I heard on a syndicated radio show yesterday afternoon that, with the current financial upheaval, personal (consumer) charge cards are now offered new protections against raising interest rates, slashing credit lines, required time period for issuer to make notifications prior to changes in policies, etc. The interesting part is the same protections and fair credit requirements are not extended to business credit. The host suggested obtaining personal accounts for business purposes and reimbursing; plus the fees aren’t as high.
In my small firm we’ve been doing this for years, mostly because when we “started” we couldn’t find a bank to give us the time of day. Now they are falling at our feet; personal cards worked for us in the early lean days and are continuing to function well.
I’m wondering what other tactics are folks taking from “personal finances” and applying to how the business is run?
-Lisa Stacholy, AIA