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Proposed Credit Card Bill Will Help Small Businesses

We at the National Small Business Association believe your Oct. 6 editorial "The Credit Card Congress" mischaracterizes several key tenets of the Credit Cardholders' Bill of Rights Act (CCBR).

The bill does in fact allow for risk-pricing options for credit card companies. While it would end the practice of retroactive interest-rate hikes on existing balances without cause, it would still allow rate hikes if the borrower is more than 30 days late.

Credit cards are critical to small businesses. Forty-four percent of small-business owners identified credit cards as a source of financing they had used in the previous 12 months -- more than any other source of financing, including business earnings. Nearly two-thirds of respondents in an August survey stated that the terms of their credit cards are worsening.

NSBA is a firm believer in the principles of a competitive market, but credit card companies aren't playing by the same set of rules as the rest of us. Imagine if a small-business owner was allowed to routinely change her terms of service with clients at any time for any reason. Credit card companies do this every day to small businesses.

Injecting fairness and competitive market principles into the credit card industry -- which is what the bill would do -- is just what we need right now.

Source : http://www.online.wsj.com