MSE Poll: Should the contactless card spending limit be increased?

Takmon

Pete_Sussex wrote: »

Personally I think contactless is a bad idea. They spent millions implementing Chip & Pin to protect us and now it's bypassed. The other week, tired after a double shift at work, I left my card in the hospital car park machine. Raced back when I realised but of course it was gone. Luckily an honest person had found it and called the bank and it was cancelled. If it had been a contactless card I could have lost up to £180 for a moment's carelessness. That's a lot when you work for the NHS!

williamro wrote: »

Risks if cards are lost are already too great. You could lose 10 x £30 or more in a very short time. Suggest cardholder sets own limit but issuer would have some say especially where cardholder wanted a high limit which would increase risks of losses to cardholder and issuer. I would prefer to set my limit to £20 and be prepared to use a PIN for higher sums. Maybe fingerprint technology will supersede all of this before long.

You don't loose any money when due to contactless fraud because the banks refund it guaranteed.

yorkie22 wrote: »

These are one of the worst idea's yet. I have worked in a shop where thieves have come in and used someone else's card. they try it out with something cheap then they go in for whatever they can. £30 may not sound a lot but after a few times it adds up. It's alright the bank saying ' we will put the money back' but where is all this money coming from to put it back. If the temptation is.'t there they can't spend it. I had contactless taken off my cards. I know you think ' I won't loose my card or risk having it stolen' but those that have lost money probably said the same.:(

If the banks were not making a profit overall from contactless they wouldn't be promoting it so much.

FedUpWithHikes wrote: »

I would prefer the card companies and banks to offer users a non-contactless card option, but as it's their plan to reduce the use of cash (for their benefit), they won't!
1. They cut their costs of handling and transporting cash - and can close more branches!
2. They get a "cut" of every transaction!
3. They gather information of what we buy, where and when, which they can sell to advertisers (or GCHQ/NSA).
4. They hope users will spend more!
I'll stick to cash, and keep my anonymity!
I put some tinfoil in my wallet to protect against fraud! If the crooks areen't already scanning people who walk past, they soon will! No need to steal a card, just charge it!

I much prefer card payments to cash it's far more convienent and if you loose cash it's gone forever. If a payment from a card is taken fraudulently the bank will return you so you get far more protection.

The banks don't get information of what people buy they simply get the amount of the transaction and what company it was paid for. Have you ever used any kind of loyalty card like Nectar or Clubcard? That's what are used to tract people's purchases to gather information for marketing purposes.
If your worried about GCHQ or NSA tracking your purchases then you really need to stop buying illegal things.

I think you need to put some tin foil on your head aswell!. If a their used a card terminal to take fraudulent payments from people walking by then they would soon be caught when all the payments are reported. This is just one of those illogical scare stories to worry the absent minded.

Gordon_the_Moron

Those that want an option of no contactless. You can easily have it for all your cards in one place, get a Curve card and you can lock it via the app between uses meaning it can't be used contactless or not between uses. Takes 5 seconds.

In answer to the question, if banks are willing to be liable for a larger contactless limit that should be up to them.

On a side note, why do you still need to insert your card for PIN transactions? Why can't they read the contactless antenna with a tap then prompt you for a PIN?

Takmon

Gordon_the_Moron wrote: »

On a side note, why do you still need to insert your card for PIN transactions? Why can't they read the contactless antenna with a tap then prompt you for a PIN?

The PIN is stored on the chip and the machine can't access the chip and verify the PIN is correct when using contactless.

MothballsWallet

NaughtiusMaximus wrote: »

Really??? I'm a regular visitor to London for work and didn't know there was a higher limit there. It's not something that's been well publicised so not really surprising some Londoners are being caught out when they go elsewhere.

That's what the man in the National Express Coventry travel shop (in Coventry, oddly enough) told me when I went to buy 15 of their day tickets to top up a Swift card (the West Midlands version of Oyster).

Now, he could have been mistaken, or the people from London he was talking about were mistaken, but even so...

Nick_C

Gordon_the_Moron wrote: »

Those that want an option of no contactless. You can easily have it for all your cards in one place, get a Curve card and you can lock it via the app between uses meaning it can't be used contactless or not between uses. Takes 5 seconds.

Completely agree. The FinTechs are leading the way here. The ability to lock your card on Curve, combined with instant notifications when the card is used, provides excellent protection against fraud.

Revolut is even better. You can disable "swipe" (magnetic strip) payments, contactless, ATM withdrawals, and on line transactions. These are all separate options. Revolut also offers location based security. If your GPS location doesn't match the retailers location, the transaction is blocked.

The downside of Curve and Revolut is that you lose S75 protection.

The banks and legacy credit card providers need to move with the times.

As for the limit - I would like a limit of £50 or £100, but with the ability to control it through an app on my phone. I was distrustful of contactless at first, but I now find it very useful. And the instant confirmation of the transaction on my phone (most of my spend is on Amex) means I no longer keep credit card receipts. A personalised limit of up to £100, controlled by an app, would be good.

Nick_C

Marie - you should contact the MSE Forum Team for Verified User status if you want to post officially on behalf of Curve.

https://www.moneysavingexpert.com/site/forum-faqs/?_ga=2.173026531.1326344987.1554123136-1249048034.1542640373

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