A limit is a restriction placed on a Float card that determines the maximum amount from the Business's Spending Power that can be spent. By setting a limit on a card, you’re defining how much of the available funds that specific card is authorized to use within the assigned allocation.
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 can set or edit card limits. However, spenders can request new limits by submitting a spend request for their card.
Guide Overview
Creating New Limits on Float Cards
- Creating limits during card creation
- Creating limits on an existing Float card
- How to bulk create limits on existing Float cards
How to View Active Limit Approvers
- Can limits be applied to specific merchants or vendors?
- Why might a card’s limit show a negative remaining balance?
- When I edit an existing temporary limit, does the change take effect right away?
- Does a limit affect my business's Spending Power?
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 reactivated once they have passed their expiration timeline.
Temporary limits can start immediately or be scheduled to start on a future date. Until a scheduled limit's start date arrives, the card will show as having no available limit.
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.
Temporary limits will automatically expire at 12:00 am ET the day after the selected expiry date. For example, if a limit expires on July 22, it will deactivate at 12:00 am ET on July 23.
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, quarterly, 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. A recurring limit can be set to start or end on a specific date - if not specified, it will run indefinitely.
Only one recurring limit can be active on a card at a time.
Creating New Limits on Float Cards
Creating limits during card creation:
- Navigate to Cards > Create Card
- Enter the required card details:
- Card nickname
- Cardholder
- Card Type (virtual or physical
- Currency (CAD or USD)
- Submission Policy
- [Optional] Add optional card details:
-
Limits: Add either a recurring or a temporary limit
- Recurring: Selecting this option will reload funds to a card on your custom recurring interval (daily, weekly, monthly, quarterly yearly)
- Temporary: Selecting this option will request a one-time limit with a predefined expiry date. Once the limit expires, the spending power will be removed from the card
- Override auto-lock settings (if enabled)
- Restrict merchant categories
- Auto-fill transaction details
-
Limits: Add either a recurring or a temporary limit
- Click "Create Card"
- The card will be created with the limits already in place and is ready for immediate use
Creating limits on an existing Float card:
- Navigate to Cards > Use filters to locate the card
- To the right of the card, select "Add Limit" > Select "Temporary Limit" or "Recurring Limit"
- Enter the limit details > Select "Apply Limit"
How to bulk create limits on existing Float cards:
- Log in to Float as an Administrator
- Navigate to Cards > Bulk select the cards by clicking the checkbox beside the card's name
- Select "Add Limit" > Select "Temporary Limit" or "Recurring Limit"
- Enter the limit details > Select "Apply Limit"
Important considerations:
- Temporary limits cannot be converted to recurring limits, and vice versa
- Cards can only have one recurring limit at a time
- Amounts and renewal schedules can be edited as long as the limit and card are still active
- Limits (Temporary or Recurring) can be scheduled to start immediately or on a future date chosen at creation
How to Edit Existing Limits
Editing a limit on a Float card is a simple process that can only be done by an Administrator.
To do so:
- Log in to Float as an Administrator
- Navigate to Cards > Use the filters to find the card > Click the card to open the Card Details page
- Under the Spending Limits header > Click on the existing limit that you wish to edit (Recurring or Temporary) to open the Edit Limit pop-up window
- Input the new limit details > Click Confirm
FAQs:
Can limits be applied to specific merchants?
No, it isn't possible to apply limits to transactions with specific merchants or vendors, or to fully block or restrict transactions with specific merchants or vendors. To restrict purchases by merchant category, see: Merchant Category Controls on Cards.
Why might a card’s limit show a negative remaining balance?
A card limit may show a negative remaining balance if a merchant force-captures a transaction, or if the recurring limit is reduced to less than the amount already spent before it refreshes.
When I edit an existing temporary limit, does the change take effect right away?
Yes. Any changes to a temporary limit take effect immediately. If you're editing a limit that's scheduled to start on a future date, the changes take effect on that start date instead.
Does a limit affect my business's spending power?
No. Since funds are not removed and placed “onto” the cards, your business’s Spending Power is only affected by the funds that have actually been spent.