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Britons have been advised that they should shop around for the best credit card deals available as banks seek to slowly phase out the most consumer-friendly offers.

Although a number of banks previously offered deals such as zero per cent balance transfer rates, the cost of running these has led to more banks slowly phasing in offers with fees.

Andrew Haggar of Moneyfacts warned that cheap and easy credit with no strings attached is on the way out.

"It is a gradual process - if they can gradually reduce the rate over time they may keep more of their customers," he explained.

However he added that there is still time for consumers to find beneficial deals if they are prepared to shop around, arguing that "the banks dont want to just stop the offers, because of the fear this could cause a mass exodus".

According to the Association of Payment and Clearing Services, at present 90 per cent of adults in the UK have one or more plastic card of some sort, with over 141 million multi-function cards in circulation.

© Adfero Ltd

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