MoneySavingExpert.com Things they don’t want you to know
Feature by Martin Lewis, MoneySavingExpert
A company’s job is to make money, nowt wrong with that, but our job is to keep it. Some firms use a host of tricks to keep us in the dark, yet if you can uncover their secrets you can win.
Their techniques are wide and varied. One example is ‘price differentiation’, where they aim to charge each customer as much as they’ll pay - often done using ‘white labels’, where the same thing is sold under different names. So here are 7 tricks to turn the tables…
1. British Gas customer? It also operates under the name Sainsbury’s Energy but there it’s £200/year cheaper. British Gas runs Sainsbury’s Energy for the supermarket, yet there you pay it far less. Based on a year’s typical dual fuel usage... • On British Gas’ standard tariff you pay an average £1,154.
• On British Gas’ Price Promise March 2016, its cheapest deal, you pay average £1,100.
• On Sainsbury Fixed Price March 2016, you pay average £950.
Sainsbury’s Energy does have separate call centres, but it’s still operated by British Gas and while like many energy firms it gets its fair share of complaints, in my most recent poll 43% rated its service ‘great’, British Gas 37%.
So if for some reason you’re brand loyal and want to stick with British Gas, huge savings are still possible.
However, as always price varies by region and usage, so do a comparison to see how it stacks up for you via my
www.CheapEnergyClub. com (where you also get switching cashback) or any
www.ofgem.gov.uk approved comparison site.
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2. Zara sells its clothes at a fraction of the price. If you’re one of millions planning a trip to Spain this summer, you may want to stop shopping at Zara here right now. Spain is Zara’s home country and it sells its clothes at vastly lower prices there. Better still, the
www.zara.com Spain website has an English language option, you can compare prices before you go (you can’t order UK delivery from it).
Clothes there are often cheaper in euros than in pounds, even before the currency conversion. In fact on a basket of goods it was on average 38% cheaper. Some of you may think ‘ah yes I’ve seen the euro price on some labels in the UK’, but that’s usually the French price, which is generally more expensive. This trick works for others in the same group, Massimo Dutti, Pull & Bear and Uterque.
3. If a loan’s advertised at 3.9% rep APR, they’re allowed to charge 20%. Every
loan these days is listed as a
‘representative’ or ‘rep’ APR - that means by law only 51% of accepted applicants need to get the advertised rate. The rest can be and usually are charged more, and there’s no cap on how much more. Worse, the only way to know is to apply, and that leaves a footprint on your credit file. So be very careful.
One way to mitigate this somewhat is to use the calculator at
www.mse.me/eligibility which tells you your odds of being accepted without marking your credit file. The higher your acceptance odds the more likely you are to get the advertised rate, although it’s not guaranteed.
4. Amazon shopper? You’re entitled to music going back 16 years. If you’ve bought CDs or vinyl, you’re entitled
To advertise in thewire t. 07720 429 613 e.
the.wire@btinternet.com
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