Credit Card Rates Rising for Small Business Cards
Posted by: John Tozzi on April 09, 2010
In this week’s issue of Bloomberg BusinessWeek we report on how credit card reform left small businesses behind — and how card issuers are reacting now that they play by one set of rules with consumer credit cards and another set with business cards. One aspect the story didn’t cover: Interest rates rising for small business cards.
The average APR across 33 small business cards from major issuers increased from 11.04% to 12.32% between August 2009 and March 2010, according to data from BillShrink, a Web site that tracks rates and terms on credit card agreements. That’s looking at the lowest, non-introductory rate published on card issuers’ Web sites, according to Samir Kothari, BillShrink’s co-founder and vp of products. In the same period, rates on the consumer cards BillShrink tracks went from 12.15% to 12.53%—though rates on consumer cards may have started going up earlier, since the CARD Act was passed in May 2009. read more here Businessweek.com
