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Credit card companies have hiked the interest rates they charge customers whose zero per cent balance transfer deals have expired".

The independent financial comparison website says the average standard APR on balance transfers has increased from 15.35 per cent January this year to 16.1 per cent now - a rise of 0.75 percentage points.

According to MoneyExpert there are currently 180 zero per cent introductory balance transfer credit card deals on the market with an average introductory offer period of almost 10 months.

However MoneyExpert is warning credit card customers to check the terms of their current deal as providers look to increase their charges on balances that remain after the end of the zero per cent offer.

While the average 'go-to' rate is currently 16.1 per cent, some 23 credit cards charge 18.9 per cent or higher. Northern Bank's Platinum Credit Card charges a punitive 39.6 per cent on balance transfers once its zero per cent deal ends

Sean Gardner

"Credit card companies continue to offer good, lengthy zero per cent deals on balance transfers, and customers should continue to take advantage of them.

"However part of the consideration process should be the go-to rate, particularly as more and more people will not be in a position to clear their balance in full once their deal expires. As money is tight, paying off the credit card is more difficult and that means you'll have to rely on the standard APR of your credit card provider, or of course switch again.

Recent research by MoneyExpert revealed that around 1.8 million credit card customers have had their credit limit reduced in the past year by their card provider, with the average reduction around £1,600.

And the latest findings are yet more evidence of the clampdown by credit card companies on customers.

MoneyExpert says that regularly reviewing providers for a range of services is good practice but warns consumers that it might not always make financial sense to switch

Source : http://firstrung.co.uk