Learn how to adjust the spending limit on your Corporate Card, aligning it with your business requirements. You can be flexible in increasing or decreasing your card limit, aligned with how your need evolves. In this article, we will delve deeper into several card limit rules and how to do that properly.
Table of Contents
- Difference between Company Limit and Card Limit
- Streamlining Approval Workflows
- How to Adjust Your Company Limit
- How to Adjust Your Card Limit
- Related Articles
Difference between Company Limit and Card Limit
Company Limit: The Bigger Picture
Before we dive into the nitty-gritty of adjusting card limits, let's clarify what a company limit is. Essentially, your company limit is the overall limit cap assigned to your business, which applies for both Physical and Virtual Corporate Cards. It's like an umbrella under which all card expenditures occur.
When you get started with a Corporate Card, you have the flexibility to request your company limit. Once your Company limit has been approved, the Business Owner has the power to allocate portions of that limit to individual cards within your organization. To maintain compliance, the total of all Virtual and Physical Card limits must not exceed the approved Company limit. This visualization ensures that you grasp the concept thoroughly.
You can easily find the details of this overarching limit on the Corporate Card menu in Jack Portal. Remember, only the Business Owner and Admin have the privilege of accessing these details because this information affects the financial health and direction of the entire company.
Card Limit: Your Personal Spending Power
Out of this total company limit, individual limits are assigned to each card – meet the card limit. This limit determines how much you, as a Cardholder, can spend. It's your personal slice of the company's financial pie.
Checking card limits is very simple! You can access it directly from your Jack Portal or Jack App inside the card details page. However, bear in mind that Business Owner, Admin, and Bookkeeper can see all card limits issued per card within the company, while Employee can only see the card limit of their own card.
Streamlining Approval Workflows
Adjusting card limits is a decision that requires careful consideration. To maintain the integrity of your financial governance, it is crucial to have an approval process in place. We understand that different companies have varying approval workflows, which is why our Corporate Card solution provides a flexible approval workflow feature.
As a Business Owner or Admin, you have the power to define the rules of the approval process. For example, you can designate an Admin to approve card limit adjustments below a certain threshold, while higher adjustments may require the approval of the Business Owner. This flexibility empowers you to customize the approval workflow to align with your organization's unique hierarchy and decision-making processes. Learn how to set up an approval workflow in this article.
How to Adjust Your Company Limit
In the dynamic business landscape, there might come a time when your company requires an increased spending limit. We equip you with a simple process to adjust your company limit using Jack Portal. If you're a Business Owner or Admin, here's a concise guide on how to go about this:
Initiate the Request
Go to the Corporate Card menu and click on the Request Limit button, located at the top right of the page. This action will bring up a pop-up form, the first step towards expanding your company's financial capacity.
Detail Your Request
Inside the form, specify the new limit you're seeking and justify why this increase is necessary. Make sure the amount aligns with your company's projected needs and growth. After that, click Next to continue.
Review and Submit
Double-check your limit request summary, then click Request New Limit. Your request will then be sent off for review by our team.
Patience is a Virtue
After submitting, your job is done. It's now a waiting game as your request is reviewed. Keep in mind, this process is essential to ensure your company's financial stability, so some patience is required. Soon enough, you'll hear back on your request.
How to Adjust Your Card Limit
Business Owners and Admins can adjust card limits for all Physical and Virtual cards in their company, while Employees and Bookkeepers can only adjust limits for their owned cards. Adjusting your card limit can only be accessible using Jack Portal. Now, let's explore the practical steps in adjusting the limit for your Corporate Card. By following these steps, you can gain greater control over your spending power.
Find Your Corporate Card that You Wish to Adjust
Log in to Jack Portal and click the Corporate Card menu.
In the Issued tab, click on the card that you wish to adjust to open the comprehensive card details page. You can only adjust the limit of cards with ‘Active’ status.
Click More button, then Adjust Limit.
Request Limit Adjustment
Here, you will find the following fields to fill on:
Limit Renewal: Choose between a monthly limit or a one-time use card, depending on your specific needs and preferences.
New Limit: Input the desired new limit for your Corporate Card. It's important to note that you can only input a different amount from your current limit, ensuring a manageable adjustment process. Business Owners and Admins can see the available company limit to ensure that the new limit request does not exceed this.
Reasons: Although optional, providing a brief explanation for the requested limit adjustment can help your Approver understand the purpose behind your request more effectively.
Submit and Await Approval
Once you have filled in the necessary details in Step 3, click the Adjust Limit button to submit your request and your card status will change to ‘Request Limit’. Now, all you need to do is wait for your Approver to review and approve the adjustment*. To quicken the process, we recommend reaching out to your Approver and ensuring a fast and seamless adjustment experience.
*limit adjustment by the Business Owner and Admin will automatically change.
New Card Limit is Granted!
Once a new limit has been applied, you can see the real-time update in the Card details page, learn to access the page in here. Your card status will be back to ‘Active’. Start spending more yet wisely! Keep track of your remaining limit available cause your transaction will fail if over limit.
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