What Does the Expiration Date Mean?
- The expiration date on a credit card indicates when the card will no longer function and needs replacement.
- Your credit account remains active; only the physical card needs to be renewed.
Finding the Expiration Date
- Located on the front or back of your card in MM/YY format.
- The card expires at the end of the month indicated (e.g., 11/24 means the card is valid until the end of November 2024).
How Expiration Dates Are Set
- Typically, cards expire every 3-5 years.
- Banks consider factors like card wear-and-tear, security updates, and marketing opportunities.
Post-Expiration Card Replacement
- Expired cards can’t be used for purchases.
- Issuers usually send a replacement card 30-60 days before the expiration date.
- The new card has a different expiration date and CVV code but often retains the same card number.
Receiving and Activating Your New Card
- Activate by calling the number on the card or visiting the activation website.
- Verify the new card’s terms, including APR, payment due dates, and credit limit.
- Update automatic payments with the new card’s details.
Disposing of Expired Cards
- Shred or cut up old plastic cards to prevent misuse.
- For metal cards, return them to the issuer for secure recycling or cut them with tin snips (avoid shredders).
Why Do Cards Expire?
- Prevents issues with worn-out cards.
- Enhances security by updating expiration dates and CVV codes.
- Allows for the introduction of new card technology.
- Provides marketing opportunities for issuers to offer upgrades or new deals.
Stay secure and up-to-date by understanding and managing your credit card’s expiration date!