Does The New CARD Act Affect Business Credit Cards?
Posted on April 11th, 2010
The new CARD Act that is likely to affect most credit card owners. However, none of the provisions in the CARD Act apply to business credit cards nor retail credit cards for business.
“So far, small business cards are unaffected by the Act — only consumer cards were included,” says Mercator’s Paterson. “But it wouldn’t surprise me if some of the improved disclosure that was legislated on the consumer side eventually found its way to the small business side too.”
Though business owners should keep personal and business expenses separate, Paterson says the increased protections on the consumer side might push very small business owners away from credit cards for new small business. “I haven’t seen data evidence of this, but a one or two-person business — a freelance programmer, artist or Web designer — might say, ‘My personal card works just fine for business purposes. I don’t need a small business product.’”
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