Many credit card providers can offer best buy deals, but to be reliable a supplier must show that its product is consistently the best, it has been stated.
Director of ARK Financial Planning Phil Perry commented that while a recent report has identified a card by John Lewis as the best buy, he believed that others offer consistently better deals in the long run, such as Virgin and Capital One.
He added that while it might be tempting to switch to a card offering a good rate, this would only be for a year, with his instinct being to change again to something better as soon as the opportunity arises.
Summarising the situation, he stated: "In order to pass comment on what the best credit card would be I would think, 'is it the best one at the moment, or has it consistently proven to be the best one?' "
Such comments may be of interest to those looking for the best credit card deal and considering whether to look for the best temporary deals or the soundest longer term offerings.
Mr Perry went on to note that the likes of John Lewis are now offering credit cards as something that has evolved from store cards, with a major motivation for this being that some companies will wish to develop new sources of revenue.
The report identifying John Lewis as the best card provider came from Which?, with the card gaining a score from the consumer lobbying agency of 88 per cent, compared with the average for all providers of 66 per cent.
Overall, credit card lending has been stable of late, with Bank of England figures released this month showing that in April this year, the amount of borrowing rose by £0.2 billion, in line with the six-month average figure.
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