Wednesday, May 12, 2010

Small Business Credit Cards Excluded From New Consumer Protection Laws

Many of you are aware of the new Consumer Protection Laws in place for credit cards. If you haven't already noticed, take a look at your latest credit card will notice a simpler layout, more detailed information about payoffs, etc. You also should have received updated Terms from your credit card issuer outlining some of the new benefits such as limits on penalties and limits on interest rate changes.

However, small business owners need to be aware that these changes have not been incorporated into the realm of small business credit cards. Unless the credit card issuers are voluntarily putting these limits in place, your business credit card is subject to the same terms (aka no protection under the new Consumer Protection Laws) that it has always been subject to.

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