“However, it is vital consumers make every effort to set a key point to clear their debts by or they may have to switch again, and potentially pay a fee to do so.”

John Crossley, the head of money at comparethemarket.com, also noted moneyfacts’ findings and provided guidance for consumers who may be disheartened: “Increasingly, we are seeing that the zero percent APR balance transfer cards available have tighter conditions in place – such as lower credit limits, shorter interest-free terms, and higher rates after the initial interest-free period.

“To ensure that you secure the best value deal, it’s worth comparing offers closely and shopping around online.

“A soft eligibility check enables you to see the most appropriate deals for your financial circumstances without damaging your credit rating.”