According to Consumerist.com :
"We previously reported that small business credit card issuer Advanta is shutting down all customers' credit cards on June 10th, without giving customers much notice to find alternative cards. Now, the situation is even worse. On Friday, Advanta abruptly announced that they will be cutting off credit lines on May 30. That's this coming Saturday."
They gave no notice to business card customers. They said it was a mail glitch, and when I went to their website, there was no mention of cutting off its customers. This is a nightmare for small businesses. They are still on the web advertising credit for small businesses.
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I supose this is their answer to the new credit card laws. I would think this was cutting off their noses to spite their faces.
I agree, Sheryl!
Interesting so how do they stay in buiness ?
I can't say that was unexpected. The small card issuers are grabbing what they can now before the new regulations take effect.
The credit card industry is such a racket... they will continue to lower credit, raise interest rates and tack on new fees so they make their cut.
Pay cash.
Cut the cards up, and pay cash.
My sentiments exactly.. although that is a good principle for the average consumer... it may be difficult for a small business, especially one just starting out!
I do believe this is in response to the new credit card laws... but those don't actually take effect until Feb 2010. I'm sure MANY folks will use the lag in time bewtween now until then to "run up their bills" knowing the companies will have limited resources to get payments collected on time.