At least 19 headline purchasing rates increases have been introduced by major credit cards companies in the UK over the last three months.

According to a study from MoneyFacts.co.uk, borrowers relying on the plastic for credit will see the cost of borrowing shoot higher due to these rises.

Nectar Amex and Capital One Platinum MasterCard were fingered as the worst perpetrators as their credit cards rates rose sharply.

Nectar Amex, for example, rose from 15.9 to 18.9 per cent between March and July this year.

The survey found that a consumer with a credit limit of £3,000 who repays just the minimum will end up paying an additional £1,073 as opposed to what they were paying before the changes were introduced.

But an analyst at MoneyFacts.co.uk, Michelle Slade said some of the changes could be justified by lenders’ growing risk and cost control brought about by the credit crunch.

“Others, such as reducing the minimum repayment, could just be seen as squeezing more profit from those who are already feeling the pinch,” she said.