The Wall Street Journal reports here that banks are trying to evade consumer protections by issuing consumers business credit cards.
All I can say is, here we go again, it appears that credit card companies are attempting to take advantage of consumers with a loophole in the laws. The banks are calling these card “Professional Cards”, “Business Cards”, or “Small Business Cards”. These cards do not have any of the protections afforded consumers from things such as hair-trigger interest rates increase, shortened payment cycles, or inactivity charges. Of course, these are all things that increase what you pay for your credit card.
My best advice is to avoid any of these offers of “Professional” or “Business Cards”. Personally, I plan on avoiding these cards, not only for myself personally, but also for my business as well.
Thank you for reading this article by Tempe, Arizona bankruptcy lawyer Glenn Roethler. The views represented in this article do not reflect the views of all members of Greeves, Price & Roethler, PLC.