“The card tap-and-go spending limit has been raised from £30 to £45
UK shoppers can spend up to £100 using contactless card payments starting October 15th, with more than double the spending limit.
The cap on cards’ tap and go spending increased from £30 to £45 due to growing concern over the spread of the virus after the arrival of the pandemic.
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While many outlets have stopped paying cash, some retailers have lowered prices to make people use their cards more frequently.
The fear has been resolved, but like many, the pandemic has brought about lasting change.
The rollout will begin on October 15th, but some retailers will soon accept high payments.
Laura Suter, AJ Bell’s personal finance director, commented on the news that contactless restrictions would increase to £100 on October 15th.
“About half of all credit card transactions and two-thirds of debit card transactions are contactless, and this number will jump from October. People will be bigger, like filling cars with weekly shops and petrols. Because you can use contactless items.”
“But this move brings more convenience, but it also brings two big warnings. First, it’s a thief’s dream. If the card is lost or stolen, then there’s far more money in each transaction. You can take the pound. Spending £100 on pop without putting a pin, it’s very easy for a thief to quickly pass through the money before he discovers the card is wrapped in Nick.” Suter added.
“Secondly, there are risks for those who are in debt further. The easier it is to make card transactions, the more positive the consumer is to think about how much they spend. It’s easier to get a bigger bill on your credit card as it’s less.
Super suggests that people should be able to set their own card limits for burglars and their own financial management if they want.
