How to troubleshoot "Insufficient quota" when there is available balance?

I have $10 available credits but the API is returning:

You exceeded your current quota, please check your plan and billing details.

  • Also on “USAGE” it gives me usage limit as $0 and “Increase Limit” button.
    I have obviously clicked the Button and I have decreased from the $120 limit to $50 to see if that triggers a change - but no, it says limit is still $0.

The payment to OpenAI was made about 2 hours ago and is clearly shown in BILLING available credit

If as I did you upgraded from an old/expired/previous FREE TIER… then I got a new API Key once the account had money