Do You Really Have A Business Credit Card?

According to a new report by CardHub.com, chances are that your business credit card is really just a personal credit card in disguise.

After examining policies at the 10 largest credit card issuers - including American Express, HSBC, Wells Fargo, Capital One and others - the report found that 80% of all business credit card policies hold the owner personally liable for the usage and debt accumulated.

Experts agree that this is quite alarming especially since new consumer protection laws were recently implemented under the Obama Administration's Credit Card Accountability Responsibility and Disclosure (CARD) Act.

Equifax Small Business Credit Reports Now Available on Biz2Credit

Equifax, a global leader in business and information solutions, and Biz2Credit, an online credit resource for small businesses, have announced that entrepreneurs can now download the Equifax Business Credit Report on Biz2Credit.com. The report provides a view of a small business’ credit health and enables them to see the information utilized by lenders to make credit risk decisions.

Through this partnership, Equifax’s extensive small business credit information will be incorporated into Biz2Credit’s evaluation process, providing more business financing insight and options to entrepreneurs looking to start or grow their businesses. Small business owners gain a clear view of their business credit position when they are utilizing Biz2Credit’s simple-to-use online lending platform.

More Small Business Lending For Connecticut, Missouri and Vermont

The U.S. Treasury Department via the Small Business Jobs Act has approved three states - Connecticut, Missouri and Vermont - to receive more than $50 million to support lending to small businesses.

According to CNNMoney.com, the states will receive more than $50 million to support lending to small businesses, which translates into $534 million in loans.

In earlier rounds of funding this year, California, Michigan and North Carolina were approved for a total of $293.8 million. To qualify, states have to show they can turn $1 of investment into $10 of new lending.

How To Use Business Credit Cards To Grow Your Business

Small businesses face cash flow problems that can stifle growth. In June 2010, SBA stated, "The availability of credit is one of the most fundamental issues facing a small business." While bank loans and venture capital are still tight in 2011, business credit cards can help entrepreneurs invest in their company and reach the next level of revenue.

Charles Tran, Research Director of the credit card comparison website CreditDonkey.com, advises entrepreneurs to consider the smart ways in which business credit cards can help businesses grow:

Fox Business Outlines Tricks and Traps of Business Credit Cards

Susan Schreter of FoxBusiness.com recently wrote a great article about what to be careful of when dealing with business credit cards, especially since the regulations for them are much different from personal credit cards. Here's a summary of what she had to say:

* Compare credit costs and risks. Unlike issuers of personal credit cards, business card issuers can impose retroactive rate increases “any time and for any reason,” including being late on another vendor’s bill.

* The IRS doesn’t care. A number of business credit card solicitations imply that for IRS document-support purposes, it’s better to charge business expenses to a company-named small-business credit card than a personal credit card. But really it doesn't matter which card you use for business expenses.

President Obama's CARD Act Excludes Business Credit Cards

In 2009, President Obama signed the Credit Card Accountability, Responsibility, and Disclosure (CARD) Act to protect American credit card holders. It prevents issuers from hiking interest rates on existing balances and makes the bank give you both a grace period and a warning before raising your APR.

This sounds great, but the new law has one major loophole that especially applies to business owners and entrepreneurs. It excludes business credit cards.