What is spend cap, and what is the difference between my spend limit and my spend cap?
Spend limit is set by Afterpay and is the maximum amount you’ve been approved to spend. This amount can increase and decrease as detailed in our Terms. If you would like to learn more information about spend limits, please click here.
Spend cap is an app only feature that will allow you to cap your spending below your maximum spend limit, with a minimum of $100. It can be applied, updated or turned off by you at any time.
What is Available to spend?
Your ‘Available to spend’ is the estimated amount you can spend using Pay in 4 on your Afterpay account, which you can view in the app. It takes into account your spend limit, spend cap settings alongside any open order amounts and unpaid late fees.
How does spend cap work?
Stay on top of your spending, whilst maintaining your approved maximum limit with just a few simple taps in the Afterpay app.
- Open your Afterpay app and navigate to Settings by clicking the button and tap spend cap.
- You will be prompted with a screen which displays the minimum and maximum spend cap. Enter in an amount below your maximum spend limit and the minimum of $100.
- Once you are ready to set your spend cap, tap Set spend cap.
Example:
Your spend limit set by Afterpay is $2500.
- You set your spend cap to $500.
- Let’s say you change your mind, so you set your spend cap to $800.
Your spend cap will be set to $800 instantly!
If the amount you owe is higher than your spend cap then your Available to spend will show up as $0.
Example:
Your spend limit set by Afterpay is $2500 and the amount you owe is $2000.
- You set your spend cap to $800,
- Your ‘Available to spend’ will show $0 until you have paid back the amount you owe.
- Once you’ve paid back over $1200 your ‘Available to spend' will go up.
- After you’ve paid the Total amount you owe your ‘Available to spend’ will go up to your spend cap of $800.
What happens if I try to purchase over my spend cap?
If you attempt to purchase an item over your set spend cap or have reached your limit, you will receive a message saying that we cannot approve your order due to your spend cap limit.
How do I update my spend cap amount?
- Open your Afterpay app and navigate to Settings by tapping the button and tap spend cap.
- Change the spend cap amount to any amount below your maximum spend limit, with a minimum of $100, then tap Change spend cap.
Once you are ready to update your spend cap, tap Confirm amount.
Can my spend limit reduce below my spend cap?
Yes - your spend limit can increase or decrease as detailed in our Terms. In general, if you have a history of making late payments your spend limit may decrease, and it can go below your spend cap.
How do I turn spend cap off?
You can remove your spend cap at any time by opening your Afterpay app and going to your spend cap settings and tapping Reset spend cap.
Looking to reduce your spend limit?
You can contact us via Help in the app or Click here to fill out a request form to reduce your spend limit.
We can reduce your account limit to suit your budget and pause any increases, just let us know how much you would like to spend and how long you would like the restriction to be in place for. If your current outstanding balance is higher than the spend limit value you are seeking, your current orders will need to be paid down to less than your preferred Spend Limit before you can request for a spend limit reduction.
If we reduce your limit for a period of time, there is no guarantee that your previous limit will be restored immediately. The amount you can spend using Afterpay changes based on your payment history and how you use your account.