Holidaying abroad this month? Adjusting this ONE setting before you travel could protect your wallet
Experts share ONE VITAL tip to protect your wallet abroad Brits urged to change this setting NOW to stop thieves accessing your money abroad
With August set to be the busiest month for Brits jetting-off abroad, Updraft are urging Brits to update one simple setting that could save them thousands. Eurostat data shows thefts across Europe are rising year-on-year, with rates doubling in tourist hotspots like Florence last year and pickpocketing now accounting for nearly half of all crime in Barcelona.
In light of this, Aseem Munshi, Our founder at Updraft, experts in helping people pay off credit card debt and manage their consumer credit, reveals how making this quick adjustment before you travel, could protect your wallet and prevent your holiday from being ruined by thieves.
“Your phone has become your go-to for everything – paying for coffee, storing your holiday photos, and keeping your important documents safe. It’s amazing how much easier life gets, but it also means everything important is in one place. Taking a few minutes to lower your credit limit is like giving yourself a helpful safety net for your trip; it means that if something unexpected happens, you’re still in control, and you can enjoy your holiday with confidence.”
Aseem Munshi
Updraft Founder & CEO
Why lowering your credit card limit could be the smartest thing you do before jetting-off
Aseem explains, “While the £100 contactless limit helps prevent thieves from taking a large sum in a single transaction, if your card falls into the wrong hands – they can still make multiple purchases before it’s reported and blocked.
“Lowering your credit card limit before you travel means that if your card or phone is stolen abroad, no one can access more than your set limit. You can temporarily adjust this limit through your banking app – a quick five-minute step that could save you thousands.
“With a third of UK adults now using mobile contactless payments, and more people storing passwords and personal information on their phones, thieves can easily access – protecting your digital wallet has never been more important. Lowering your credit card limit not only limits what thieves can spend but also restricts the amount they can transfer via banking apps, buying you valuable time to contact your bank and report the theft. Banks typically require extra authentication, such as one-time passcodes, security questions or even a phone call before approving a limit change.”
Preventing holiday overspending
“Lowering your credit limit not only protects you from thieves and gives peace of mind, knowing your funds are limited if your card is stolen – it’s also a smart way to avoid overspending on holiday.
“It’s no surprise that when you’re in holiday mode, soaking up the sun – you tend to pay less attention to your spending. In fact research shows there’s a clear link between being physically warm & overspending, with studies indicating that physical warmth increases how much we value certain products. In simple terms, when we feel warm, it can trigger a sense of emotional warmth, like comfort or happiness, which makes us more likely to see things as worth spending money on.
“To avoid overspending, temporarily lowering your credit limit can help you manage your holiday budget, saving you from returning home to financial stress and a credit card bill you can’t pay off.”
Final Thought
Want to take control of your money? If you’re looking to consolidate credit card debt and cut down on high interest, download the Updraft app today.
About Updraft
Updraft is an FCA-authorised lender and UK-based fintech aiming to help people swap financial stress for a little more headspace. We blend clever tech with practical tools – including ways to help manage and structure borrowing – designed to make money management feel less like a chore and more like getting your life back on track. Find out more about how we’re rethinking borrowing and money management at updraft.com.
Updraft Awards & Recognition
Recognised for helping UK borrowers take control of debt.
