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Chase Debuts Small-Business Credit Cards; Advice Site Bizmore Launches

Posted by: Nick Leiber on September 24, 2009

It’s been a busy week for marketers targeting business owners and aspiring entrepreneurs. Yesterday Chase debuted four new payment cards, including one that requires holders to pay off balances in full each month, with no interest charges. The WSJ had an analysis piece about the cards yesterday. Here’s a snippet:

As issuers have cut back on marketing to small business, “Chase is looking to exploit that opportunity as the economy starts to pick up,” says Andrew Davidson, senior vice president at Mintel Comperemedia, a research firm that tracks credit-card mailings. Indeed, Chase’s new suite of cards—dubbed “Ink from Chase”—takes direct aim at American Express Co., long known for its charge cards and small-business customers, he says.

And today executive coaching and networking group Vistage International officially launched Bizmore, a Q&A advice site intended to connect owners and managers of small and medium-sized businesses to help them find practical advice. Veteran business writer Alice Hill, who was approached to build and run the site two years ago, told me it already has 25,000 registered users. The site has been attracting attention because one of its backers is financier Michael Milken, who sits on Vistage’s board. See this NYT blog post from this summer for more.

Reader Comments

Eric PRingle

September 25, 2009 3:43 PM

I would like to learn how to build my business credit


September 26, 2009 11:52 PM

Where is the credit? Cards that require payment in full each month is not real credit. This will not help growth or the credit crunch...

Bob Griffin

September 29, 2009 7:03 PM

Chase Credit Cards - WARNING - Too Late

My wife has used a Chase Credit Card (issued in my name) for things like helping to pay for our daughter's college education. The balance has gotten into the low five figures, and the monthly payment (fixed interest rate of 2.99%) is $440 a month.

That has been manageable. The credit card is set up for auto-pay, they draw directly from my wife's account - never late, no issues, nothing... Except today my wife called me to report that her bank account was overdrawn, and she saw a withdrawal of $1,080 from somewhere. Some quick phone calls revealed that Chase Credit card had pulled that amount from her account, overdrawn it, caused overdraw charges, etc.

A call to Chase revealed that her MINIMUM PAYMENT was now $1,080 !!! UM, say what ?? Sez the nice lady on the line, "we sent you a notice in July".

And what may I ask did the notice say? That you were going to rape and pillage, drive us to the brink or bankruptcy (which bankruptcy by the way you can't do any more anyway because they've changed the bankruptcy laws), ruin our credit rating, destroy the prospects for our retirement years that are within sight, or used to be?

This is one of the results of the new Credit Card regulations passed by Congress which will come into full effect in July of 2010. Since their rape and pillage will then be controlled, at least in ways that Congress can imagine and was willing to do something about, the credit card companies have decided to "gather their rosebuds while they may". Chase I think has a current default rate of about 10% on their credit card business, and having loans out at a fixed rate of 2.99% must really rub them the wrong way since they'd rather be getting 29.99% from some poor old lady who had to buy her meds that week and missed a payment.

Yes, the new credit card legislation has some benefits for us consumers, but until July of 2010, the piranahs are in a feeding frenzy over the only raw meat they find in their pool, you and me

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What's it like to run your own company today? Entrepreneurs face multiple hurdles new and old, from raising capital and managing employees to keeping up with technology and competing in a global marketplace. In this blog, the Small Business channel's John Tozzi and Nick Leiber discuss the news, trends, and ideas that matter to small business owners. Follow them on Twitter @newentrepreneur.

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