The financial research company advised consumers to be aware of the fees that are charged for transfers which are usually between two and three percent, with no cap on the maximum fee that might be paid. It also warned consumers not to use their new credit card for purchases, as lenders will pay off the cheapest debts first before paying off items with higher interest rates.

In addition to this, the company reminded credit card users that going over the balance limit or making a late payment will result in fine of £12, as well as there being extra charges for using the card abroad or using it to withdraw cash.

Defaqto’s principal consultant for banking, David Black, remarked: "Credit is getting harder to obtain nowadays but this should not deter existing customers from checking that their credit card still offers the best deal”.