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The advantage of credit cards 0% interest has been a favourite of many a credit card user.

Anyone with a reasonable credit rating could have applied for this so called ‘free money’ 0% on balance transfers credit card, transferred their existing debt to it and reaped the benefits of up to a years free interest. This allows customers to freeze the interest payments on their credit cards and pay back their debt much faster than credit card companies may like.

However this process of 0% interest on balance transfers is costing the credit card industry an estimated £500 - £600 million a year in loss of interest payments. Unfortunately this is why credit card companies are trying to put an end to it all. Also with the news that many credit card users are determined to be in bad debt, card companies are clamping down on the ease of issuing credit cards, and making it harder to obtain one.

Leading credit card company Capital One has now withdrawn its 0% deal from the market place, and others are surely set to follow the trend.

Having said that many card companies may choose to snap up the hole in the market left by Capital One and introduce their own brand of 0% credit cards. Although they will also offer their own terms and conditions, which may not be as good as the Capital One card.

Since January, of this year, over 100 credit cards were said to offer the 0% deal for more than five months. This number has at present has now fallen below the 100 mark. Only twelve cards at the beginning of the year charged for balance transfers, this number has now increased to over forty.

So what does this all equate to? In simple terms consumers need to be more organised with their finances. Credit cards are an easy and quick way to gain access to funds. However in the long run they inevitably cost you more money and give you more hassle than they are worth. The best way to gain access to funds is probably through a loan. They are relatively simple to obtain and you know what you are getting.