Interest-free deals on credit cards have been shrinking in the past six months, meaning shoppers have fewer options to spread the cost of Christmas. Data from Moneyfacts reveals the average 0% introductory purchase deal term has fallen from 381 in May to 349 now.

The number of 0% introductory purchase cards has fallen from 99 in November 2016 to 93 today.

There are also fewer cashback cards available, falling from 23 in November 2016 to 13 today.

Moneyfacts research also showed that cashback on current accounts is dwindling with NatWest previously paying up to 3% on utility bills (now 2%), Halifax current account switch incentive has fallen from £125 plus a further £5 a month reward to £75 and £3 respectively.

That said, there are still some ways for shoppers to make the most of spending, according to Rachel Springall, finance expert at Moneyfacts.

“Consumers can still get £185 in gift cards from M&S Bank if they switch to its current account and stay for 12 months. There’s also still American Express, which offers an Everyday Cashback Card paying 5% cashback for the first three months, plus a ‘shop small’ incentive for two weeks in December whereby shoppers can earn £5 when they spend £10 or more. Alternatively, customers could buy gifts through websites such as TopCashback to earn a little extra each time they shop.

“While the rewards continue to slim down and consumers’ bank balances shrink, it’s important for shoppers to start counting down the cost of Christmas, attempt to rein in their spending and seek advice if they are struggling to cope.”

The best cashback deals

The table below reveals Moneyfacts’ selection of the best cashback deals: