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.
In order to maintain access to IO, we require a minimum average 30 day balance of $25k across your Mercury account. Should your balance fall below this minimum, your available balance may be decreased or reduced to 0 until the requirement of been met once more.
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 help@mercury.com and we'd be happy to take a look.