As there is talk of increasing contactless payments from £100 or even scrapping the limit. I have returned my debit card to pin only.If this does go limitless losing a card could prove very expensive.
I have a spare Monzo card that I put £100 on when I set off for the match. Before that I used to freeze my NatWest card with the app which I sometimes do if I’m travelling. If I lost the Monzo card I wouldn’t be in a rush to get it back.
hate going over this but when we were growing up you learned to keep a tight hold of your cash as it had to last till next pay day, we get called a few names but it is far too easy now to just spend using a card while my advice has always been 'if you cant afford it now, save up'...never been a fan of debt and hate not having that control over money now. it is also a lot harder to live now so realistically every penny counts, more so than ever...plus the 'want it now' craze which has people upgrading to a newer model even though the old one does exactly the same job, rant rant rant etc...
I rarely keep more than £100 in my debit account, just move money in from a savings account when I need it. It's no different to not taking all your money out with you when we all carried cash, just carry what you need. Takes seconds to do a transfer on a banking app, I've really no problem if they raise or remove the cap.
It's easier to freeze your debit card now if you do lose or misplace it Customers are well protected by current regulations around transactions The risk of the changes is more on the bank and what their risk appetite is like
Some folk don't use debit cards often, if one has been lost or stolen without owners knowing. Could be well out of pocket by the time it is noticed. I prefer safety first.
Apple/Android pay exists, and unless someone takes your phone and your face it’s essentially safe. Far safer than a debit card that just needs a tap. If someone has taken my phone and my face I’ve probably got little concern what they do with my money. Can’t remember the last time I handled cash.
Starling card or Monzo. Used to have both, but just Starling now. Both really good, cancel with your phone instantly. Also, very good when abroad. You pay hardly any commission. And, I make a point of using cash sometimes. They, that is the banks, the government, would love to reduce cash to as little as possible, or get rid of it. On that basis alone, it's worth doing IMO. None of them have our interests at heart when it comes down to it . Use it or lose it
I use GPay but it's annoying when I hit contactless transaction limit and have to use chip and pin. If that didn't happen I wouldn't carry a card either.
Aye there’s already no limit on Apple Pay. Apple Pay is pretty much flawless just don’t accept all card issuers.
Most people now have banking apps on their phones so get notified quickly if spending happens on a lost or stolen card Fraud is obviously still a huge issue in the UK but it's now Scams that people need to be wary about I work in Fraud and some of the scams I have seen are scary and often end up being in the 10s of thousands
I've been the victim of card fraud in the past where they drained my current account and all my direct debits for the mortgage, council tax etc., were due out. The bank gave me a temporary increase on my free overdraft so my bills were paid. It took a couple of weeks to sort out getting my money back. I now don't use the debit card on my main current account. That's still used for wages going in and bills coming out on direct debits. I've got a second current account without an overdraft that I call my spends account. I just top it up with small balance from my main current account and use that debit card for spending with. If that card was lost or stolen, they'd only be able to spend a small amount and I'd still have access to the money in my main current account. It takes seconds to transfer money into on on my banking app.
This is where payments by phone win. You can’t drain an account that way. You have to Face ID for every new payment. You can have a card in your pocket and people can lift that data with a handheld device just walking past you.
That’s my system Becs . Extra advantage is you separate your disposable spends , and leave money in the “ income “ account so spending doesn’t leave your bills short.
