Spending Period Limits let you set how much money a cardholder can spend from their Visa® Prepaid Card balance during a day, a week, or a month. You can find this setting in the Spending Limits section of the Card's Spending Settings page. It's a helpful tool when you'd like to move a larger withdrawal onto the Card from the Vestwell platform and keep those funds from being spent all at once.
In this article, you'll learn how Spending Period Limits work, how to tell whether the feature is turned on, how the cardholder can check what they have left to spend, and answers to common questions.
Before you begin
- You'll need full access. Only users with full access can change Spending Settings, including Spending Period Limits. If you have read-only access, please ask a user with full access on your account to complete these steps.
- Don't see the feature? If you're interested in Spending Period Limits and don't see the option on the Card's Spending Settings page, please contact our Customer Support team, and we'll be happy to turn it on for you.
How Spending Period Limits work
When a Spending Period Limit is in place, the cardholder can spend up to the lower of two amounts: their Card balance, or the amount remaining in the current spending period.
- Example 1 – The limit is lower than the balance. If the Card has a balance of $500.00 and a weekly Spending Period Limit of $100.00, the cardholder can spend $100.00 each week. If the cardholder tries to spend more than $100.00 in a week, the Card will be declined.
- Example 2 – The balance is lower than the limit. If the Card has a balance of $10.00 and a weekly Spending Period Limit of $100.00, the cardholder can spend up to $10.00 (the amount available on the Card) until more money is added to the Card through a withdrawal from the Vestwell platform. See Transferring Funds to the Card for how to start a withdrawal.
Using this feature for the first time? We recommend letting the cardholder know that their Card can only be used for a certain amount each spending period. Cardholders who know about their Spending Period Limit tend to experience fewer declined transactions.
Frequently asked questions
When do spending periods reset?
- Daily spending periods reset every day at 2:00 a.m. Pacific Time (5:00 a.m. Eastern Time).
- Weekly spending periods reset every Sunday at 2:00 a.m. Pacific Time (5:00 a.m. Eastern Time).
- Monthly spending periods reset on the 1st of every month at 2:00 a.m. Pacific Time (5:00 a.m. Eastern Time).
How do I know when the feature is turned on?
When the Spending Period Limit box is checked, the feature is turned on.
Where is the Spending Period Limit setting located?
You can find this setting in the Spending Limits section of the Card's Spending Settings page. For more on the Spending Limits section, see Spending Settings - Spending Limits.
Can cardholders see how much they have left to spend in a given period?
Yes. Cardholders with a Spending Period Limit can check both the amount remaining in the current spending period and their Card balance in either of these ways:
Option 1 – Online dashboard: Cardholders can sign in on their plan's sign-in page using the last 4 digits of the card number, the last 4 digits of their Social Security number, and their full date of birth. You can find the sign-in page for each plan in ABLE Visa® Card - How to Log In Online.
Option 2 – Automated phone system: Cardholders can call the automated phone system for their plan and follow the prompts to hear their current balance and the amount remaining in the spending period.
- STABLE Account: 1-888-364-8430
- All other ABLE accounts: 1-888-219-9054
- 529 Savings Plan accounts: 1-888-442-8480
Does a pending transaction count against the Spending Period Limit?
Yes. The amount remaining in the spending period goes down as soon as a transaction is pending.
What if the pending amount is higher than the amount the merchant finalizes?
If the merchant finalizes a transaction for less than the pending amount within the same spending period the Card was used, the amount remaining will update to reflect the finalized amount.
Gas station holds are a common example. Say the cardholder has a weekly limit of $100.00 and uses the Card at a gas pump on Monday. The pending gas station transaction is for $50.00, so the amount remaining for the week is $50.00. If the gas station finalizes the transaction for $30.00 on Tuesday of the same week, the amount remaining for the week adjusts to $70.00.
How do merchant-canceled transactions affect the limit?
If a merchant cancels a transaction in the same spending period the transaction was made, the amount remaining in the spending period goes back up to reflect that the transaction didn't happen.
If the cancellation happens in a new spending period, it doesn't change the new period's amount. For example, with a weekly limit, if a transaction takes place in week 1 but is reversed or canceled in week 2, the reversal won't affect the week 2 limit.
What happens if I change the limit?
If you switch the time period or the dollar limit, the amount spent is recalculated for the new time period (see "When do spending periods reset?" above).
For example, say a cardholder spends $40 in week 1 of the month and $30 in week 2. If you change a weekly limit of $50 to a monthly limit of $200 in week 3, the amount remaining for the month would be $130 (out of $200).
What happens if I change the limit and the cardholder has already spent more than the new limit?
All new transactions will be blocked right away.
What happens if the amount remaining in the spending period is greater than the Card balance?
The cardholder can only spend the amount available on the Card.
If you have any questions about Spending Period Limits, please don't hesitate to contact our Customer Support team.