In case you haven't heard, the new CARD Act passed by Congress in 2009 has pushed through several much-needed changes to consumer credit card policies. It forces issuers to give proper notice for rate changes, clearly shows how long it will take to pay off purchases, and otherwise helps keep unscrupulous issuers from nickle-and-diming you.
What you may not know, is that these changes do not apply to business credit cards. This could be bad news. The crackdown on consumer credit policies means that issuers have been looking for ways to make up for revenue lost due to the CARD Act, and because business cards are unprotected, they're going to be a juicy target.
Attention business owners: Pay attention to your credit card statements and fine print. And maybe contact your congressman or woman about adding an amendment to the CARD Act that gives a hand to business owners as well.
Have a great Labor Day weekend!
--Jennie
Photo taken from this photostream and used with permission of a Creative Commons license.
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