Getting a high limit on your business credit card could be difficult if you have a low credit score or don’t meet other requirements companies might consider before granting you a high credit limit. Here are a few alternatives to consider.
A business loan. Depending on your needs, you can get vehicle financing, equipment financing, invoice financing, term loans or government-backed SBA loans. After your company’s financials improve, you can always apply for a business credit card.
A charge card. A charge card charge card will sometimes offer higher credit limits as a tradeoff for the fact that you can’t carry your balance. That means you’ll need to pay off your card at the end of each month, so you’ll want to ensure you have enough cash coming in to pay for your expenses.
A secured business card. Finally, you may find a secured business card that allows for a high spending limit. This is mostly useful for building business credit, as your business will need to front the large security deposit before you can access your credit line.