Beginning in mid-October, the amount you can spend on your bank cards in a contactless format is to be raised from £45 to £100.

Some see this as a good thing, you can make larger purchases, and just “tap and go” as they say. Others see this raising of the contactless limit a possible recipe for a financial disaster.

Should you lose your card, or someone takes it from you, they can then spend up to £100 each time they use the card. Granted most banks after a few contactless purchases request you insert the card in the card reader and enter your PIN. Also many mobile and Internet banking apps allow the user to cancel their card immediately via the app, should they find their bank card missing.

So there are pros and cons to this increase.

However, if you are one of those that is not comfortable with this contactless increase, many banks allow you to set limits on the amount your card can be used for a contactless payment. You need to either contact your bank to inquire, or research this on your mobile banking app, if you have one, or your online banking.

Some banks even allow you to opt out of contactless purchases altogether. Again, this can vary from bank-to-bank.

Leave a Reply

Your email address will not be published. Required fields are marked *