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.
David Bradsher, CPA Â is aÂ Washington DC / NorthernÂ VirginiaÂ 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 andÂ increase their bottom line.
ÂDavid Bradsher, CPA