An equally important source of income for credit card issuers is Credit Card Repayment Protection (CCRP), which they will try and flog to you every time you take out a new card. This is an entirely optional insurance policy that meets your monthly repayments if you are unable to work because of accident, sickness or unemployment.

Credit cards and store cards are issued by banks and other financial institutions who are members of international payment organisations such as MasterCard and Visa. They allow you to purchase goods and services on credit, up to a pre-arranged spending limit. The balance can be paid in full each month or you can decide to make smaller payments.

Used wisely, a credit card can be the answer to cash flow crises. If you pay back the amount you borrow before the monthly typical Annual Percentage Rate (APR) kicks in, you can neatly dodge interest charges. The amount of time it takes for the interest charge or typical APR to kick in varies from card to card. Typically it ranges from 28 days to 56 days.

Some providers offer a 0% rate for up to 12 months. But be careful, you may get stung with a high typical rate after the introductory period. Plus, the 0% offer may apply only to balance transfers. So, if you flash your new ‘interest free’ card, you could be in for a nasty surprise when the bill arrives.

If you've accumulated debt across several cards, you may be finding it hard to keep track of all the repayments you need to make. Plus, if you’re only making minimum monthly repayments, you're fighting a losing battle. The interest you accumulate could eventually treble the amount you originally borrowed, making it even harder to clear your debt.

Our credit card calculator uses the latest rates directly from the providers, and gives you accurate and impartial results based on your needs. Start your credit card comparison now using our free service to get the best credit card deal for you.

You may be charged a fee for balance transfers, either a percentage of the borrowed amount or a capped figure. A capped amount could be right for you if you're borrowing more - but you'll also need to bear in mind how long the interest free period runs and whether you will be able to afford to pay it off in that time

credit card balance transfer simply means moving your debt from one card to another. It's often a good way to save money, as many credit card companies offer an interest free period on balance transfers to new customers.You can even consolidate your debts by transferring the balance from more than one card. Or, you might find a lower interest rate than the one you are currently paying.

These are the traditional banks and building societies with branches on your local high street. Most of them also offer internet and phone services too. Examples include Abbey, Alliance & Leicester, Barclays, Co-Operative Bank, Halifax, HSBC, Lloyds TSB, Nationwide and NatWest.

Every credit card company has its own array of cards.