Date: Friday, November 15, 2013
New credit card offers the protections small business owners deserve
The Small Business Advocacy Council (SBAC) and MB Financial Bank have partnered to bring small businesses a credit card that provides them with important consumer protections afforded to personal cards, SBAC CEO Elliot Richardson recently announced.
â€œWe are very excited about our partnership with MB and this co-branded credit card,â€ says Richardson. â€œBusiness credit cards were excluded from the 2009 CARD Act and have not generally enjoyed the safeguards and protections offered by consumer cards. This left many small business owners and entrepreneurs driven to obtain personal credit cards for their business. Some of the consumer protections the card offers business owners include:
â— A minimum of 45 daysâ€™ notice of change to the credit card rate/fee schedule or other terms
â— If rates increase, they apply only to new charges
â— Uniform due dates for when payment must be made to the credit card
Additionally, the card has additional benefits including:
â— No annual fee
â— Competitive interest rate
â— One of the best rewards programs in the market
â— Convenient and easy-to-use online management tools
â— Free additional employee cards for up to 25 employees.
â€œMB is committed to helping Chicagoland businesses of every size meet their financial goals,â€ said Sarah Hamel-Spight, First Vice President, Card Services, MB Financial Bank. â€œBy working with the SBAC, we can offer their members and affiliates a credit card specifically with their needs in mind.â€
Together, MB and the SBAC are working to improve the economic environment for small business owners and entrepreneurs in Illinois.