InvestorQ : Why should one set a transaction limit for his/her debit/credit card?
Gauravi Patel made post

Why should one set a transaction limit for his/her debit/credit card?

Answer
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Anushri Vasa answered.
1 year ago


While all banks have stringent security measures in place, there are still numerous frauds occurring on a daily basis involving credit and debit cards.

But if you keep a limit on the transaction limit, then you lower the risk of losing a huge sum of money. Let’s say you have kept a transaction limit of Rs 5000, and a fraudster uses your card and tries to withdraw/swipe your card for a higher amount, then the transaction will fail.

Thus, adding a transaction limit will give your card an additional layer of protection.