Credit card deals are becoming more expensive and harder to obtain, but the good news for consumers is that competition in the balance transfer and introductory rate market is on the rise, new research by independent financial information website Moneyfacts.co.uk has revealed.

Michelle Slade, an analyst at Moneyfacts, said: “With increasing costs on all household bills, many people are relying on their credit card to get by each month.”

”But these people are going to find themselves out of pocket as purchase and cash rates, along with charges, continue to increase,” Ms Slade warns. “Since the beginning of the year there have been numerous increases to rates and charges, with some cash rates being increased by over 7 per cent and purchase rates by as much as 3 per cent.”

The research shows that, since earlier this year, there have been 22 purchase rate increases, 15 cash rate increases and over 30 increases to fees such as balance transfer fees, cash withdrawals fees and foreign usage loading.