By default your Opay account transaction limit applies to the physical and virtual card. But what if you want to reduce your spending limit on the card? How can you set it?
This post will show you how to set a card transaction limit on Opay app, safeguarding your account while also helping you manage your spending. By the end of this guide, you will know:
- How to set your card’s daily transaction limit.
- How to differentiate between physical and virtual card limits.
- Key security and financial management practices when using Opay.
Why Set a Card Transaction Limit?
- Guarding Against Unauthorized Transactions: Limiting how much can be spent per transaction or per day helps protect your funds in case your card details are compromised or lost. Even if someone gains access to your card, they will be restricted by the limit you’ve set.
- Managing Spending and Budgeting: A transaction limit encourages better control of your finances. It prevents overspending by capping the amount that can be spent in a single transaction or on a given day, ensuring you stick to your budget.
- Understanding Opay’s Features: Opay provides features that allow users to customize their transaction limits for both physical and virtual cards. By leveraging this, you can enhance your financial security while optimizing your spending habits.
How to Set Card Transaction Limit on Opay App
Follow these five steps to check your transaction limit on Opay App:
Step 1: Open the Opay App
Launch the Opay app on your phone. Log in using your registered mobile number and password.
Step 2: Go to the “Cards” Section
At the bottom of the app, find the “Cards” option, located next to the “Me” button. Tap on it to access your card management page.
Step 3: Select the Card Type
You will see two types of Opay cards: physical card and virtual card.
By default, the Opay physical card will appear first. To switch to your virtual card, either swipe left or tap on the virtual card option.
Step 4: Access Card Settings
Below the selected card (physical or virtual), there will be various options. Tap on “Card settings” to proceed.
Step 5: Set Card Transaction Limit
Tap on “Set Transaction Limit“. You will be prompted to input your 4-digit PIN for verification. Once verified, you can change the daily transaction limit according to your preference.
By default, the limit is set to the maximum, but you can lower it to safeguard your funds.
For Opay physical cards, you can set specific limits for the following:
- ATM Cash Withdrawal.
- POS Purchase.
- Web/Online Payment.
For Opay’s virtual card, you can only set a limit for “Web/Online Payment“.
Note: The maximum daily transaction limit depends on your Opay account tier:
- Tier 1: ₦50,000
- Tier 2: ₦200,000
- Tier 3: ₦5,000,000
Best Practices for Managing Your Card Transaction Limit
1. Regularly Review and Adjust Your Limits:
It’s a good idea to frequently review your transaction limits and adjust them based on your current financial needs or risk exposure. Lower limits can offer additional protection, especially when you’re not using your card frequently.
2. Understand the Impact of Limits on Spending Habits:
By setting lower limits, you’re essentially placing a cap on your daily or transaction-based spending, which can help enforce better budgeting practices. Ensure that your limit aligns with your financial goals.
3. Monitor Card Activity Regularly:
Even with a transaction limit, you should regularly monitor your card activities via the Opay app to detect any irregularities early.
To check it, go to your Opay card section (physical or virtual card), tap on transaction option and view transactions history specific to the card.
FAQs
What is a card transaction limit?
A card transaction limit is the maximum amount of money that can be spent using your card within a certain period (e.g., per day or per transaction). This limit helps control spending and enhances security by restricting the amount that can be used for purchases or withdrawals.
How can I change my transaction limit on Opay?
You can change your transaction limit by logging into the Opay app, navigating to the “Cards” section, selecting your card type (physical or virtual), and accessing the “Card settings“. From there, you can set your preferred transaction limit after verifying with your PIN.
What happens if I exceed my Opay card transaction limit?
If you try to make a card transaction that exceeds your set limit, the transaction will be declined. Either you wait till next day or make a transaction within your remaining account limit.
Can I set different limits for different transaction types?
Yes, for physical cards, Opay allows you to set different limits for ATM cash withdrawals, POS purchases, and online payments. For virtual cards, you can only set a limit for online payments.
Summary
Opay makes it easy to set card transaction limits, providing greater security and control over your spending. Setting these limits can help prevent unauthorized transactions, keep your spending in check, and make budgeting more manageable.
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