How to know what the debit card spending limit is and how to increase it

Avoid embarrassing moments due to a possible transaction rejection.

Many Americans believe that by having a checking account with a debit card they can spend as much as they have an available balance, without worry and assuming that they do not risk any debt as they would with a credit card, since the money with which they make their shopping is yours. But there is the daily limit that could make you spend embarrassing moments when your payment is rejected.

No matter how much money you may have in your account, your debit card’s spending limit depends not so much on your balance as it does on the amount of money you spend on your purchases. The important thing is that this benefit of some bank accounts exists to protect your money from a scammer who could have your debit card lost or stolen and with whom you could block the damage to your finances.

This feature is functional as long as you are aware of it, because if you are not aware of it, then it is possible that your card will be rejected in a transaction, so we recommend that you do the following:

1. Know the limit established by your bank

People are often unaware of the daily limit on their debit card. A phone call to the bank, a visit to the branch, looking at the bank’s account disclosures or the account agreement are some of the ways you can find out what your debit card’s daily limit is.

2. Request a limit change from your bank

Contact your bank to see if they might increase your debit card’s daily limit on signature and PIN purchases. An increase in the daily purchase limit of your debit card at the point of sale should allow you to make larger purchases with it, much more if you have sufficient funds. The limit change can be to have more or even less than what you currently have. Taking advantage of the request, you could also request a change in your daily ATM withdrawal limit.

3. Decide how long you want

According to a case reported on Bankrate, you can change your daily limit permanently or temporarily depending on your needs. Perhaps when you make a very important and expensive purchase such as an engagement ring, you can request a limit extension for the day you are going to make your purchase and return to your usual limit.

In the same portal they recommend that if you are going to make larger purchases, perhaps you should consider doing it better with a credit card, since if you do not have enough cash to make it, you could incur charges for overdraft or rejection of your transaction.

It is important that you know your daily debit card limit and that you are constantly monitoring it on your bank’s mobile application, website or ATMs. Likewise, also ask for a transaction alert option to be informed immediately as soon as a suspicious payment arises due to identity theft, theft or loss of your card.