It’s easy to get credit these days. I can’t be the only person who has been offered a store card when shopping. Then there are the endless adverts and junk mail. But so much choice can be confusing, and it is all too easy to end up with a dud deal.

So how do you tell good credit from bad? The interest rate is key, but watch out for “typical” rates. You pay this only if you are a typical customer. If you don’t score top marks in a firm’s credit test, you could be charged a higher rate or turned down for credit.

Keep an eye out for lenders that try to sell insurance when you borrow money. The premiums are often high and the cover riddled with exclusions. And stick to the terms of the deal. If your card charges 0 per cent for 12 months, make sure you clear the debt within the year.

There’s nothing wrong with taking out a store card at the checkout if you can get 10 per cent or 15 per cent off your shopping. In fact, it make sense — as long as you pay off the balance in full before you start racking up interest at exorbitant rates. You should also make the most of reward cards, so you can earn more points to spend.

So, if you need to borrow some extra cash, here are my three best deals.

It is often expensive to borrow money on an overdraft, but not with A&L’s current account. There is an interest-free overdraft of up to £2,500 for the first 12 months. But even the standard rate is a low 5.9 per cent, whether or not the overdraft is authorised.

It is a great deal — and perfect for people who lack financial discipline.

The &More credit card from M&S Money doesn’t always make my list of top credit cards because its standard interest rate of 16.9 per cent is pretty high. But you get 0 per cent off purchases for the first 12 months. You also earn points when you use the card in M&S stores — and the points eventually turn into discount vouchers.

You just have to make sure you clear the debt within a year, so you don’t have to pay any interest. I suggest you set up a monthly direct debit, then you won’t forget — and you really will get money for nothing.

Personal loans are usually cheaper than credit cards, but not so flexible. The loan from Leeds building society is different because you can clear the debt early with no penalty.

The typical interest rate is also low at 6.9 per cent, though it depends on your credit score. If you borrowed £5,000 over one year, the monthly instalments would be £431.92 and the total cost of the credit would be £183.04.

If you stretched the payments over three years, the monthly bill would fall to £153.68, but you would pay total interest of £532.48.

For more on borrowing visit www.timesonline.co.uk/borrowing