The rising cost of credit card balance transfers

More and more credit cards are charging people looking to transfer a credit card balance.

And not only are the number of cards charging increasing, but the amount charged is on the increase too.

Currently only 17 of the 133 credit cards that offer balance transfers are limiting the amount they charge - meaning customers could be charged as much as £300 to transfer a balance, research from comparison website MoneyExpert.com shows.

"Playing your cards right is becoming more and more difficult as credit card providers raise the stakes on balance transfers," said MoneyExpert chief executive Sean Gardner.

"The days of easy credit and companies falling over themselves to allow customers to switch between cards are over. Rate tarts are being forced to raise their game as providers take a tougher line."

Maximum fees for balance transfers are now as high as three per cent, currently being charged by nine credit cards, with the average balance transfer fee at 2.1 per cent.