Have you seen all the ads from credit card companies recently talking about the “new” business card option available to individuals? They are sending out over 10 million offers to households for professional credit cards each month according to a study done recently by a D.C.-based consumer-advocacy group! Credit card companies are now marketing these cards because of a loophole in the new regulations – “business” credit cards were excluded from the requirements that were added for consumer protection (like protection from sudden interest-rate hikes, etc) on basic consumer credit cards. Bottom line – consumers don’t have protection under these so-called “business” cards! A few Senators have grouped together to urge the Federal Reserve to crack down on the marketing of these “business” cards. Senators are asking the agency to require credit card companies to clearly warn customers. Where there is a regulation, there is a will to find a way around it! Be an educated consumer!
Disclaimer: This blog is intended as general information purposes only, and is not a substitute for legal advice. Anyone with a legal problem should consult a lawyer immediately.