Advanta to American Express……Only For a Select Few
Now that Advanta has closed the door on new purchases for its cardholders due to a dramatic increase in defaults, American Express has decided to offer their services. The catch is that only those certain cardholders that are deemed “smart choices” will get an offer to replace their Advanta credit card.
So how do you know if you are a small business credit cardholder that will be one of these select few, and how will you be contacted? According to Advanta you must have been a cardholder in good standing, and apparently Advanta will contact you and relay an invitation to apply for a credit card account with American Express. If you don’t get one from Advanta don’t worry because in some occasions you may get an invitation from American Express themselves. If you do get an invitation, please note that most are only valid for 60 days, so time will be of the essence.
If you don’t happen to get an invitation to become an American Express business credit card holder, it will be up to you to actively try to get another credit card or another line of credit. Although it may be tough, there are still a couple of other credit card issuers that may be worth giving a try. You can find a couple here under business credit cards.