API billing error: "Billing hard limit has been reached" immediately after first top-up

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Hi everyone,

I just topped up my OpenAI account with $5 for the first time today. My API key is active, I confirmed my organization, and the usage dashboard shows 0 total usage and no limits reached.

However, when I try to generate images via the Playground or API, I get:

Billing hard limit has been reached.

And when I try to use any of the text models via the API, I get:

You exceeded your current quota, please check your plan and billing details. For more information on this error, read the docs: https://platform.openai.com/docs/guides/error-codes/api-errors

I haven’t made a single request yet, and everything in my dashboard is at $0 usage.
The “Usage limits” section is set to the default $120, and I have not reached it.
I also confirmed that my organization and billing are active.

Is this a known bug or is there something else I should configure?

Thanks in advance!

The first time you add credit, it may take up to 30 minutes for the update to be reflected.