So many of us simply tap our bank card and pay our money. How often do you do this? This can be for supermarket shopping, restaurant bills and even services from small businesses. With the contactless limit about to rise, many people feel that the control of their money is being taken. They want it back. All our financial situations are different so surely a one size fits all approach doesn’t work. This is why some banks are going to let you set your own contactless limit. Let’s have a look at what’s changing and how you can keep a handle on how you can spend.
What Is The Contactless Limit Rising To?
The contactless limit has already risen previously, however it is due to jump again on 15th October 2021. It is currently £45 but will rise to £100. Meaning you can simply tap your contactless card without having to enter your PIN number. Many people feel that jump is huge. It’s over double what it is now. What if your bank card was to be stolen? Many of us are living without much cash so even losing £100 if you card was to be pinched would be a huge impact to your finances.
How Can You Set Your Own Contactless Limit?
With the rise, some banks are letting you set your own contactless limit. This is fantastic for those who are perhaps worried about theft and the impact losing their card could have on their money situation. At the time of writing this, some different banks will allow you to set your own limit, some even letting you lower it down to just £10. There are some banks would are letting you switch it off completely, which could help those who find it all too easy to simply beep their card without thinking about the money they are spending. This can be done via the app, website, over the phone or by going into a branch. The banks having confirmed these functions include Bank Of Scotland, Halifax and Starling. Hopefully others will follow suit.
Pay Via Your Phone?
It is worth noting here that if you pay via your phone, there are no upper limits when using facial recognition or fingerprint to pay. You would have to speak to the bank of your account that is linked to your biometric payment to put a cap on these payments. Furthermore, be sure to take control of your mobile and smart watch payments that are connected to your bank account.
In conclusion, with the rise in the contactless limit, if your bank card was to be stolen, it is even more important to cancel it as soon as possible. Notify your provider quickly and further payments can be stopped. There are fraud actions being put in place which will prevent multiple transactions from the same card. It’s worth looking at your contactless card as cash. Finally, how much would you feel comfortable walking around with? Think about that and set your own contactless limit.
