Sorry, small businesses, the much ballyhooed protections of the CARD Act do not cover your credit cards. Only consumer credit cards get safeguarded against the most punitive of the old interest rate and fee policies. No wonder credit card solicitations to small business owners have increased 256%, vs 29% for consumer credit cards – they’re more profitable now.
Small businesses owners might think about using their consumer credit cards instead, however, that would mean they wouldn’t be able to write off interest payments as a business expense on their taxes.
Business Cards Not Covered by the CARD Act [LowCards]