Question Time: Cancel old credit cards? Martin: What 3 laws would you introduce? Pay v pensions?

The Martin Lewis Podcast

BBC

Business

4.4 • 930 Ratings

🗓️ 1 June 2025

⏱️ 33 minutes

🔗️ Recording | iTunes | RSS

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Summary

In this episode of The Martin Lewis Question Time Podcast, Martin takes on your consumer rights questions including to cancel or not to cancel old credit cards, higher paycheck or higher pension contributions, and if Martin were King for a day, what three laws would he introduce?

There's a question about the rules when it comes to paying tax on benefit payments, Martin explains the rules and regulations.

With so many competing credit card providers, Martin takes a question on how's best to balance closing old cards with maintaining your credit score, and how to hope between different cards unscathed.

There's a question asked about a showdown between an impressively high pension contribution versus a potentially massive increase in pay. Martin explains the pros and cons of each.

There’s also a feel‑good moment, with a success story from a listener who successfully used Gift Aid on their charitable donations, and Martin delivers a little refresher on Gift Aid for those who want to use it to the fullest.

Plus, Martin considers an alternate universe where he is in charge of Britain, and thinks of three laws he would enact for the good of the consumer.

If you want to ask Martin a question, you now can! His Question Time podcast lets you ask Martin absolutely anything and everything (within reason!) – so if you’ve always wanted to know his favourite ice cream flavour, if he’s ever pondered the meaning of life, or have a very complicated question about your personal finances, email it to MartinLewisPodcast@bbc.co.uk.

Transcript

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0:00.0	I wouldn't worry about the tax at the moment. I'd worry about the interest you're not earning enough.
0:04.7	Listen, this isn't good enough. There's a badge going. There's freebies. This is a podcast about saving money.
0:10.3	I literally could, apart from it's a podcast, I couldn't tell you anything you've said at this point.
0:14.5	The whole point of having a credit score is to enable you to get the right form of credit.
0:20.3	Hello and welcome to the cunningly named the Martin Lewis podcast. I do wonder what that's
0:24.7	going to be about. And this is our question time episode where you are extra savvy questioners,
0:30.2	ESQs, get to ask me your questions on absolutely anything and everything, open brackets,
0:35.6	within reason, close brackets. And this week,
0:38.2	you ask me, we're on benefits, so do we have to pay tax on savings interest? Should I close
0:45.6	my old credit card to boost my credit score? Should we go for higher pay, lower pension,
0:51.0	or lower pay, higher pension? Then we have a success on how giving to charity pays
0:56.3	and to finish. You asked me, what three consumer laws would I pass if I got the chance?
1:03.4	I answered off the top of my head, let me know what you think and let me know what you'd do too.
1:08.2	Play the theme tune. Hello and welcome to this week's episode of our question time podcast.
1:31.9	Yes, it's the one where you can ask me questions on anything and everything, open brackets, within reason, close brackets.
1:38.3	Now, for those of you waiting for Professor Sir Dr. Matthew Burnhamquire or even for PPS podcast producer Simon.
1:48.5	Oh no, that's not happening. Today I have an existential question for you. When is a mat? Not a
1:57.3	mat. I'm not sure I have an answer, but today we do have Matt with us, just not our usual
2:01.8	Matt. Today's Matt is Matt Lansley, and I probably need to reveal on that a secret about the BBC.
2:08.3	It has a mat cupboard, where it keeps talented producers called Matt locked away until required.
2:15.1	It's a little cramped space, not many perks, but some say there are so many
2:19.2	mats because the BBC wants to walk all over them. Yet we won't have that type of talk on this
	...

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