The interest rates quoted by credit card companies often mislead people, consumer group Which? has found.

Which? said that the 14 different methods used by lenders to calculate interest charges make it difficult for consumers to tell which credit card is cheapest and offers the best credit card deals.

consumer group has called for a single method of calculation to be adopted.

“This is an old complaint and the credit card companies in the uk have done little to put things right,” said retail analyst Debbie Harrison.

“Lower interest rate credit cards can cost more than those with higher rates and that’s something I struggle with, let alone people who have no financial knowledge at all.”