Banks Are Starting To Warm Up To Small-Business Owners
Sun Sep 27, 2009, 8:30 am | 2 Comments
On Wednesday September 23, 2009, J.P. Morgan Chase & Co.’s Chase Card Services formally launched four cards aimed at small-business owners, including a charge card that would require customers to pay in full every month. Some banking experts say that small-business owners have been among the most severely hurt by the credit crisis, as banks, faced with rising losses, have pulled back from offering them credit. Others say that banks are pushing small-business cards because they aren’t covered under new regulations that restrict issuers from raising rates and fees on consumer credit cards.
Chase’s Ink Bold card is aimed at business owners who want to avoid paying interest charges. The card comes with a variable credit line that automatically adjusts to consumers’ spending patterns. Annual fees are $95, although the first year there is no fee.
In a Nutshell
Ink Cash customers can also earn an additional 3% on business-related purchases, specifically fuel, dining, home improvement and office supplies. The small-business cards also allow users to track and report their business expenses online and add additional cards – and set spending limits – for employees at no extra cost.
What do you think?
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