Credit card companies have turned down applications from more than 3.24 million people in the past six months, according to MoneyExpert.

The comparison site’s research estimates that as many as 18,000 applications are being rejected by card companies every day, providing more evidence that the UK’s credit binge is turning into a starvation diet.

With such a high number of applications currently being rejected, MoneyExpert is warning all potential applicants to consider the strength of their credit rating before calling a card company.

MoneyExpert says increasing levels of bad debt hitting banks as well as the current credit crunch has prompted many firms to tighten rules on new applications. The figures show around 7% of adults have been card rejects during the past six months. MoneyExpert says more people have been rejected for credit cards than for any other financial product.

Sean Gardner, spokesperson for MoneyExpert, said: “For years borrowers have had the upper hand in the credit card game but the rules have now changed. People with debts who thought they could keep shuffling their cards to stay ahead are now running into trouble.

“Card applicants need to be confident that they are going to be accepted in the current lending environment as a rejection could lead to black marks on credit reports. A credit rejection could have knock on effects for borrowers when it comes to taking out all kinds of financial products including a mortgage.”