Intense competition between card providers means that some customers could save £647 a year by switching, £106 more than the annual savings possible during the same period in 2005. This is based on an outstanding credit card balance of £3,500.

Many credit card users will also have been stung by balance transfer charges now imposed by most banks, many of which lost out to so-called ‘rate tarts’ making the most of zero per cent deals.

Moneyextra.com’s Robin Amlot, commented: “Consumers are used to shopping around for bargains when it comes to groceries, electrical goods and gadgets – it’s time more of us got used to the idea that we can shop around for our financial services as well.”

The quarterly review found that by switching from the near-worst financial products to the near-best, a typical consumer could make savings of £4,117.39, which is £143.10 more than during the first quarter of 2005.

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© Adfero Ltd