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MSE Poll: Should the contactless spending limit be increased?

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MSE Poll: Should the contactless spending limit be increased?

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MSE_PetarMSE_Petar MSE Staff
68 posts
Part of the Furniture Name Dropper First Post
MSE Staff
Poll started 23 February 2021

The financial regulator's consulting on plans to raise the maximum amount you can spend using contactless from £45 to £100 – there's a cap to limit spending if someone takes your card. But where do you think the limit should be set?

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Replies

  • Penguin_Penguin_ Forumite
    489 posts
    100 Posts First Anniversary Name Dropper
    ✭✭
    I pay via my iWatch so I don't know how high the limit is but I know it's in excess of £95.
  • ReecesWaffleReecesWaffle Forumite
    40 posts
    10 Posts
    MoneySaving Newbie
    Of course the limit should be increased. It just so much more convenient
  • edited 23 February at 1:19PM
    EmmiaEmmia Forumite
    849 posts
    500 Posts Photogenic Name Dropper
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    edited 23 February at 1:19PM
    Penguin_ said:
    I pay via my iWatch so I don't know how high the limit is but I know it's in excess of £95.
    Paying on your watch or phone via apple pay etc. has a higher limit than using a card for the transaction.
  • AfourteenAfourteen Forumite
    29 posts
    Third Anniversary 10 Posts
    I'd say there ought to be minimum payment of somewhere around £5 to keep cash in circulation.
  • NotGivingInNotGivingIn Forumite
    12 posts
    Sixth Anniversary 10 Posts Combo Breaker
    Most banks now let you set your own limit for ATM withdrawals, they should do the same with contactless limits. It isn't up to a faceless corporation to decide how much individuals want to hold control of their own funds. I won't use contactless until they recognise it is my money not theirs
    :mad: working my way to financial freedom
  • Christo61Christo61 Forumite
    1 posts
    Third Anniversary First Post
    MoneySaving Newbie
    If it is increased to £100 or more. For safety sakes the credit card machine should be programmed to ask for one of your four PIN numbers. It’s not rocket science.. and will make the transaction a lot more secure.
  • AdenannAdenann Forumite
    2 posts
    Sixth Anniversary Photogenic First Post Combo Breaker
    MoneySaving Newbie
    I wouldn't mind what the limit was increased to, so long as I could choose a personal limit up to that maximum.
    That way, more cautious risk averse folk like me would be happy and the more adventurous would be catered for as well.
  • KassiopeaKassiopea Forumite
    14 posts
    10 Posts Second Anniversary
    How about letting us set our own limit? 
    If stolen the card can be used multiple times  on the limit...so if it were one hundred, imagine how much you'd lose?  To some, losing a tenner would be catastrophic, to others not so - just annoying. That's without the online use.

  • pollypennypollypenny Forumite
    29.1K posts
    Part of the Furniture 10,000 Posts Name Dropper Photogenic
    ✭✭✭✭✭
    In the first lockout I found I'd used contactless so often that forgot my pin!  What an idiot!  
    Member #14 of SKI-ers club

    Words, words, they're all we have to go by!.

    (Pity they are mangled by this autocorrect!)
  • Super_StomperSuper_Stomper Forumite
    94 posts
    Part of the Furniture 10 Posts Combo Breaker Chutzpah Haggler
    I have used contactless more often than usual due to the pandemic but mostly for smaller value items under £30. For anything greater I still prefer to use my PIN with the card. It's probably my age - I'm over 70 - but I still worry that my card could be scanned remotely and cloned and losing £100 in lots of shops along the high street would be a problem for me - even if I could eventually reclaim it back.
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