You may be familiar with the changes to credit card law that took effect with the so-called “CARD Act” of 2009. The act offered protection to consumers and their credit in a number of ways. What you may not realize – according to a study discussed at the Intuit Small Business Blog – is that those business credit card offers might be traps.
According to the Pew Safe Credit Cards Project, many business credit cards are being offered under practices that the Federal Reserve has described as “unfair” and “deceptive.
The key when dealing with any offer of credit – whether it’s a credit card or other type – is to go through the fine print, and make sure you understand and are comfortable with the terms.