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Be Careful if You Use Your Personal Credit Card for Business Purchases

Now that the new CARD Act (Credit Card Accountability, Responsibility and Disclosure Act) has been implemented to prevent unfair interest rate hikes and protect consumers there is a big loophole if you use your personal credit card for business purchases.

The problem is that the CARD Act does not apply for business or corporate credit cards or cards used as “an extension of credit primarily for a business, commercial or agricultural purpose.” So if a credit card determines that the purchases on your personal credit card are primarily for business use, like frequent flights, hotels, big meals out, office supplies, etc. then it is a loophole the credit card company could exploit to JACK UP your rates to whatever they want with little notice.

If you have a small business and need to know more about business credit, consider subscribing to the feed over at my new site How To Get Business Credit where I write about the pitfalls and opportunities in using credit in small business.

Be Careful if You Use Your Personal Credit Card for Business Purchases
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About Steve Rhode

Steve Rhode
Steve Rhode is the Get Out of Debt Guy and has been helping good people with bad debt problems since 1994. You can learn more about Steve, here.

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