MISSING one payment on a credit card offering a 0% balance transfer could cost the customer almost £300.

New research from price comparison website moneysupermarket.com today found that almost two-thirds of cards offering a 0% deal for an introductory period would automatically revert to a typical APR on default.

And one missed payment could cost the customer up to £278 in avoidable interest charges.

Rob Kenley, head of credit cards at the website said today: "Those on a 0% balance transfer introductory period may not be aware of the severe penalties a single missed payment can result in.

"These credit card holders could be stung with unexpected interest payments if their credit card is one of the 31 that automatically revert back to the typical APR after defaulting on one repayment."

Missing a payment could also damage the individual's credit profile, making it much harder to obtain finance for everything from mobile phone contracts to mortgages.

Mr Kenley added: "It is vital people set up a direct debit to repay the minimum sum that is required each month against their balance."