Meaning of “floor limit” in the English Dictionary

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"floor limit" in Business English

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floor limitnoun [ C ]


the largest amount of money you can spend using a credit card or bank card without a store needing permission from your bank or credit card company:

Payment is guaranteed for all sales above a mutually agreed floor limit, providing authorisation is gained.

(Definition of “floor limit” from the Cambridge Business English Dictionary © Cambridge University Press)