Learn From My Mistakes!

by Carolyn
(North Carolina)

I had a small business credit card that I was happy with for a few years, but then they sold to another company and that is where my problems began. Immediately, the new company lost all my records, it seemed I was not even a customer, which meant my card was deactivated!

I called numerous times and they always told me I was not in the system. So I informed them that I must be since I just recently received a credit card statement from them. They looked and looked an then said they would have a supervisor phone me, but that never happened.

I called them numerous times and began getting the run around, but finally they did find my account and decided on their own that it was time to increase my interest rate by more than 10 percent!! I have excellent credit and have always paid the card on time, so I wanted to know why they were increasing the interest.

They informed me it was a standard they were doing with all business account, but of course that sounded fishy because if that were true, everyone would pull their money off the card and transfer it to a new card with a different company.

In the end, they never could give me a straight answer as to why my information was lost, or why they increased my interest rates. One thing is clear though, they had no intension of lowering the rates, so I took my business elsewhere.

I found a small business credit card that allowed me to transfer my balance and offered me the same interest rate I was getting before the previous company decided to hike it up with no notice or explanation. I think it is wise to make sure you have a back up plan when it comes to small business credit cards, you just never know when one might be purchased or merge with another.