MBNA Corp. is taking an upscale consumer approach to the small-business market by mailing promotions for its new platinum cards.
MBNA's one-page application for the platinum card offers small-business owners a $100,000 credit limit and a 5.9% rate for the first six months.
"Their approach is very consistent with successful approaches to the consumer market," said Craig Zander, vice president at Marshall & Ilsley Corp.'s M&I Bank in Milwaukee.
Other credit card giants, American Express and AT&T Universal Card Services, use similar techniques to target small businesses and have spurred banks to try the approach.
The credit card giants developed their direct-marketing skills in the consumer market, whereas banks have traditionally treated entrepreneurs more as corporate customers.
Now nearly all banks offer small-business credit lines, which typically can be accessed with checks or credit cards, and 73% of banks offer small- business credit cards, according to a Consumer Bankers Association survey of 44 banks.