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Ed Bowsher, head of consumer finance at lovemoney.com, said too often people have a longstanding relationship with their bank and so take products from them.

Often they allow themselves to be cross-sold by staff in the bank, he continued.

The head of consumer affairs suggested consumers should look at the whole market and consider new entrants into the market.

Mr Bowsher also noted new banking institutions are moving into the market, such as Tesco.

"This is a particularly good time for them [Tesco] because not only have the large banks' reputations been damaged, their balance sheets have been weakened which will make it harder for them to provide competitive products," he said.

Tesco is currently offering a Clubcard credit card, which allows holders to collect points on their spending.

An interest rate of 0% on all purchases for 12 months from the date on which the account is opened is available with the account, with a typical rate of 16.9% APR variable.

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Credit Cards	0% Balance Transfers	0% Purchases	APR Representative (Variable)
	Tesco ClubCard Credit Card
	9 months	15 months	16.9%
** 16.9% APR representative (variable). Based on a credit limit of 1200 and purchase rate 16.9% p.a(variable). **
	Virgin Credit Card
	20 months	3 months	16.8%
** 16.8% APR representative (variable). Based on a credit limit of 1200 and purchase rate 16.8% p.a(variable). **
	Barclaycard Platinum with BT
	22 months	3 months	17.5%
** 17.5% APR representative (variable). Based on a credit limit of 1200 and purchase rate 17.5% p.a(variable). **
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