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Grasp Tightens on Small Biz Use of Credit Cards

Slashed limits and higher rates are having a heavy impact on small businesses that rely on credit cards to keep their companies running.

By Michelle A. Samaad | Updated on June 21, 2009

Slashed limits and higher rates are having a heavy impact on small businesses that rely on credit cards to keep their companies running.

As of April, 59% of small businesses relied on credit cards, an increase from 44% at the end of 2008, the New York Times reported citing data from the National Small Business Association. Revenue from the use of credit cards by small businesses account for 11% of Visa and MasterCard’s revenue, according to the publication. But lately, entrepreneurs said they have to seek out other financing options.

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