You may want to look out for a deal with 0% or low typical rate on both purchases and balance transfers. This is because other cards will charge you higher than average rate for new purchases while you make payments to your interest free balance transfer, so this is something you’ll need to bear in mind.

You may be charged a fee for balance transfers, either a percentage of the borrowed amount or a capped figure. A capped amount could be right for you if you're borrowing more - but you'll also need to bear in mind how long the interest free period runs and whether you will be able to afford to pay it off in that time.

Introductory offers could mean you pay no interest whatsoever on your credit card purchases or balance transfers for a limited period (for example, six months).

Read the small print. For example, if there is not a 0% rate for purchases, you will have to pay interest on these at the standard rate. Any repayments you make will go towards your balance transfer, so you will pay interest on purchases until you have paid the balance transfer in full.

A credit card balance transfer simply means moving your debt from one card to another. It's often a good way to save money, as many credit card companies offer an interest free period on balance transfers to new customers.You can even consolidate your debts by transferring the balance from more than one card. Or, you might find a lower interest rate than the one you are currently paying.

It's straightforward. You apply for the new credit card and, if your application is accepted, you can transfer your existing balance by giving your new card issuer the details of your old card.

If you make late payments, you will be charged extra interest and probably a charge of around £15 to £25. And, if you exceed your personal credit limit, you will be hit with yet another charge, which, again, generally ranges between £15 and £25

Both the Office of Fair Trading (OFT) and the Competition Commission (CC) have the power to regulate each UK credit card company.

Every credit card company has its own array of cards.

These are the traditional banks and building societies with branches on your local high street. Most of them also offer internet and phone services too. Examples include Abbey, Alliance & Leicester, Barclays, Co-Operative Bank, Halifax, HSBC, Lloyds TSB, Nationwide and NatWest.