Does Richard have viable legal arguments?

Richard Wight entered into a credit card agreement with Bank of USA. Richard paid his card on time every month. Since most of Richard’s charges were for his design business, he requested that Bank of USA change the name on his account to Richard Wight Design Gallery. Bank of USA issued a new card in the company’s name with a new card number. Business began to wane, and so did Richard’s payments. Ultimately, Richard stopped paying on this credit card. After a number of letters requesting payment, Bank of USA sued Richard Wight personally for the outstanding credit card debt. In the lawsuit, Richard claims he assigned his contract rights to his company and therefore was not responsible. Alternatively, Richard claims that issuing a new card and new account number, Bank of USA created a novation releasing Richard from any liability. Does Richard have viable legal arguments?

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