Over the summer, I focused on paying off all my business debt for two reasons:

1. My interest rates on those balances were higher.
2. It reduced the number of things I had to account for each quarter.

Now I’m wishing I still had some business debt. Because just this past month Wells Fargo took it upon themselves to send me a business credit card. I don’t remember asking for it — it just showed up in my mailbox one day.

I was kind of curious, but I just set the cards aside. In fact, they are still affixed to the paper backing!

Anyway, a couple weeks later I received a letter from Wells Fargo saying my credit limit had been been raised to $11,300 and that I could get 2.9% interest on balance transfers. Here’s how the letter begins:

Here’s welcome news to brighten your Holidays and the year to come. You know that today’s tough market restricts credit for small businesses and imposes high interest rates. Sound businesses, like yours, deserve better. So as one of Wells Fargo’s best customers, you’ve earned two special opportunities to keep your company on firm financial ground.

The letter goes on to explain the new credit limit and balance transfer special. Since the transfer fee is capped at $75, this is one of the best balance transfer offers I’ve recently received. (I guess this makes up for their nasty fixed floor rate letter.)

I kind of find all of this a bit humorous. Here we are in a credit crisis where credit is drying up… and yet Wells Fargo just “gave” me $11,300 in business credit — on top of the $10,000 in personal credit I already have with them. (In case you don’t know, business credit is much harder to get than personal credit, even in good markets.)

In light of this, I’ve been considering “loaning” myself money through the business account in order to pay off personal debt and take advantage of Wells Fargo’s promotional offer. I guess I’ll have to call USAA today and see how competitive they can be…

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Topics: Credit Cards, Debt Reduction |

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