| The Bank of America has been building on its existing | | | | automatically extends its overdraft protection benefit. |
| small business lending portfolio over the past years. | | | | This means they will transfer funds, in multiples of $100, |
| Three years ago, it was already one of the top small | | | | from your business credit card account to cover the |
| business lenders in Florida with over $1.5 billion in small | | | | overdraft. |
| business loans and over half that amount being | | | | This automatic loan against the business credit cards' |
| micro-loans under $100,000. With its recent acquisition | | | | line of credit should save small business owners a lot |
| of credit card issuer, MBNA, the bank has moved into | | | | of embarrassment. The bank will extend this protection |
| the growing small business credit card market. | | | | provided that there is sufficient credit remaining in the |
| Business caution about the economy has not | | | | business credit card account and if the account is not |
| managed to dampen the dynamic growth in the small | | | | in default under the Business Credit Card Agreement. |
| business credit card market. Having banked on small | | | | If your business credit card account cannot cover the |
| business for some time now and having a big credit | | | | overdraft, you may still have a problem though. To |
| card operation under its wing, Bank of America is | | | | address that possibility, the bank will release sufficient |
| looking up their activities through small business credit | | | | funds even if it will cause your business credit card |
| cards. | | | | account to breach the pre-set credit limit. The business |
| Their business credit card package affords small | | | | will be expected to settle this loan during the next |
| businesses the opportunity to schedule electronic | | | | payment period, but this facility can lift a heavy load |
| payments ahead of time, thereby freeing up a time | | | | from the business owner's shoulders. |
| consuming administrative task on the part of the | | | | You may be concerned about financial charges. First |
| business owner. Business credit card holders also get | | | | of all, after the zero percent APR during the 9-month |
| purchase protection, which doubles the manufacturer's | | | | introductory period, your business credit card will be |
| warranty period on purchases made by up to an | | | | imposed a regular rate of prime rate plus either 6.99% |
| additional year. | | | | or 9.99% APR (some other versions of the Bank of |
| Credit lines for business credit card holders are flexible, | | | | America business credit cards impose variable APR |
| and can go up to $25,000. The business' everyday | | | | of either 15.24% or 18.24%). |
| business purchases earn discounts and cash backs | | | | Business credit card cash advances are subject to |
| too. | | | | prime rate plus 15.99% APR, with a minimum of 19.99%, |
| The bank has taken line of credit for business credit | | | | plus a cash advance fee of 3%, with a minimum $10 |
| cards one step further. The small business credit card | | | | fee. If the cash advance causes the business credit |
| holders can now link their checking accounts in the | | | | card account to exceed the credit limit, you will be |
| bank with their business credit card. In the event that | | | | levied an over-credit limit fee, as specified in your |
| your checking account suffers an overdraft, the bank | | | | Business Credit Card agreement. |