Personal credit cards may be better for small businesses

Unlike people who own medium or large companies, small business owners are personally responsible for all the liabilities of the company they run, according to a report from Forbes. As a result, it may be beneficial for these entrepreneurs to take on credit card debt for their business on their personal credit card.

The protections extended to consumer credit card debt do not apply to business cards, the report said. Since a small business owner is personally responsible for their company's debts anyway, it can't hurt their finances one way or the other to just eschew using a separate business card altogether.

The Credit CARD Act gave consumers protections from predatory lending practices related to everything from rate increases to penalty rates and fees. The Federal Reserve Bank recently said it would not consider extending such protections to business credit card debt because these changes wouldn't help consumers enough to be worth implementing.