Bank Of America Offers Most Friendly Small Business Credit Card
Written by Jenna Weiner
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.
Have Friends Who Might Like This Article?
Share this on Twitter
Let them know on LinkedIn
Ready to Learn More? We Think You Might Like These Articles:
About Our Entrepreneur News Feeds
If this news for entrepreneurs inspired you, you can find many other small business news articles on our site. We cover the latest news stories for business owners. In addition to breaking news for entrepreneurs, we also have tons of useful articles that cover topics like obtaining venture capital, preparing a marketing plan, getting publicity and much more.