When the CARD Act passed, some skeptical observers complained that it had a big loophole. The CARD Act only covered personal cards. Business cards, also known as professional cards were deemed exempt. At the time, I speculated that credit card companies would be unlikely to have two different sets of rules for business and personal cards. Apparently, I gave the banks too much credit.
Some Business Cards Go By The Old Rules
According to this article in the Wall Street Journal, some banks are choosing to exploit the business card loophole. The article cites CitiBank as applying payments to the lower interest rate balances first, and for raising interests rates sharply in the event of a missed payments. Both actions would be prohibited if the card was a personal card, not a business card. The article does give Capitol One recognition for applying the CARD Act rules to it’s business cards.
What Is The Deal With Business Cards?
Frankly, I have always wondered why these cards exist. They are a great tool for someone like me who wants to receive multiple sign up bonuses. When a really killer deal is out there, I have been known to sign up for both the personal and the business cards. As for legitimate uses, my belief has always been that a business card can allow you to segregate your business expenses from your personal expenses. I have operated a number of small ventures, but I never had any trouble distinguishing my business expenses from my personal ones. If my business grew, I could see how it would be nice to have a different card, although I am not sure why it would have to be a business card, rather than a different personal card.
Some business cards offer the feature of having multiple additional cards for employees with the rewards accruing for the primary cardholder. I would hate it if my job asked me to charge a bunch of stuff to a company card where I didn’t see any rewards. Hypocritically, I would be the first to have such a card if I had people under me who needed to purchases for my business.
For now, I would still consider getting a business card for the sign up bonus, but as always, I don’t imagine really using it much.
Many people that have had bad experiences with conventional credit cards give up all hope of using any kind of credit card in the future. However, there are many types of credit cards available today, all of which have different approval methods and different terms and conditions.
Being approved for a credit card with bad credit is not impossible, but it is slightly more difficult and the options are more scarce. Sometimes, when an individual’s credit score is low enough the only option is to apply for a secured credit card. Secured credit cards are safer for the card issuer because the funds are secured by some form of collateral. W
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Credit cards are getting an upgrade in the United Kingdom. Visa, one of the leading figures in the credit card industry is ready to launch its latest Visa CodeSure credit card to not only provide an innovative means for making payments but also enhance the security of a client’s credit information.
The Visa CodeSure card looks like any regular credit card, but flip it over and you would see that there is a built-in LCD screen with a 12-button keypad on its side. These features allow the cardholder to interact with their credit card, using it to authorize purchases and secure online transactions by turning on the LCD screen and entering a PIN code. T
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The use of plastic money is on a rise these days. The current generation finds it much more comfortable to carry financial transactions using credit or debit cards. Although cashless transactions sound hassle free, their increased usage has also raised the frequency of credit card frauds.
One form of credit card fraud is card cloning or skimming. The fraudster here copies the details of the card of an individual into expired, blank or stolen cards and thus makes a clone of the original card. The cloned card is then used by fraudsters.
The cloning device is easily available and can be purchased by fraudsters by shelling out a mere 30,000 to 50,000 rupees.
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Having a credit card can be extremely advantageous, especially one with a high credit limit and low interest rates. Many young cardholders get so excited about their new found purchasing power that they go on shopping sprees, take vacations, and eat at the nicest restaurants, all the while looking forward to making a minimal repayment at the end of the month.
However, there is a downside to credit card usage, and it begins with the moment the statement arrives in the mail. Making credit card repayments on time each month is absolutely crucial towards an individual’s credit history. W
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— Dustin Wright @ 6:53 am — 
August 30, 2010