When you get yourself a new credit card, you'll usually be told the importance of credit card payment protection insurance (PPI). However a leading independent expert has described it as a 'useless product'.

Doug Taylor, personal finance campaigner at Which?, has said that PPI is a 'modern day snake oil' that does not provide customers with the support they need.

'No one should have to take out PPI on their credit card. Credit card PPI is the elephant in the room that can no longer be ignored'.

This follows a survey by Which? magazine that found that 9.8 million Brits have credit cards with PPI, and 13 per cent of customers believed taking out the cover was a condition of the deal or that their application was more likely to be accepted.

Mr Taylor said customers were 'effectively throwing away' about £970 million each year on PPI and a better option is to get protection for your finances as a whole.