We did a posting on March 11th on some new legislation that had recently passed, the Credit Card Accountability Responsibility and Disclosure Act. The posting described how the act had important new protections for individuals but did not apply to small businesses. You can read the whole posting at Business and the CARD Act. Now comes a followup article from the Wall Street Journal that describes how a point made near the end of the original article has indeed come true. Some card issuers are extending some of the same protections voluntarily to small business credit cards.
You can check out the article to see if your credit card issuer has taken this step and if not, it might be a reason to switch. The article makes some points that since this is voluntary, it may be temporary or the card issuers might raise prices in order to compensate for not being able to raise prices later. A spokeswoman for the National Small Business Association states that specific legislation for small businesses would be preferred. Read the whole article for all the details on something that could have a big impact on your business.
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