Consumers’ desire to shop around at the end of an interest-free deal is unsurprising as Sainsbury’s research found that once a 0 per cent balance transfer period ends, the average annual percentage rate charge rises to a whopping 18.2 per cent. Likewise, the APR on new purchases rises on average to 18 per cent. Both these interest rates are well above the best-buy rates available for standard credit cards.

According to financial information service Moneyfacts, Sainsbury’s card at 6.9 per cent and Barclaycard at 7.9 per cent are the two cheapest credit cards at the moment.

Stuart McKeggie, the head of Sainsbury’s credit card, said: “In total 7.9 million people told us they plan to take out a new credit card over the next 12 months, and 32 per cent of these said it is because of their interest free periods ending on their existing cards.

“This is still clearly the main reason for taking out a new card, and for those who want to spread their costs, it can be a sensible financial planning option.”

According to Sainsbury’s bank, the region with the highest proportion of those switching to a new provider at the end of an interest-free period, is the North-East (49 per cent). In the East Midlands it is 35 per cent and in the South-East 40 per cent.