Tuesday, February 1, 2011

Watch out for business credit cards

Credit cardsImage via WikipediaApparently credit card issuers have found another way to circumvent the new CARD Act protections. They are pushing their business credit card lines, which aren't subject to the new rules.

In an act of decluttering (thank you Fly Lady) I tackled the mound of paperwork in my front hall and found FOUR offers for a business credit card from Capital One. This despite the fact that my credit rating frankly sucks, and I've put myself on the card offers do not mail list. And, oh yeah, I've never done business with Capital One.

Anyway, my business is dead, and it turns out that one of my payment agreements with another issuers prohibits me from applying for an additional card.

Not that I'm going to. But I'm not just getting hounded by Capital One.  0% balance transfer offers are showing up again. Ugh. That's how I got myself into this mess in the first place.

Be careful out there. These big credit card companies are not your friends.  The two cards that I still have have been good to me. They are from USAA and from my credit union. They never jacked up the rates to 30%, despite an occasional late payment. They haven't lowered my credit line.
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