Reforms for Business Credit Cards? Not!

So, you know about those credit card reforms that kick in today that are supposed to add a degree of protection for consumers (and in the process, take away some easy money from credit card companies)? Well, if you were hoping for a similar break on corporate cards, you're out of luck.

Consumers get these protections: their interest rates on existing balances will remain the same as long as they pay on time and credit card companies won't be able to raise general rates or impose new fees unless they give a 45 day period of notice. Small business owners should get a warning: be extra careful about mixing personal and business spending, because credit card companies are reporting information about business cards to the credit bureaus.

According to the National Small Business Association, nearly 60 percent of business owners reported using credit cards for capital purchases and nearly 80 percent complained about the terms of their cards.

CNNMoney.com quotes Gerri Detweiler, co-author of Business Credit Success, as offering a helpful warning to small business owners who rely too much on cards: "Think about what could happen to your credit score if your business went through a rough patch and you got behind on credit card payments."