Credit is reportedly becoming more expensive, which could be bad news for anybody relying on their credit cards to pay for day-to-living costs.

Research conducted by Moneyfacts.co.uk highlights that since the beginning of the year there have been numerous increases to the rates and charges that people pay for using their credit cards.

It notes that in the past five months alone there have been 22 purchase rate increases, 15 cash rate increases and more than 30 increases to fees such as balance transfer fees and cash withdrawal fees.

The financial website asserts that credit card providers are tightening their criteria, making it difficult for anyone with a less than perfect credit rating to get a competitive deal.

“However, for those with an exemplary credit record there are still good deals to be had,” it adds.

The company advises that when looking to apply for new plastic consumers should think about how they use the card and opt for one which is suitable for their needs.

Recent research from the Fair Investment Company highlighted that people are increasingly opting for credit cards which offer financial incentives rather than ones which look attractive or make donations to charity.