Andy Britchford, an analyst for Moneyfacts.co.uk, said that a “new breed” of balance transfer deals offering low lifetime rates rather than temporary deals may tempt more customers now.

Mr Britchford also noted that zero per cent deals were still around, most notably a 12 month zero per cent deal on balances and new purchases from GE Money, but that consumers were generally changing their focus.

“For those consumers either tired of chasing the zero per cent deals or having used all the possible deals in the market, the new breed of lifetime balance transfer deals may provide an alternative solution,” he said.

“[These deals offer] relatively low rates of interest on any monies transferred until the balance is fully repaid, [which] eliminates the need to regularly change providers, yet provides additional flexibility when compared to a personal loan with fixed monthly repayments.”

Recent statistics on lending in this country show there are more credit cards than people in the UK today, with each card holder having an average of four cards. An estimated 75 per cent of those with credit cards pay interest on their balances.

To read more about credit cards, click here.

© Adfero Ltd