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May 18, 2011

Business Credit Cards Jeopardize Personal Credit

Shorts story: don't use credit cards at all!

Amplify’d from

Business Credit Cards Could Jeopardize Your Personal Credit Rating: Study

PHOTO: Despite safeguards to make consumer credit cards more transparent and safe, business credit card holders remain deceptive and harmful, according to a recent study by PEW.

Users of business credit cards are increasingly being subjected to potentially deceptive and harmful practices by card issuers, according to a study by the Pew Charitable Trusts.

Offers for business credit cards have skyrocketed after new protections went into effect in 2009 to protect consumer credit card users. The Credit Card Accountability Responsibility and Disclosure Act (CARD for short) mandated consumer protections to combat harmful, unfair and deceptive practices. Pew researchers say the CARD Act does not extend to business credit cards, leaving many households at risk.

Consumers targeted for business credit card may be unaware of a card issuers' ability to change account terms in the first year, charge penalty fees for existing balances and hold an individual liable for money owed.


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