Previously it took up to four days to make cash transfers but as of last week, most major banks will allow customers to send payments the same day.

But online credit checking firm checkmyfile.com said consumers who assumed their bank or credit card provider was part of the scheme without checking first may be in for a nasty surprise — one that could dent their credit rating for a number of years.

Barry Stamp of checkmyfile.com said: “There is a real danger that many consumers will interpret news that payments are being speeded up to mean they can leave making credit card payments until closer to the due date.

“This would be a mistake, as lenders are unlikely to show much sympathy if payments arrive after the due date.”

In the current climate, lenders are being more choosy about who they lend to, and a single missed payment could now lead to an application for credit being rejected or a higher interest rate being offered, potentially hitting borrowers in the wallet.

Consumers can check the website of Apacs, the UK Payments Association, to see if their bank and card providers are part of the scheme, and if not, when they will be.

l­