According to statistics from price comparison website moneysupermarket.com, a tenth of Britain’s cardholders are facing a bill of £120 million in interest charges.
Rob Kenley, head of credit cards at the website, said: “Our research should provide consumers with the impetus to consider switching their card, but they must do their research beforehand to avoid making the wrong choice – which could prove expensive.”
Mismatched credit cards are already affecting both consumers and banks, which have reported a leap in cases of bad debt.
Nearly half of people do not shop around when taking out a credit card, many just taking their bank’s offer or a deal sent in the post.
Mr Kenley urged people to look beyond headline rates and think about how they are spending to ensure that they get the best card for them to help them avoid unnecessary debt.