Credit cards have become more friendly recently. After the CARD Act of 2009, card issuers had to do away with practices that were considered unfair to consumers, such as lightning-fast teaser rates and sneaky billing practices.
However, business credit cards are not affected by the CARD Act; if you're a business owner, you're essentially still in the Wild Wild West.
Lawmakers have assumed that business owners are more sophisticated than consumers and better able to understand the rules. As a result, business cards don't benefit from the same consumer protection laws. Some, like Scott Shane, argue that this is unfair and that the same rules should apply to all credit cards. Shane points out that many businesses are sole proprietorships and small enterprises -- often using the owner's personal (or "consumer") credit anyway.
If you use a business credit card, keep reading the fine print from your card issuer in spite of news reports about card reform. The CARD Act does not apply to your cards.
[via Payments News]