In today’s world, it’s tough to find a consumer who still does not have at least one particular credit card in their holdalls. Currently, everybody knows what a credit card is and how it’s essential to have them in the holdalls. When used duly, credit cards can be an essential tool for erecting strong fiscal stability. Still, it’s also known that all credit cards have an expiration date. So, it’s another essential aspect of having a credit card that could cause some people a bothersome or confusing task.
To avoid confusion and being stressed about the expiry date of your credit card, then we’ve brought you some must-know facts. They will guide you to have a consumer-friendly experience for your credit card and help you to be at ease.
Reasons for Credit Cards Expiry:
There are several reasons for which your credit card expires. One of them is to allow your credit card to have wear and gash. But, along with your credit card bill, you should be apprehensive that when your card expires, only the credit card itself expires, but not your credit card account. With the continued operation, after some time, the chip on the card can also come worn. The plastic can break too. So at specific intervals — typically every three to four years— a new card will be transferred to you from your credit card company.
Another big reason is fraud forestallment. Whether you have been using the credit card in person, or online, or over the phone, the expiration date of your card provides a piece of fresh information that should be checked regularly because it makes sure that your card information is valid. It also assures that the licit consumer of this card is you and what the credit card is doing for you.
When Does Your Credit Card Expire?
The expiration date of your card solely depends on the issuer. Generally, credit cards expire within the period of three to five years.
The expiry date is typically engraved on the front of your credit card, following the MM/ YY format. For example, suppose your card lists 10/21 as the expiration date. It means that you can use the card for the whole month of October 2021.
Once it enters the first of October, your card is no longer valid, and also it can affect your credit card bill. Moreover, you won’t be suitable to do any sales or purchases, either in-store or online. Thus, as soon as possible, you can request your new credit card. It’s always better for your secured sale process.
Facts to Remember When Your Card Expires:
For the user’s convenience, when your existing card expires, a new credit card will be automatically transferred to you by the credit card company. It’ll have the same number, but it’ll correspond to a different expiration date. This card will typically be transferred to you via dispatch weeks before your old card’s expiration date. The necessary way to be taken and some other instructions will be included to spark the new card. For the consumer’s ease of use, all information about what is credit card functioning will also be available for you by request, in case your credit card is accidentally damaged or destroyed, and you urgently need a new one.
Generally, you are suitable to request a new card before the old one expires. You can follow the instructions either over the phone or online, you’ll be urged to corroborate yourself and acquire your replacement card. Once your new card is actuated, it’s a good idea to destroy your old one. Few companies indeed give recycling services if you prefer.
What to do after your new credit card activates:
If you have already applied for the activation of your new credit card and have gone through the whole procedure successfully, you are now all set to receive the notification for the new card. Once you get the final notifications, you are now ready to use your new card. Now, you have to finalize the activation with your signature.
One thing you should know is that activating your new card will not close your existing account or change your account number, or it will not impact your credit card bill either way. It also does not affect your balance, and you will still be available for doing the least minimum monthly payment amount. You need to note that the expiration date of your card is only for the physical card.
It is always important to handle and use your credit cards and also make the purchases responsibly. Therefore, it’s a good idea to periodically check your credit needs and keep reviewing and reevaluating what credit card is working for you. Because when your credit card expires, you need to take the necessary action as soon as possible and go for a new one. So, following the tips mentioned above, you can stay updated well before the expiry date and also use your personally generated reminder for this purpose.