Small-business credit card holders remain vulnerable to gouging

Credit Crunch for Business in new Law

The consumer protections outlined in the Credit Card Act don’t apply to holders of business cards, even though such cards provide the biggest source of capital for the vast majority of small businesses. Card companies appear to be taking advantage of the gap: Three out of four small businesses have faced higher interest rates, lower credit limits or higher card fees in the past six months, according to a survey by the National Small Business Association. This article lists the things you should look for in the fine print of your card agreement, including reasonable notice about fee increases and fixed billing dates.

Read more in this article from Entrepreneur.

David Bradsher, CPA  is a Washington DC / Northern Virginia area CPA who works with small business owners and non profit leaders on a monthly basis to provide them with guidance and advice on how to grow their organizations, minimize their tax liabilities and increase their bottom line.

 

David Bradsher, CPA