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Is Your Business Credit Card Endangering Your Household?
28 Jul 11 Posted by: Kathleen C Lanza
in Featured Articles
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Home-based and other small business opportunity or franchise owners beware!  A recent study by the Pew Charitable Trusts showed that many of you may be putting your personal lives in serious jeopardy when relying on business or commercial-use credit cards.

While the much-publicized Credit Card Accountability Responsibility and Disclosure (CARD) Act of 2009 reined in “unfair and deceptive” consumer credit card practices, those same protections do not apply to credit cards that are labeled for business or commercial use.  Is it any wonder then that banks are capitalizing on this fact and marketing business credit cards to American households at an unprecedented rate?

According to the Pew study, “American households receive more than 10 million offers every month for business credit cards, and the majority of these cards have potentially harmful terms that would not be legal on those labeled for consumer use.”  Where average consumers are now protected from such sneaky practices as immediate and unannounced penalty interest rates, unrestricted penalty fees and payment application standards that benefit the lender to an unreasonable degree, business card holders are not so lucky.

What many home-based and other small business owners may not realize is that they are personally liable for all expenses, fees and charges incurred on a business account.  And with bank credit particularly tight right now, the fear is that more and more of them are relying on credit cards to cover not only short-term but long-term expenses.

Some business owners who have recognized the dangers presented by business credit card use are opting to use their own personal credit cards to cover business expenses.  But this can be an even more dangerous proposition because doing so can seriously damage your credit score, prevent or complicate business deductions on your tax return and even trigger an IRS audit―something all business owners try to avoid.

Thankfully, the inconsistency in the new law is not going unnoticed by some members of Congress.  Just this past March, Rep. Nita Lowey (D-NY 18) introduced a bill to amend the Truth in Lending Act to “provide coverage under such Act for credit cards issued to small businesses…”  In fact, it would extend the same protection afforded to consumers who use credit cards to small-business owners who use business credit cards and whose companies employ 50 or fewer workers.  The legislation was referred to the Subcommittee on Financial Institutions and Consumer Credit for review in April.

Although it is enjoying strong endorsement from such groups as the National Small Business Association and other similarly-focused trade organizations, the proposed legislation is under assault by the deep-pocketed banking industry.  Should the banking industry lobby prevail in this case, it will be perceived by many small-business owners and their advocates as just one more in a string of recent concessions―such as the Federal Reserve’s capitulation to the banking industry on the debit card “swipe fee” issue―that benefit Wall Street while penalizing Main Street.

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15 Sep 16 Posted by: Kevin James Culp
in Featured Articles

Expanding Opportunity Services - It has always been our mission to provide the best customer service possible and have recently added no cost training and coaching sessions for all active advertisers. Now, we are going a step further to address the one major problem faced by opportunity owners–lack...

Live On Your Own Terms
8 Sep 16 Posted by: Todd Hatch
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Drone Technology - Don’t think drones and franchises and businesses opportunities have anything in common? Think again. Drone technology is transforming the way many industries tackle a wide range of everyday services.

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Live On Your Own Terms
6 Sep 16 Posted by: Kevin James Culp
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Better Salespeople - “One thing I do know is you have to be able to sell if you own almost any type of opportunity and if you can't you should hire someone who can. Problem is what type of person makes the best salesperson that you can count on and why?", says business opportunity...

Live On Your Own Terms
10 Aug 16 Posted by: Kathleen C Lanza
in Featured Articles

Free Business Opportunity Seekers is what I Googled just now to see what came up. I know that many are looking to get into a business with no money. Yet, hey have the actual potential to make it not just invest a lot of sweat equality that goes no where.

OMG it was MLM city and a nightmare...
Live On Your Own Terms
9 Aug 16 Posted by: Kevin James Culp
in Featured Articles

Start a Business Opportunity with $100 or Less - Don’t let a lack of funds keep you from starting your own business.

Start a Business Opportunity with $100 or Less Really IS possible. The variety of opportunities available is surprising, and not all are internet related. It’s a fact, you don’t...
Live On Your Own Terms
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