Remaining loyal to one credit card provider for a number of years would usually be a mistake, as companies don't tend to offer new or better deals to existing customers.

The one instance in which sticking around could be worthwhile is if that provider offers you a form of loyalty scheme or cash back for spending.

However, choosing a card based on the amount of cashback or loyalty points it offers should only happen if you plan to pay the card off in full each and every month. Otherwise the interest charges are likely to be substantially more than any rewards earned. If you are likely to carry a balance over from month to month, select a card based on the least amount of interest charged, rather than cashback or awarded points.

Use the compare tool to see which card companies currently offer the best cashback or reward schemes.

With a credit card cash back deal your account will be credited with a small percentage (usually 1-2%) of everything you spend. In effect, you get a small discount on everything you buy.

For people who are likely to spend more than £8,000 a year on their credit card, the American Express Platinum currently tops the league table for cashback. It pays 0.5% on the first £3,000 a year, 1% between £3,000 and £7,500 and 2% above that.

People spending less than £2,000 a year on their plastic should consider the Morgan Stanley card which gives you 1% cashback for spending up to £2,000 a year and 0.5% on anything above that.

Reward Schemes

Below is a summary of some of the loyalty point schemes on offer.

The American Express Netcar card offers customers the ability to earn up to four points per £1 spent at any Nectar retailer such as Sainsbury's Debenhams and Argos, and one point for every £1 spent elsewhere.

If you buy online from the Amazon website using the Amazon credit card, you will earn one point for every £1 spent at the site. 0.5 points are rewarded for spending elsewhere. When you've generated 1,500 points you'll be sent a £15 voucher which can be redeemed for products to that value. New card holders will receive 1,500 points free, when they make their first purchase with the card.

NatWest Classic credit card holders are rewarded with Airmiles for spending and earn one mile for every £20 spent.