Martin Lewis’ MSE warns anyone with an eBay account to flog their items NOW or face huge price hike
MARTIN Lewis has warned anyone with an eBay account to flog their items now or they could be faced with a mega price hike.
A post on the Money Saving Expert Twitter account announced the news to ensure no one will be caught out.
The post read: "More fee hikes - this time it's eBay. From Monday 8 April, selling charges go up, so sell what you can sooner to beat it.
"After the hike, if you flog an item for £20 with £5 postage, you'll pay £3.60 in fees instead of £3.50 now."
Martin Lewis explained eBay’s fees will rise from 12.8% of the sold price plus postage to 13.22%. (You’ll still pay 30p per transaction on top.)
According to eBay the increase is due to "rising regulatory operating costs".
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The Money Saving experts also explained how eBay's fees work, scroll down to read.
It comes as Martin Lewis warned first-time buyers that they have just weeks left to claim £1,000 free cash.
The money-saving expert spoke about the benefits of a Lifetime ISA (LISA) on the Martin Lewis Money Show.
A LISA is a powerful savings tool for first-time buyers who are looking to get on the property ladder.
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The savings account lets you save up to £4,000 per tax year and the state will add 25% a year.
This means that you can get a maximum of £1,000 free cash a year, but if you haven't already you will need to act fast.
If you are thinking about transferring your money into a LISA you will need to do so before the end of the tax year which is April 5.
How eBay's fees work according to the Money Saving Experts
- When your item sells you pay fees and eBay then charges a final value fee of 12.8% (13.22% from 8 April), including postage, plus 30p per order.
- You'll get paid directly into your bank account which usually takes four working days. This means in most cases you dispatch items and pay for postage before you have the cash in your account.
- eBay deducts fees automatically from your sales. The rest is paid out to your bank account. This usually means no "surprise" invoice at the end of the month, which some sellers prefer.
- You'll still be charged fees for cash-in-hand items. Ebay still charges fees even if you accept cash, by debiting the fee from the "preferred" account you've listed on its records.