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Good Morning – I received notice that Capital One has cancelled my business credit card due to new federal financial regulations that do not allow them to accept certain business types. I suspect this may be due to the vagueness of the understanding of what Daily Money Managers do. So two questions:
1. Has this happened to anyone else yet?
2. Do you have a business credit card company that you would recommend to other DMM’s for business use?Many thanks in advance,
Todd
Hey Todd
That is interesting. I use chase business ink card. Received $500 cash back when I opened it.
Kelly Loeffler
Keep Mr OrganizedHi Todd,
I haven’t had an issue with my US Bank business card (yet) but when I recently applied for my Intuit merchant account that would accept payments for my client invoices, they denied me. At the AADMM conference I asked other DMMs what they used, and they told me to call Intuit again which I did. They allowed me to change from “financial” to “professional” services and that was accepted. I will be on the watch for this in the future with all the reg changes.
Good luck!
Barbara Boustead
barbara@marysdaughterllc.comCan anyone point to the reg changes so we can understand it and perhaps figure out what “category” we need to be in for our business (i.e. Barbara’s “Professional Services”)?
That’s interesting because I just applied for a Capital One business card, expecting an immediate approval due to my excellent credit rating. BUt I got an email telling me it would take them some time to review my application and they would get back to me. I’m still waiting.
Here’s the letter from Capital One. Pretty vague. Did a quick google search on regulatory changes that might cause this and didn’t find any. Frustrating to say the least.
https://drive.google.com/file/d/13go_PSB7x5Vevo2X-_HKsZxRDxkVItSB/view?usp=sharing
It looks from the letter that this is just their bank policy. I guess you must have followed up with a call to get the additional info.
We can vote with our feet and recommendations to others if we have a bad experience. A bank can choose not to do business with us (within limits). I agree that this can be frustrating particularly when you’ve had a prior relationship that was working.
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