Credit Card for Business
Credit Card for Business
Why Do So Many Credit Card Companies Have a Wilmington, Delaware Address?
Delaware received the amount of many jobs afterward World War II, in general due to it getting used as a shipping location. Many smaller banks also set up shop in Wilmington, to benefit of being able to charge much higher interest rates, while paying lower taxes on their profits. Various banks, among them Bank of America and Chase, were inspired by Wilmington’s flexible laws to relocate at most their credit card companies to Wilmington. The ability to charge more concern meant that they could offer credit to less credit-worthy customers.
The new laws intended any one undertaking to take over a company would have to own 85% of its stock or with a majority of stock agreeing would have to wait three years before starting takeover proceedings. Companies stationed in Delaware were thus better protected than in other states, strengthening the attitude of any bank or credit card companies that created their charters within the state. A number of smaller credit card companies also have their home base in Delaware. If you do decide to apply for a credit card that is from a company in Delaware, it’s important to read all fine print carefully.
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