Consumers should consider their options by shopping around when it comes to tackling credit card debt, the Financial Regulator has recommended.
A survey by the regulator showed switching credit cards can save consumers money on both interest and fees.
Mary O'Dea, consumer director, said: "If you owe money on your credit card after your summer holidays, the survey shows the introductory offers available if you move your outstanding balance to a different credit card.
"Many cards do not charge interest or have low interest rates for a specified period if you transfer your balance. However, once that time passes, the interest rate on your new card will revert to the standard rate, so it is important to try and clear your balance before the end of the specified period to get the most benefit from switching."
The survey highlighted when switching an account balance to a new credit card the consumer does not have to pay stamp duty on both cards.
"You will pay stamp duty on your old card when you close it and be given a letter of closure to give to your new card provider to make sure you are not charged stamp duty on the new card when it is collected in April," Ms O'Dea said.
The survey examines the interest rates, fees and introductory offers available on 19 credit cards available in the market.
The interest rate for AIB's Platinum Visa card was 10.5 per cent APR on purchases, the bank's 'be' card was 13.9 per cent, compared with American Express Blue's rate of 18.9 per cent, Bank of Ireland's rate of 14.5 per cent for the Gold Advantage MasterCard and MBNA's Standard card rate of 16.9 per cent.
Interest charged on cash withdrawals was shown to be more expensive at 18.65 per cent on AIB's 'be' credit card and 18.1 per cent on Bank of Ireland's Standard Advantage.
The survey states all cards have an interest free period but this only applies when a bill is cleared in full. If the consumer only pays off part of the bill they do not get any interest free period and will pay interest on the money owed for the length of time it is outstanding.
The survey stated: "Credit cards can be a costly form of borrowing so look out for other ways to borrow, such as personal loans that might better suit your needs."
The financial regulator has also drawn up tips for consumers using credit cards abroad. Consumers were warned if they lodge money to a credit card before going on holiday they may not be entitled to a refund if the card is stolen and used. Card-holders may also still have to pay cash withdrawal fees for using the credit card to take out cash at an ATM.