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Analysts at investment bank KBW said Virgin Money could lose about 18 per cent of earnings this year if it stopped booking its expected future credit card revenue upfront.

Some lenders also charge no interest on new purchases, encouraging households to go on guilt-free shopping sprees – fuelling a £12billion surge in credit card borrowing over the past five years.

Customers use them to pay for less costly items (£20 or under) without having to key in a PIN number or scrabble around for cash.

Instead, they simply scan their plastic over an electronic reader at the till.

He said: ‘The problem with contactless cards is they have been rolled out in a haphazard way without careful thought into the consequences.‘With a modified phone, which can be put together easily, a bank account can have its details stripped from a contactless card in seconds.

With the list of someone’s last ten transactions, a thief can use that to answer a bank’s security question.

Industry experts last night warned these deals are storing up trouble for both households and banks.

After the introductory period ends, the interest is suddenly increased to around 19 per cent or more, leaving those who have not paid off their cards in full facing huge bills.

A recent report by the City watchdog the Financial Conduct Authority revealed around 3.3million people were saddled with credit card debts they may never be able to clear.