Credit cards - chop and change

David Black, Principal Consultant of Banking for Defaqto.com says: "Credit card rates generally have increased to the detriment of the consumer but it remains the case that the industry offers its best deals to new customers. For the creditworthy, there is still a clear incentive to change your credit card every year or so."

"Balance transfer fees have increased relentlessly and the vast majority now have no maximum cap on the fee, whereas previously £50 or £100 was the norm."

"0% introductory offers remain as the mainstay of attracting new customers but the major providers are taking a much more stringent approach in deciding to whom they will offer a card and indeed the credit balance that they will offer. It's a case of them chasing quality not quantity."