How to request a credit limit increase for a business credit card

Quick insights

• A business credit card limit is the maximum amount of money you can spend on the card.
• If you’re hitting your credit limit every month—and ideally, paying off most or all of the balance—it may be a sign that you’re ready for an increase.
• You can request a credit limit increase over the phone or, in some cases, online.

If your business credit card limit is no longer working for your business, you may be thinking about whether an increase is a responsible choice and how to improve your chances of getting one. A credit limit increase on your business credit card can help you get access to more capital and may boost your purchasing power.

Here’s what you need to know about business credit card limits and how you may be able to increase yours.

What is a credit limit?

A credit limit is the highest amount of money a credit card issuer will let you spend on the credit card. The card issuer may determine your limit based on several factors, including your revenue, business credit score and history and debt as a percentage of your income.

When you apply for a business credit card, you’ll be given an initial credit limit, and then the issuer may evaluate your account periodically for credit limit increases.

Generally, a business credit card limit is higher than what you could for a consumer card.

How to know if you should request a credit limit increase on your business credit card

If you’re hitting your limit every month, that may indicate that you’re ready for a credit limit increase. Of course, it may be helpful to consider how much of your balance you’re paying each month. If you’re making the minimum payment each month, a credit limit increase may not be helpful because it could lead to more debt and interest.

Many credit card issuers automatically assess your account for a credit limit increase every six months. You can still request an increase outside of that timeline, but you may be less likely to get one if you’ve had a recent increase.

You can call the credit company to ask for an increase, or some companies may allow you to request one online. If you call, you may be asked why you need more credit.

Factors that can help you get a credit limit increase

You may increase your chances of approval for a credit limit increase if you have a good track record of paying your credit card bill on time and your business revenue has increased although this is not guaranteed.

Maintain a strong payment history

Credit card issuers want to minimize risk. A consistent payment record may indicate to card issuers that you could be a good candidate for a credit limit increase. Here are some things you can do that may boost your chances of getting a limit increase:

• Consistently make on-time payments
• Make payments higher than the minimum payment
• Pay the balance in full if you can

These payment behaviors could provide evidence that you could be likely to handle a credit limit increase responsibly.

Keep your revenue and income information updated

If you’d like a credit limit increase, it could be beneficial to report any increases in revenue or income to the issuer, which you may be able to do online. Some cards allow you to declare both your personal income and business revenue. Be prepared to show documentation of any increases in revenue.

Request a credit limit increase for your Chase INK credit card

Like many business credit card issuers, Chase evaluates your account for credit limit increases periodically, but you also have the option of asking for an increase. Call the number on the back of your card if you would like to request one.

It may be helpful to prepare any relevant information. Be ready to speak to why you want the increase and provide documentation of any revenue increases.

Don’t have a Chase INK card? Compare  Chase business credit cards and explore rewards and benefits to find the best option for your business’s needs.

In summary

You may be able to secure a credit limit increase on your business credit card if you have a strong payment history on the card or your business has seen a recent revenue increase.