All credit cards have their expiration date, and you can easily check them. The date is inscribed on the front side of the credit card. It is a vital piece of information used for verification purposes, and it also acts as a security feature.
A credit card that comes with an expiration date implies that the card can only be used up to the said date printed on the card. And therefore, you will have to renew your card before it expires.
Your credit card expiration date tells you when the card will no longer be valid. When your card expires, you will not be able to use it, because your issuer will deactivate the credit card when it reaches the expiration date.
But know that the expiry date on your credit card pertains only to the expiry date of your physical card and not your credit card account.
Check your Credit Card Expiration Date
Knowing how to check your credit card expiration date is important. This is because you will be able to renew your card before it expires. Cards expire after an average period of three years. Their expiration date is printed on the front or the back of the card.
It is a four-digit number that is separated by a slash. On your card, you will see a two-digit code for the month and the last two digits of the year. It is written in this format; 11/35. This implies that your card will expire on the last day of November 2035.
Why Do Credit Cards Expire?
If you are wondering why credit cards do expire. Read below to find out why. But you need to know that credit cards expire due to several reasons.
- Expiry dates on the card serve as a security measure. For instance, when you are making a purchase online or through your phone, you will be asked to provide your account number, the three- or four-digit security code on the card, and the credit card expiration date. This expiration date, in turn, helps to verify that your transaction is valid.
- Cards do have expiration dates because they give the card issuer a marketing opportunity and a chance to occasionally re-evaluate the terms of the credit card based on your current creditworthiness.
- Another reason why cards expire is that it allows banks/issuers to upgrade their cards’ technology. Card security technology is always changing, and card expiration dates help issuers keep all their cards up to date with the same technology.
- Credit card companies also use card expiration dates as an avenue to send you a card with an updated design or logo.
- Cards expire because of physical wear on them. That is, they simply degrade over time and become less reliable. So, replacing them regularly helps ensure that your card is in good working condition.
These are some of the reasons why credit cards do expire.
Can You use an Expired Credit Card?
It is not possible to use a credit card after it has expired, because an expired credit card will be declined if you attempt to use it. If your credit card has an expiration date, it will be valid till the last day of its final month and year.
For example, if your card has an expiration date of November 2025, your card will be valid till the end of that month. So, it is not possible to use an expired credit card.
What Happens When Your Card Expires?
Aside know “how to check my credit card expiration date”, you need to have an idea of what happens when your card expires. When your card expires, you will have to renew your card because you will not be able to use it for purchases again.
The renewal can be done with the help of your bank. Your bank will send another card to you. Some banks keep a record of their customers’ credit card expiration dates.
So, they will send a new credit card with the same number to you before your card expiration date. Your new card will have a new expiry date and a new CVV security number.
Your card issuer or bank will send a letter to you asking if you want to renew your card. It is up to you to decide. Also, other banks will ask you to apply for a credit card renewal. This process is not tedious. You can do it online or by visiting your home bank branch.
What to Do After You Receive Your New Card
When you receive your new credit card, you will have to review the terms and conditions before activating it. If you are ok with the terms, then you can go ahead to activate it or vice versa. When your issuers send your card to you, either he or she will send you a document explaining the card’s terms and conditions.
Note that the terms may have changed since you originally applied for the card or since it was last renewed, so you must read the terms carefully. And you must check items like your payment due date, credit limit, annual percentage rate, late fee, and penalty.
When you have decided to activate the card, you can then activate it before using it. This can be done over the phone, in your mobile app, or website.
Some Keynotes on Credit Card
Here are some things you need to know about credit cards as a credit card user.
- Your credit card account will still be valid even after your card expires.
- The expiry date on your credit card is a security feature that helps prevent fraud. It also acts as a protective layer as some sellers and retailers verify its information.
- Your credit card needs to be updated from time to time due to advancements in technology. This is one reason why it has an expiration date.
- Another reason why your credit card has an expiry date is that it wears out from regular use. Your card wears out from time to time and it becomes unstable.
Card expiry dates give you not only a shiny new card in the mail, but they also give you protection against fraud, so aside from knowing how to check your credit card expiration date, it is also important to replace your card when it expires.