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Released: May 20, 2011
Should you sign up for a ‘professional’ card?
Source: Jessica Silver-Greenberg, Wall Street Journal (Paid Registration)
Credit-card issuers are marketing so-called professional cards—formerly reserved for small-business owners or executives—to individuals, a new report says. Lenders sent out 2.6 billion offers for these cards to ordinary American households between January 2006 and December 2010, according to a study released Wednesday by the Safe Credit Card Project at Pew Charitable Trusts, a Washington-based consumer-advocacy group. Professional cards aren't subject to the Credit Card Accountability, Responsibility and Disclosure Act of 2009 that reins in controversial billing practices such as sudden interest-rate hikes and inactivity fees. The law also requires that card issuers apply payments to balances with the highest interest rates first.Read Full Article: Should you sign up for a ‘professional’ card?
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