Professional vs. Consumer Credit Card Offers: Do You Know the Difference?

No Comments » | Posted by Jacob ONeill
Oct 02 2010

As a result of the Credit Card Accountability, Responsibility and Disclosure (CARD) Act, Americans have been given more clarity regarding the terms and conditions of credit cards. However, due to a lack of industry knowledge, many consumers still may not understand what they’re signing up for.

In the first quarter of 2010, issuers mailed out 47 million “professional” credit card offers, which are typically directed toward small businesses and entrepreneurs, according to the Oklahoma Examiner-Enterprise. Consumers, however, have been the ones receiving these offers in their mailboxes. Credit CARD Act regulations don’t apply to professional cards, so issuers can continue to hike fees and rates at their whim on any consumers who agree to such offers.

“By moving cardholders out of protected consumer cards into professional cards, banks are trying to recoup some of their lost revenue,” personal finance specialist Eileen St. Pierre told the newspaper.

Consumers can opt out of receiving these pre-approved mail offers by calling 1-888-567-8688 or visiting Taking the initiative to do so can spare individuals confusion over the difference between professional credit cards and consumer credit cards, not to mention the other hassles that come with junk mail.

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