Small Business Finance News
Bank Of America Offers Most Friendly Small Business Credit Card
Written by Jenna Weiner
Published: 5/4/2011
Bank of America tops CardHub.com's list of most small business friendly financial institutions.
Obtaining credit remains difficult for small business owners, despite many surveys, such as the recent Capital One Small Business Barometer, noting that nearly 90 percent of this sector has achieved their financing needs.
However, as Federal Reserve Governor Elizabeth Duke recently explained, this statistic could be skewed since many owners are so fearful of being turned down for a loan that they never even apply. As a result, some have sought alternative financial means, such as business credit cards.
Business credit cards can offer their own set of qualifications and dangers, though, especially since cardholders are not guaranteed protection under the Credit CARD Act of 2009. Recently, CardHub.com evaluated the nation's 10 largest banks, using the CARD Act requirements as criteria, to find which institutions were the most small business-friendly.
The study ranked Bank of America as No. 1, with Wells Fargo, HSBC and U.S. Bank coming in at the bottom of the heap.
"[Business credit cards] are more consumer-oriented than they are tied to individual corporations, as individual consumers are personally liable for debt incurred with them and usage information is relayed to individual consumers' personal credit reports," The Street explained.
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