The financial regulator has again urged consumers to shop around for a credit card, telling them this will save them money on interest and fees. The regulator yesterday issued a new survey of credit card costs and says consumers should use its findings to get the best deal from different providers.

The survey shows that in terms of the APR (annual percentage rate) charge on purchases, National Irish Bank's Mastercard Gold was the cheapest at 9.4 per cent followed by Bank of Scotland's Visa card at 9.5 per cent. Permanent TSB was also among the lowest-cost providers with APR rates of 9.9 per cent on its ICE Visa card.

The most expensive cards, in terms of APR charged on purchases, were American Express and Ulster Bank's standard Visa and Mastercard. American Express charges an APR of 18.9 per cent while Ulster Bank charges 18.3 per cent.

All of the providers offer a maximum interest free period on purchases of 56-58 days.

They all also charge 1.5 per cent cash advance fee that ranges from a minimum of €1.90 to €31.74.

The survey shows the interest rates, fees and introductory offers available on 19 credit cards available in the Republic.

It explains how interest is charged on credit cards and provides tips on how to use credit cards while abroad.

Consumer director Mary O'Dea says the survey shows the introductory offers available to consumers if they move their 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" she said.

Ms O'Dea says that where consumers switch their balance to a new credit card, they do 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 your new card provider to make sure you are not charged stamp duty on the new card when it is collected in April," according to Ms O'Dea.

The survey is available at www.itsyourmoney.ie or by calling into the Consumer Information Centre at College Green, Dublin 2.