When using your IO credit account, there are two types of limit you'll want to be aware of:
- Account limit - This is the amount you can borrow across your entire IO account, including all physical and virtual IO cards assigned to you and your team. This limit is set by our underwriting policies.
- Card limit - This is the daily or monthly spending limit on an individual IO card. Maximum limits are determined by your account history with Mercury, but individual card limits (as long as they're within the maximum) are set by the cardholder.
Of the two, your account limit is probably more important to keep a close eye on. You can also set up limit-based autopay rules to trigger automatic payments when you get close to hitting your account limit.
Why does my account limit change?
You may receive occasional notifications that your account limit has decreased or increased.
Your account limit is based on a combination of the cash balance you hold in your checking, savings, or treasury accounts, alongside things like your Mercury history and activity. Because of this, the best way to have your credit limit reevaluated is by adding to and using your Mercury accounts regularly.
Deposits in Mercury and impact on payment schedules
In order to maintain access to IO, we ask that you maintain a minimum average 30 day balance of $10k across your Mercury account. Should your balance fall below this minimum, your account credit limit may be decreased or reduced to 0 until the requirement has been met once more.
Deposits held in linked accounts
We’re opening early access to additional credit based on balances in linked accounts. To qualify, customers must meet Mercury’s minimum cash deposit of $15k and have $150k or more held in linked accounts. Note that cash held in Mercury will allow for higher credit limits than cash held outside Mercury. To learn more about getting access, reach out to support@mercury.com.
Choosing which linked accounts contribute to your credit limit
If you want to exclude your linked accounts from impacting your overall credit limit, update your IO account settings on the credit page. At the moment, you can only include or exclude all linked accounts at once. We’re working to introduce the option for including and excluding individual linked accounts in the near future.
Linked account reconnection
If your linked accounts lose their connection to Mercury, we’ll send you an email and give you 7 days to reconnect your account before changing your credit limit.
How your limit can evolve
Limits are reevaluated monthly, but may be evaluated more frequently if there's a significant drop in your Mercury balance. This means that your limit will naturally increase as your business grows.
If you need a more urgent credit limit increase, email support@mercury.com and we'd be happy to take a look.
How do I request a higher limit?
- For account-level limits across your IO account, head to your Credit Card page and click Request a Limit Increase. Your request will be sent to our Credit team for review.
- For card-level limits, head to your Cards page to locate the card that needs editing. More details can be found here.
The IO Card is issued by Patriot Bank, Member FDIC, pursuant to a license from Mastercard.