Borrowers could save more than £1,000 by taking advantage of introductory credit card offers, a leading financial website has claimed.

Everyinvestor.co.uk has found that £1,054 can be saved on a four-year £10,000 personal loan by switching between zero per cent balance offers.

“Lenders have raised personal loans rates sharply in the past six months, making most loans significantly more expensive,” said Everyinvestor’s Chris Gilchrist.

“But credit card companies continue to offer lengthy zero per cent balance transfers, and even though you may pay balance transfer fees, this still works out well below the interest you would pay with a personal loan.”

‘Rates tarts’  – who switch between credit cards to benefit from zero per cent introductory rates  – have long been a feature of the market.

 With the credit crunch meaning many lenders are increasing the cost of their loans, rates tarts may well enjoy even greater savings in the future.