Small business owners aren’t people. Well, at least that’s how the current regulatory environment portrays them. Congress left the small business community out in the cold by excluding credit cards branded for business use from coverage under the Credit CARD Act of 2009. That might not seem like too big of a deal at first, but consider all the CARD Act has done for consumers in recent years.
The law’s bans on bait-and-switch pricing, exorbitant fees and shady accounting practices have resulted in not only a more transparent marketplace, but also a $6 decrease in the average late fee, the near-elimination of over-limit fees and a two percentage-point reduction in the overall cost of credit between 2008 and 2012. That, of course, has saved consumers billions of dollars.