“Shopping around” is a phrase we see and hear all the time, whether it’s to do with our groceries or insurance policies. By comparing and contrasting the various deals out there, many of us make massive savings on our everyday expenditure and household essentials. But what about the costs associated with our credit cards that may be used routinely?

For many of us, we simply take the credit card recommended when we turn 18, or open a new bank account. Others may be a little bit savvier and first opt for a card with an appealing introductory zero interest offer, air miles or other exciting perks. However, our research shows that this initial burst of enthusiasm for deal hunting doesn’t last.

Our research shows that some 11.6 million UK credit card holders have had the same primary credit card for more than five years, and this is one area where loyalty certainly doesn’t pay. In fact, staying loyal to your credit card provider can cost you dearly when the attractive rates on balance transfers or spending comes to an end.

A staggering 25 million of us are carrying plastic in our wallet which isn’t the most appropriate or suitable deal on the market for us. That equates to an astonishing 83% of all credit card holders – meaning it’s a large scale nation-wide problem.

To put that into monetary terms, the average interest rate of the credit cards held by UK consumers is 17.94% APR. With the total balance of outstanding interest-bearing debt coming in at £35.3bn, this means credit card holders are paying more than £6.3bn annually in interest alone – or £234.53 for every household in the UK. By contrast, if everyone switched to the best credit card rate they are eligible for, they’d save an average of £982 over the course of the deal.

Why, then, have 34.8 million of us never compared credit cards to see if we’re eligible for a better rate – as revealed in our research? The figures make it clear that using the best possible credit card deal available to you makes great financial sense. However, it can seem a daunting task and many worry they won’t be accepted for credit, which could harm their credit rating. Plus, with so many offers out there, it can be difficult to know where to start and it’s not always obvious how much money you could save by switching.

When you combine these two factors, it’s perhaps not surprising that so many of us are turned off by the thought of switching our credit card. But five years ago, comparing the cost of your grocery shopping and insurance premiums probably seemed equally arduous – now, it forms a familiar part of our routines. We’re campaigning to make credit card comparison the standard move as soon as those attractive introductory offers expire.

Not only that, but a careful comparison of credit cards can actually help protect your credit score. Understanding the criteria for the various products out there arms consumers with the information to only apply for the deals they are eligible for – unlike the five million credit applications which are declined every year, and have a negative impact on credit scores.

Get into good credit habits, such as making a note of the dates when introductory perks end and always compare available deals. Comparison sites can help you to quickly and easily make sense of the multitude of offers out there, and potentially slash the costs associated with your credit cards.

Alastair Douglas is CEO of TotallyMoney.com