Business Credit Cardholders Seeing Better Days
By Steven Gibbs
May 2, 2010
When it comes to small businesses and credit cards the last couple of months have been full of changes. Not too long ago, millions of business owners found themselves without a way to make purchases as one of the largest business credit card issuers collapsed and replacements were hard to find. Now it seems as things have changed for the better as new offers from multiple issuers have been introduced as well as voluntary changes by issuers to make changes to things that were not covered by federal regulations detailed in the Credit CARD Act.
When looking back at some of the biggest changes in the small business credit card industry, one of the moves that was considered one of the game changers belongs to none other than Chase. This occurred when the newest line of business charge cards known as "Ink" were introduced. During the time many business owners weren’t quite sure where to turn before it was stated publicly that Chase would try to relieve this stress. They announced a plan to provide business owners with more cards, access to working capital, lines of credit and commercial mortgages. After releasing the initial four cards, additional cards were released offering rewards to those businesses that had both a Chase business card as well as checking account.
Months later and the biggest news to date involves the pledge of many issuers volunteering to add protection to business cards that previously were overlooked during the implementation of the Credit CARD Act. With these changes multiple issuers have started extending the seeing the extension of time between the billing statement’s closing dates and when payments are actually due, as well as remove fees for going over one’s limit as well as rate increases on existing balances. While not all issuers have made these changes, it is believed that these plus others will be adopted and announce soon.