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You are correct. HSBC has recently set the limit to 50,000 but it has no limit in the old days as long as your account has money. I have to point out that I normally not set the limit as it is used by my kid. As a parent, I am afraid she did not have enough money to spend. Once the limit has reached, it caused a lot of trouble and inconvenience for her.
My practise was that I set up a specific account in a specific bank which I can keep monitoring her expenditures. I transfer another GBP500 into this account once it has less than GBP500 outstanding balance.
Currently, only a minority of students are stilling using cards to pay. They normally use Apple Pay which is safer and easier.
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