Contactless Payments

maman

Rosemary7391 wrote: »

I actually saved money once our buses started taking contactless. They're exact fare only and of course you can't find out what it is in advance, so I've had to overpay before. Now I just tap my card and it's much quicker than using cash.

That's a good point. I remember, back in the day, people taking utility bills into their building societies to get cheques issued to pay them exactly. That way they saved because otherwise they'd have probably drawn out cash to the next round figure and frittered the change away.

ColinB

I'm generally pretty happy with contactless and use it all the time. However I've come across a new issue that I've not heard anyone mention before.

When you pay contactless you're asked if you want a receipt ... I used to say no, but now I ensure I get it. If I said "no", sometimes I saw the receipt got printed anyway and went straight in the shop's bin.

If you look closely at the receipt you'll see it contains the card number. Usually this is mostly asterisked-out so you can only read the last few digits. But I've also come across some which print out the full 16 digits and the expiry date (not the CVV though).

This seems like a potential fraud risk to me, and I'm really surprised that some shops do it. It would be too easy for someone to go through their bin later and harvest a bunch of card details. So I now make sure I get the receipt and can destroy it myself. So, do folks think there's a risk there or am I being unnecessarily paranoid ?

LameWolf

My issue with contactless isn't a fear of overspending (if it's not on my shopping list it doesn't get bought, no exceptions) but that I will, in the way people with lupus brainfog do, forget exactly what I have spent, and where I spent it, with the result that I cannot accurately fill in my spends on my spreadsheet when I get home (this is how I keep track of the household finances).

I don't have a smartphone to be able to keep track that way; and one is not always even offered a receipt in some places.

newatc

I find the reconciliation of contactless payments impossible for shops which I use regularly. I looked on my account and there are a good number of payments for Costa Coffee which I use regularly but never more than once a day. Yet there will often be days on the account which have multiple (usually only 2) entries on the same day so clearly the date is not the date of the transaction Frankly I can't determine where the total number is correct (seems a lot at times) so I have decided not to use contactless regularly in the same outlet (eg Costa).

mirko

At the end of every month I tally up just how much we spent on different categories like petrol, food, kids activities, pets, car etc.

There's always a category called "CASH", which is when we use ATMs, I mean I have a decent idea where that cash has gone - a few things I need cash for - car parking at times, and breakfast clubs. However, I don't always know where all of it has gone.

I use contactless as often as possible so I can track where the money has gone, even if it's 50p to Asda for a loaf of bread. If I see that on my bank statement at the end of the month I can put that in the "food" column.

Citygirl1

mirko wrote: »

At the end of every month I tally up just how much we spent on different categories like petrol, food, kids activities, pets, car etc.

There's always a category called "CASH", which is when we use ATMs, I mean I have a decent idea where that cash has gone - a few things I need cash for - car parking at times, and breakfast clubs. However, I don't always know where all of it has gone.

I use contactless as often as possible so I can track where the money has gone, even if it's 50p to Asda for a loaf of bread. If I see that on my bank statement at the end of the month I can put that in the "food" column.

Can I ask how you log your finances? I have tried logging everything onto a spreadsheet but it soon goes pear shaped. Say if I buy some food and toiletries at the same store and they are on the same receipt I find it a pain separating them and calculating them within their category. Do you log everything you spend? I am using contactless just now and not even asking for receipts. I am finding it difficult to see what is left over at the end of the month too with contactless. When I was drawing cash out every week, whatever was left in my drawer at the end of the month went into my savings accounts. I can't seem to work it out the same. Any ideas please?

mirko

Citygirl1 wrote: »

Can I ask how you log your finances? I have tried logging everything onto a spreadsheet but it soon goes pear shaped. Say if I buy some food and toiletries at the same store and they are on the same receipt I find it a pain separating them and calculating them within their category. Do you log everything you spend? I am using contactless just now and not even asking for receipts. I am finding it difficult to see what is left over at the end of the month too with contactless. When I was drawing cash out every week, whatever was left in my drawer at the end of the month went into my savings accounts. I can't seem to work it out the same. Any ideas please?

I have that same issue.

For example my wife bought school trousers on the weekly shop this week so an extra £10 will go on the "food" budget - which also includes cleaning goods.

I don't have the patience to go through every receipt.

It's not perfect.

peachyprice

mirko wrote: »

At the end of every month I tally up just how much we spent on different categories like petrol, food, kids activities, pets, car etc.

There's always a category called "CASH", which is when we use ATMs, I mean I have a decent idea where that cash has gone - a few things I need cash for - car parking at times, and breakfast clubs. However, I don't always know where all of it has gone.

I use contactless as often as possible so I can track where the money has gone, even if it's 50p to Asda for a loaf of bread. If I see that on my bank statement at the end of the month I can put that in the "food" column.

Citygirl1 wrote: »

Can I ask how you log your finances? I have tried logging everything onto a spreadsheet but it soon goes pear shaped. Say if I buy some food and toiletries at the same store and they are on the same receipt I find it a pain separating them and calculating them within their category. Do you log everything you spend? I am using contactless just now and not even asking for receipts. I am finding it difficult to see what is left over at the end of the month too with contactless. When I was drawing cash out every week, whatever was left in my drawer at the end of the month went into my savings accounts. I can't seem to work it out the same. Any ideas please?

Monzo does all that for you. It gives you a breakdown at the end of every month, it also has 'pots' to separate out money.

suki1964

Im contactless all the way and I don't have any problem with seeing where my money is going

My banks App is very good and updates immediately. Money that hasn't been taken out of the account is under pending, and contactless payments do seem to hang around a while before they are actioned but all the same my account will show X amount with Y amount available to spend

It also allows me to split my spends, so even on the vary very rare occasion I take cash out, I can still split that up as to where and how I spent it

At a glance I can tell how much I have spent on the car, food, household items, clothes, books - what ever way I decide to label my spends

Its so much easier then cash

And like Mr S, I have my cards on my phone which gives me the added security of thumb print recognition, plus I have all my store cards logged onto it so Im never out the house without them

I only ever take car keys and phone out with me, no handbag, no pockets full of change

And unlike citigirl, I rarely find Im spending when I shouldn't be as I often think to myself Oh I cant be bothered to scan my phone for the sake of a coffee, Ill wait till Ill get home

klew356

I use contactless, im like the queen I don’t carry cash, its upsetting when you go some where and they don’t take card, hello 2018! I get paid non cash, my bills are paid non cash, I don’t need cash so when I do its upsetting, that is all lol :rotfl: