£100 Contactless Limit - What You Should Know

Financial Health

On 15th October 2021 the limit on the amount we can spend using contactless bank and credit card payments increased from £45 to £100.

Over the last year more of us have been using contactless payment as it’s a quick and easy way to pay for goods and services without having to enter a PIN.

Contactless card limit increase - how safe is it?

Why is the contactless limit increasing?

The new limit of £100 is to give us more choice when making purchases in store. Many of us now prefer to pay by contactless with this type of payment accounting for more than a quarter of all payments made in the UK last year.

The new limit may not be available in every shop from 15 October as each payment terminal needs to be updated. To find out if a retailer has updated to the new limit, you should ask in store before paying.

Are contactless cards safe?

Each contactless card has a build in security check which is why from time-to-time we’re asked to enter our PIN when paying for items. You’re fully protected against any unauthorised transactions. If you fall victim to fraud, you’ll get all of your money back and not be left out of pocket.

The cumulative payment cap has been set to £300. This means if your card is stolen, this is the maximum fraudsters are able to spend before they’re asked to enter the card’s PIN.

How to protect yourself from contactless card fraud

There are ways you can keep yourself and your card safe from fraud including:

Keep your card out of sight

Make sure your card is not in an easily accessible place or on display as this increases the chances of your card being ‘skimmed’. Fraudsters sometimes carry skimming devices which reads the magnetic stripe on the back of your card.

Ask for proof of purchase

Always ask for a receipt after buying an item as this will allow you to check if you’ve been charged the correct amount and keeps you on track with your spending.

Check your bank statements

Regularly checking your bank statements or online banking app means you can spot unusual transactions on your account.

Report lost or stolen cards

You should contact your bank straight away if you lose your card or think it might have been stolen.

Opt out of the increased limit on your contactless card

Many financial institutions offer consumers the option to opt out of the contactless limit increasing. You can contact your bank to discuss options that are available to you. You may consider using a chip and pin card only.

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