To maximize the use of your Spark Business Card, the key to having an understanding of its credit line. With all the stuff your business card can do, there are five key strategies to fully benefit from that credit limit.
1. Get the Hang of Credit Utilization
2. Max Out Those Cash Back Rewards
5. Grow Your Business with More Credit
1. Get the Hang of Credit Utilization
Credit Usage is a significant factor because it affects your credit rating. When you figure the percentage of your credit limit that you are Utilization of, you can be cautious with spending and keep your score in good shape.
Like, if your card says you can spend $10,000 but you're always using $9,000, that's a 90% utilization ratio. Most folks say you want to keep it under 30%.
2. Max Out Those Cash Back Rewards
People love business cards for the cash back deals. A bigger limit means more cash back, especially if you're about to drop a pile of cash on something big. Case in point: If you're in the market for a new computer, a bigger limit might net you a sweeter cash back deal.
3. Be Ready for Emergencies
Life can throw curveballs, and emergencies can pop up out of nowhere. A bigger credit limit on your Spark card can help you handle surprises. But, you gotta play it smart and pay it all off to avoid paying a ton in interest.
4. Build Your Credit Up
Utilizing your card right and making timely payments will help establish a robust credit history. Having a larger credit line can speed up that procedure, especially if you're newcomer or trying to increase your credit score. Just remember, credit is a tool, and you gotta use it wisely.
5. Grow Your Business with More Credit
A bigger credit line can give your business more chances to grow. Whether you're after a large order or looking to expand, Greater Credit can give you the flexibility to seize those opportunities. Just make sure you strategize on how you're going to spend and pay it back to mitigate financial stress.