With the recession quickly becoming a thing of the past, many credit card lenders are willing to take risks and offer credit cards to anyone interested. This is one of the reasons that there is no dearth for good credit card offers in the industry today. However, with the CARD act restricting revenue on consumer cards for the lenders, they are coming up with lucrative offers on the business credit cards. This is because these cards do not fall under the purview of the CARD Act and hence are void of all protections extended to consumer cards.
Most the business card holders today face the danger of intermittent increase in rate of interest and other fees and charges on the card. It is also not mandatory for banks to give business card holders an advance notice about the impending change of interest, thereby increasing the risk of high debts.
Almost all major credit card lenders in the country are now aggressively marketing the business credit cards to customers. Most of them are even offering customers this card even if they do not run any business because of the revenue these cards generate for them. Customers just sign up for these cards without reading the fine print assuming these cards carry the same protections are their personal cards. It is only when they start amassing large dues that they begin to realize their folly.
It is imperative to remember that professional cards are not covered under the CARD Act and hence have to be given a great amount of thought.
