OpenAI is using the same error code 429 for both rate-limiting issues and billing issues. Please refer to this article from OpenAI.
OpenAI Account Requirement
Make sure you have the right subscription plan with OpenAI. ChatGPT Plus subscriptions do not cover API access, which is required for these automations!
⚠️ You need an account on platform.openai.com, not chat.openai.com
Other Errors
Error code 404 you must be a member of an organization to use the API: In some cases, you may get this error as well. Follow this link to the OpenAI site to learn more.
Error: 400 Billing hard limit has been reached: This error can appear when you don't have a payment method set up on platform.openai.com, or don't have any credit in your OpenAI account to use the API. An example of a feature that can trigger this error is the DALL-E image generator.
Keep in mind that a bad request can also result in a 404 error. This issue may occur if an incompatible file is provided to ChatGPT. For example, if the filenames have an incorrect file extension for the transcription automation.