thousands of pounds now by applying for a balance transfer card.

These types of cards typically offer a promotional period of 0% interest. The idea is that you move your credit card debt onto a balance transfer card so you pause all interest payments for a set period of time.

We're already starting to hear a soft under-chant that deals may get worse quite quickly,” said Martin. “So if you need to sort yours out, sooner is safer... Can't afford to clear your credit card? You can't afford not to check for a... 0% balance transfer.

“A 0% balance transfer is