2016-12-30 00:00:00 Credit English Implementing an increased credit limit on your business credit card is advantageous if used responsibly. https://d1bkf7psx818ah.cloudfront.net/wp-content/uploads/2017/03/08214448/Hands-holding-tablet-swiping-credit-card.jpg When to Increase the Limit on Your Business Credit Card

When to Increase the Limit on Your Business Credit Card

0 min read

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.

Related Articles

Reaping Tax Credit for Scientific Research and Development in Alberta

Do you have clients doing scientific research or technological development in Alberta?…

Read more

Offering Coupons Without Losing All Your Profits

Who doesn’t love a discount? Offering coupons nudges your customers to make…

Read more

How to Keep Up With Product Demand as Your Handmade Business Grows

Handmade businesses naturally lend themselves to slower production, but what happens when…

Read more