Business Credit Cards | Are you Victim of Advanta Freeze?

Business credit cards to be shut off

On Saturday, up to 1 million business credit cards through Advanta Bank Corp. will be shut down, frozen, terminated, however you want to put it.

What is the owner of an Advanta business credit card to do? There are a couple of things you should find out before you panic.

Business credit cards without personal guarantee

If you set up your Advanta business credit card as business credit without personal guarantee, that means you won’t have to dip into your personal bank account to pay you Advanta credit card bill.

The process of setting up business credit cards without personal guarantee is pretty involved, it’s not like getting fast payday loans. However, if you complete the process your personal finances will remain intact even if your business goes bankrupt.

Sudden credit freeze

With little to no warning, Advanta plans to shut down nearly 1 million business credit card accounts on Saturday.

Advanta sent notifications to customers via snail mail, the company says. However, because of “postal problems,” customers will likely receive notice that they can no longer use their Advanta business card on or before the day their accounts are frozen. Read the full story here. ... click here to read the rest of the article titled "Business Credit Cards | Are you Victim of Advanta Freeze?"