Summer is the time of year when everything seems to rise; temperatures, parent's tempers - and interest rates. Specifically, the interest rates on credit cards. Card issuers have cottoned on to the fact that most Britons take their credit cards on holiday with them to avoid carrying cash around in a foreign country, but although you get added protection on purchases over £100 made with a card, it's not necessarily the ideal travel accessory.

In recent weeks, almost all of the major UK banks have increased their interest rates on credit card purchases in preparation for this busy holiday period. Natwest has pushed their rates up from 13.9% to 15.9%, Capital One is up to 12.9% from 9.9%, and Sky have upped their Mastercard purchase rates a whopping 6.58% to 24.9%. The interest on cash withdrawals is on the rise too, with the average inflation between 6% and 9%.

Withdrawing cash using your credit card has never been a great idea, not just because of the high interest rates but also because of the 3% minimum withdrawal fee which applies on almost all credit cards. Yet many Britons don't realize they're being charged twice and think nothing of popping their credit card into an ATM to get some quick cash. If this is done abroad, you may even be charged a third time - using your card abroad typically comes with its own set of hefty fees.

If you can't bear the thought of going away and leaving your credit card behind, it may be worth transferring your balance to a 0% credit card. These cards, as the name suggests, offer an interest free period on purchases made within a fixed amount of time. You would still be charged for cash withdrawals, but simply buying goods with your card will cost you nothing extra for a set duration. Look online for the most competitive balance transfer deals.