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?
Your account limit may change from time to time based on a variety of factors. We'll notify you when this happens. Below are some of the things that can play a role — though limits are evaluated holistically and may vary.
Deposits held in Mercury
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 held in linked business accounts
We may consider balances in externally linked business accounts (connected via Plaid) when determining your IO credit limit. These balances can support your credit eligibility, but cash held in your Mercury account carries more weight.
Note: We do not currently underwrite credit limits based on balances in other Mercury accounts linked to your profile.
Choosing which linked accounts contribute to your credit limit
If you want to exclude your linked business 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 business accounts as a whole.
Linked business account reconnection
If your linked business 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.
Financial statement underwriting
Eligible customers can work with our underwriting team to determine a custom limit based on your company’s full financial picture. Customers with limits based on financial statements will work with the underwriting team on a quarterly basis to reevaluate limits based on their latest company performance. To learn more about financial statement underwriting and see if you qualify, email help@mercury.com.
Requesting higher limits
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.
- 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.
FAQs
How are IO limits reviewed or increased?
IO limits are automatically reviewed by Mercury’s underwriting team, typically monthly. As your balances and account activity grow, your limit can increase without a manual request.
Customers with limits based on financial statements will work with the underwriting team on a quarterly basis to reevaluate limits based on their latest company performance.
If you need a faster review, an admin can select "Request a Limit Increase" from the top-right of the Credit page.
Can I choose which linked accounts affect my IO limit?
Yes. From your IO settings, you can include or exclude linked external business accounts from your credit-limit calculation. Cash held within Mercury generally supports higher limits than balances held elsewhere.
How can I restore my IO access if it was paused?
You can request reinstatement in your dashboard under Accounts → Credit Card → “Request Reinstatement”. If you don't see this option or the option is greyed out, you will need to have an admin on the account do it or reach out to our support team for assistance.
My IO limit doesn’t match my deposits (if you have less than $5,000 in the account)
With the introductory IO card, your spending limit equals your available cash balance, up to a maximum of $5,000.
Here’s how it works:
- Each day, our system checks your Mercury deposits and sets your IO card limit to match them
- Throughout the day, you can spend up to that amount on your IO card(s)
- At 11:59 pm UTC, we automatically deduct your total IO card spending for that day from your checking account
- The remaining balance in your checking account becomes your new IO limit for the next 24-hour cycle
- Pending transactions will also impact your available cash balance
The IO Card is issued by Patriot Bank, N.A., Member FDIC, pursuant to a license from Mastercard International Incorporated.