Every credit card often has an expiration date, just like a debit card. This date is printed on the front of the credit card and is a crucial piece of information that is required for verification whenever you make an online transaction using it. As a result, it serves as a security element as well. An expiration date essentially indicates that the credit card is not valid after that and can be used as of the date mentioned on the specific card. All consumers must renew their credit cards after their expiration date.
Let us now understand why credit cards expire and how you can check the expiration date on your card:
What causes Credit Cards to expire?
There are various reasons why credit cards have expiration dates. The first is to allow for typical wear and tear for the physical cards. (The credit card account does not expire; just the card itself does.) Both the plastic and the card’s chip might get worse over time. As a result, after the specified intervals- every three to five years, your credit card provider will issue you a new card.
How to Check the Expiration Date on a Credit Card?
The front of the card has the following information printed on it: this contains the 16-digit credit card number, the owner’s name, the year card was issued, and the expiration date.
The credit card expiration date is often placed below the 16-digit account number.
If you don’t have a physical card with you while making an online purchase, you can also check the expiry date of your card via internet banking.
Month and date of credit card expiration
Let us understand the expiration date through an example. For example, if the card’s expiration date is printed or embossed as “11/22,” then it will expire during the month of November in the year 2022. The majority of banks allow cardholders to use their credit until the end of the month. This indicates that the credit card’s expiration date is November 30, 2022. Therefore, from December 1, 2022, the card cannot be used. Generally, Banks will deliver consumers new or renewed credit cards in advance, but if it doesn’t get delivered, the cardholders can request a new card by contacting the respective bank’s customer care.
After a Credit Card Expires, What Should I Do?
The majority of banks keep note of the expiration date and will, preferably, send the customer a new credit card with the same number well in advance.
However, some banks will request customers to apply for a credit card renewal. This straightforward procedure can be completed online through internet banking or by going to the local bank branch. You can also contact customer care and ask them about the procedure to get a new physical card
Information regarding Credit Card Expiration
Card deteriorates with time:
Credit cards frequently lose their usability due to wear and tear from frequent use, which is another reason why they have an expiration date.
Credit card accounts are still active:
The customer’s credit card account will continue to be active even after the card expires unless they decide to close it.
Date as a safety measure:
Embossed credit card with expiration dates serve as a security measure and helps in preventing all kind of fraud.
Improvements:
Due to new technological developments, old cards can frequently become useless. That is why a credit card cannot be used constantly and must be updated from time to time with new technological developments.
Conclusion
Credit Card expiration dates might seem irrelevant, at least in the context of how we generally imagine such deadlines. However, they are useful for both cardholders and credit card businesses since they offer a regular, scheduled manner to stay up to date with new security technology and avoid acquiring extra wear and tear. Not only this, but the expiration date of a card is one of the crucial details that need to be entered while making purchases online. All these things make the expiry date of a credit card as significant as the card number and CVV mentioned on it.
Additional Reading: Pros And Cons Of Citi Cashback Credit Card
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