Individual business credit cards and credit limits
You will allocate each cardholder an individual credit limit. The combined credit limit must not exceed the total limit of the facility. At the end of the statement cycle the closing balance of each card is swept up into the Billing Account. One payment is then required to be made to the Billing Account, by the payment due date.
- If the closing balance of the Billing Account is paid in full, each cardholder balance returns to $0. Then, the full allocated credit limit becomes available to use.
- If the outstanding closing balance is not paid in full, credit limit available to each cardholder is reduced.
- The credit limit available is based on the cardholder's credit limit, less their outstanding balance or a portion of what is available in the Billing Account, whichever is lower.
The minimum monthly payment or more needs to be paid to the Billing Account, not the individual cards.