You’ve most likely seen the expiration date on the front of your credit and debit cards multiple times. When making a credit card, or debit card purchase online, you may be required to fill in a form regarding your banking details, this usually includes the expiration date of the card being used to make the purchase.

So, what exactly is the purpose of this date? A card usually expires three or four years from the date it was issued. Expiration dates serve several purposes. They are not just there to simply remind you to renew your card because it is getting old and looks shabby.

An Expiration Date Serves Purposes Such As:

  • Fraud prevention – Online payments usually require you to fill in the expiration date of the card, therefore, if an unauthorized user does not have your card, they will not be able to purchase anything online.
  • Security updates – when you are issued with a new card, you must be present at the bank so that it can be authenticated. The new card might have updated protective measures to keep your data safe, as well as new technology which can enable services like tap and pay.
  • Account renewal – When your card has expired, it might be worth considering new account options, especially if you have experienced life changes such as transitioning from being a student to finding employment, or receiving a big promotion at work. There are certain accounts and cards that will suit your needs, and provide you with more benefits. Consider your card’s rewards structure, additional fees that are regularly deducted and your interest rate.
  • Wear and Tear – Like most things in life, cards get worn out. Moving your cards from wallet to purse to your pocket, and swiping it at ATMs and on card machines will reduce the efficacy of the magnetic strips, and chips. Exposure to the bad weather, or accidents such as drink spillage can lessen the sensitivity of your card due to the elements being damaged. It is much nicer to have a card that you can read clearly!

Your issuer may take the opportunity to market new credit card services to you. If you feel like you want to close your account altogether, because it no longer benefits you, first look at changing accounts to avoid any negative effect that closing this account could have on your credit score. If you are uncertain of your standing, consider consulting Credit Sage today and get the advice you need to make the best decision for your credit score.

How Do I Renew My Card?

Do not stress! Your bank, or financial institution should send you notifications via text, or email, or they will call you to arrange for collection or delivery. Should you decide to renew your card, you will receive it 30 to 60 days before the old card expires.

When you get your new card, you will have to activate it before you can use it. This can be done through your financial provider, or through a banking application. If you want to enable automatic payments such as a debit order for a television subscription, or utility bills, you must contact those service providers directly to give them your updated card information.

Your card will usually be completely deactivated by the end of the indicated month of expiry. Before this time, you will have received notifications warning you of such. Payments will be declined if you use the card once it has been deactivated.

Bottom Line

All cards have an expiry date. This is usually set for approximately 3 or 4 years after the date that it was issued.

All things considered, cards are not such a complicated thing. What is a debt management plan or how to renew your card are not difficult processes. Your bank will notify you far in advance so that you can decide if you want to renew your card, or change your account. You should have ample time to speak to your bank regarding account options, card cancellation, and how you will receive your card.