Do you know what happens when your credit card expires? If you don’t; no need to worry anymore. Because, today, you will find out what happens when your credit card expires. When your credit card expires, you will not be able to use it anymore. It becomes invalid and you will not be able to make purchases with it.
Credit cards have expiration days, so you should not be surprised when they do expire or when you cannot use them to make purchases. But you should know when your credit card expires. It does not affect your credit account, it affects only your physical card.
Credit card expiry date usually comes in a two-number format. The first two numbers represent the month and the other two numbers the year.
Also, there is no static date for card expiration. So if on your card, the four-digit number written is 07/25. It means that your card will expire on the last day of July 2025.
Some Things That Happens When Your Credit Card Expires
To know what happens when your credit card expires, you will have to stay on this page. Listed below are some of the expectations when your credit card gets expired.
- You need to get a new card.
- Your card company will offer you a new product.
- You will have an opportunity to renew your card.
- Then, you will be allowed to recheck the terms.
- You will have an understanding of the reason your card expires.
1. You Need to Get a New Card
When your credit card expires; you are bound to get a new card from your issuer. Unless you do not need a credit card. Usually, you are to get a new card four to eight weeks before your present card finally expires.
2. Your Card Company Will Offer You a New Product
Your credit card expiration will pose an opportunity for your bank or issuer to offer you new product deals. For instance, you might be offered a card with distinct benefits or an increased credit limit.
But know that it comes with a higher annual fee. Also, if you have a card with online shopping benefits. Your issuer may now offer you a travel card that rewards you with flyer miles.
3. You will have an Opportunity to Renew Your Card
When your credit card expires and it charges an annual fee. Your bank or issuer will inquire from you if you want to renew your membership.
And if you want to renew your membership. You will then be asked to pay the charges for the same fee or your fee can be overlooked if you have been using your card regularly.
4. Then, You will Be Allowed to Recheck the Terms
When your credit card expires, you will be allowed to check if the issuer is giving you the same benefits and conditions as before.
And if you have been using your card frequently. You can ask the company for increased benefits and rewards or a waiver of the annual charge. However, you will have to recheck the terms when your credit card expires so you will not become a victim of circumstance.
5. You will have an understanding of the Reason Your Card Expires
Your credit card expiring will give you a good understanding of why cards. Cards are made of plastics so they tend to bend or wear out after prolonged use. So an expiration date for your card allows you to replace that long worn out or damaged card.
Why Your Credit Card Expires?
Your credit card expires every three to four years, and this is due to some reasons which will be listed below.
- One reason why your credit card expires is that banks get the opportunity to upgrade their card technology because it is always changing.
- Also, cards wear out over time and they become less reliable. So replacing them helps to ensure your card is in good working condition.
- Credit card companies’ card expiration is an opportunity to renew their inventory.
- Card expiration date act as an anti-fraud security measure. With the expiry date and the CVV code on the back of your card. It will stop persons who have gained access to your card from making fraudulent transactions.
Your credit card getting expired should not be a cause for alarm because you have been given reasons why your credit card expires in this article.
What to Do When Your Credit Card Expires?
Now that you know what happens after your credit card expires. You must know what to do when your credit card expires. Before your card expires, your issuer will send you a new card in your mail.
It will come in a plain envelope to protect it against theft. So when you receive your new card, what you need to do is to activate it. Activating your new credit card will enable you us it for transactions and make purchases.