Customers must 'shop around for cards'

It is essential that Brits shop around for their credit card and don’t simply sign up for the first offer to come their way, it has been suggested.

Moneyextra has advised that it is foolish not to compare a few deals before settling on one card.

Robin Amlot, senior editor at Money Extra, commented: "I would always advise people to shop around and look for the best deals for themselves because if you are not getting the best [deal] that you can for yourself, then you might as well just stand on a street corner tearing up fivers."

Figures from credit action put the number of credit cards in circulation at 181 million in 2006.

The group also found that total consumer credit lending to individuals in October 2007 was up by 5.8 per cent in the last year to £222 billion.