Contactless card limits have gone up to £30
Blowing the overdraft just got easier
More money can be spent on contactless cards from today as the limit has been increased to a generous £30.
The limit for a single payment has been raised from £20 up to £30.
This means we can spend less time entering PIN numbers and wasting time waiting in line.
“Tap and go” cards have been making everyone’s lives easier since 2007, and there are now 58 million of them in the UK.
What’s more, a whopping £2.5 billion was spent using “tap and go” in the first half of this year alone.
Contactless is accepted in a range of places including London Buses, the tube, McDonald’s, Greggs and Aldi.
According to the Cards Association, more contactless transactions took place during the first nine months of 2014 than in the previous six years combined.
Richard Koch, head of policy at the UK Cards Association, said: “Contactless payments are fast, easy and secure and use the same robust encryption technology as chip and PIN.
“Consumers are increasingly choosing contactless as a way to pay and the new £30 limit will give shoppers and retailers even more opportunities.”
The contactless limit was last increased in June 2012 when £5 was added to make the minimum amount £20.
Before this it was brought up from £10 to £15 in 2010.
But not all retailers will be accepting the new limit from today.
Software updates will need to be added to individual machines to allow them to accept the new higher amount, so it might take a few days to come through everywhere.
This comes after certain banks started offering out massive £3000 overdrafts for incoming freshers.
Banks such as Halifax and HSBC are leading the way for filling our accounts with more cash, offering a £3000 safety net.