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Credit Card Companies Find Their Loophole

September 8, 2010 - by Donny Shaw

The big credit card reform bill (H.R.627) that was passed by Congress and signed into law last year by President Obama was designed to end absuses and deceptive practices in the consumer credit market. It did not apply to teh business credit card market. However, there's nothing stopping credit card companies from marketing their business cards to individuals. After all, anybody can be a sole proprietorship, and it's up to the card comapnies to decide who qualifies. According to USA Today this is exactly the loophole card companies are using to dodge the new consumer protections:

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