2016-12-30 00:00:00CreditEnglishImplementing an increased credit limit on your business credit card is advantageous if used responsibly.https://quickbooks.intuit.com/ca/resources/ca_qrc/uploads/2017/03/Hands-holding-tablet-swiping-credit-card.jpghttps://quickbooks.intuit.com/ca/resources/credit/when-to-increase-the-limit-on-your-business-credit-card/When to Increase the Limit on Your Business Credit Card

When to Increase the Limit on Your Business Credit Card

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Increasing the limit on your business credit card can be advantageous to a small business owner. For example, if your business needs to make large purchases, you can use a credit card to make the purchases and earn rewards such as cash back or discounts with certain retailers.

Don’t take on more debt unless you need it. If you carry substantial debt for more than three months, the interest penalties will far outweigh any benefits that come with the card. Before accepting an increased limit, check if there are any increased fees that go with a new limit, or if there are no card fees, like with a PC MasterCard. If you are in the habit of making regular debt payments, having an increased credit limit can improve your credit rating.

References & Resources

Information may be abridged and therefore incomplete. This document/information does not constitute, and should not be considered a substitute for, legal or financial advice. Each financial situation is different, the advice provided is intended to be general. Please contact your financial or legal advisors for information specific to your situation.

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