Float cards can have two types of limits: Temporary and Recurring. By default, if no limit is set on a Float card, its limit is $0.
The key difference between these limit types lies in their cycles and expiration. This article will help you understand the distinctions, so you can make the most of your Float cards.
Only administrators have the ability to set or edit card limits. However, spenders can request a new limits by submitting a spend request for their card.
Temporary Limits
Temporary limits are meant for one-time expenses within a certain time period. These limits will automatically expire on the expiration date chosen during creation. Temporary limits cannot be re-activated once they have passed their expiration timeline.
Limit expiration dates can be edited at any time prior to the set expiry date to reduce or increase the remaining lifespan of the limit.
Professional Plan customers can have multiple temporary limits on a single card.
Recurring Limits
Recurring limits will renew on a timeline chosen by the creator (daily, weekly, monthly, yearly). The limit and the renewal timeline can be edited at any time prior to the card's expiry date by any administrator on the account. These limits will not expire until the card does.
Only one recurring limit can be active on a card at a time.
Creating New Limits on Float Cards
Setting up limits during card creation:
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- Navigate to Cards > Create Card > select Physical or Virtual > input card details
- Navigate to Limits > Add Card Limits > Add Temporary or Recurring limit
- Enter limit details > click Create
- The card will be created with temporary limits already in place and is ready for immediate use
Setting up limits on an existing Float card:
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- Navigate to Cards > choose Virtual or Physical > Select Card
- Navigate to Spending Limits > Select "Create Limit" or "Add Temporary Limit"
- Enter the limit details > Create Limit
Some important things to note about temporary and recurring limits:
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- Temporary limits cannot be converted to recurring and vice versa.
- Amounts and renewal schedules can be edited as long as the limit and card are still valid.
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How to Edit Existing Limits
Editing a limit on a Float card is a simple process that can only be done by an administrator. Follow the steps below to learn how to edit card limits.
Editing limits on Float cards:
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- Log in to Float as an Administrator
- Cards > Physical or Virtual > select the card you want to edit
- Under Limits > select the limit you want to edit (Recurring or Temporary)
- Input the new limit details > click Submit