Far from being a nation of ‘rate tarts’ swapping from one credit card zero interest deal to another, Britain is ready for long-term commitment to one credit card company.

Morgan Stanley’s credit card index has revealed that most consumers stay with their card provider for more than six years before switching.

Just eight per cent of the UK’s 30 million cardholders are looking for a new deal in the next three months, according to Morgan Stanley.

Far from being rate tarts, most of those who switched cards in the last month had been with their previous credit card company for almost six and a quarter years.

“Our research suggests that cardholders are wising up to short-term deals, as most of those currently switching or planning to switch are not moving from one short-term offer to another,” said Patrick Muir, marketing director at Morgan Stanley Consumer Banking.

The news comes as increasing numbers of credit card companies add fees to their zero per cent balance transfer deals.

Financial comparison wesbite moneyexpert.com warned last month that credit card users could soon face transaction charges as card companies seek better ways to make money.

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