What is a credit card expiry date

Credit cards expire every three to five years. The expiration date is printed on the card, and cardholders must apply for new cards before then. Failure to do so could prevent them from accessing credit. But why do credit cards have expiration dates? This article highlights everything you need to understand about credit card expiry dates – their purpose, what they are, some points you must know about them, and ways to know your credit card's expiry date.

What is a credit card expiry date?
 

The experience of using a credit card differs from using a debit card. When using a credit card to make payments online, an additional detail must be provided at the payment gateway - the credit card expiration date. There are three purposes it serves:

1.  Cards have a limited lifespan
 

As we use our debit or credit cards and swipe them at PoS (Point of Sales) machines, the cards undergo a lot of wear and tear. An expiry date is displayed on the card, considering the perishability of the credit card, especially considering the fragility of the magnetic strip.

2. An expiry date protects the cardholder from fraud
 

Payment gateways also ask for your credit card expiry date to authenticate a payment online. This precautionary step safeguards credit cardholders from online fraud.

3. Expiry dates help keep up with changing technology
 

As credit card technology continues to advance, expiring credit cards help consumers benefit from new technologies as they replace old cards with new ones.  

How do you find out your credit card expiry date?
 

You can verify your credit card expiry date by checking your credit card since it is usually mentioned on the front or back side of the card.

Steps to follow when your credit card expires
 

Often, people forget about the expiry date, only to discover their cards have expired a few days after the expiry date. This is what happens in such a situation:

·  Know that your card won't work
 

When your credit card has expired, you will not be able to make any purchases using it. To access your new card, you must contact the card issuer.

· The credit card issuer might have already mailed you a new card
 

A new credit card is usually issued to a client 30-60 days before the existing credit card expires. A new credit card generally has the same credit card number as the previous one, a new expiration date, and a new CVV (Card Verification Value).

· Activate the newly issued card
 

It is important to remember that the new credit card cannot be used as soon as it arrives. It must be activated for it to work properly and allow you to make payments. A month or two before the expiration date of your credit card, you can call the customer service number of the card issuer to ask for a new card if you haven't received one yet.

· Update any automatic subscriptions
 

Once your new credit card is updated, you must update your billing information on sites/subscriptions that use your credit card. An expired credit card may terminate automatic subscriptions.

· Update the billing info on various sites
 

For a smoother payment process, you should also visit the sites through which you make credit card payments and update your billing information.

While knowing the details of a credit card is essential, knowing how to select a credit card is just as important. IDFC FIRST Bank offers a range of credit cards for diverse purposes. You can apply and get a credit card that better serves your purpose. For instance, if you shop online often, you can apply for a FIRST Classic Credit Card. You can get exceptional discounts at online and offline merchants and win reward points.

Disclaimer

The contents of this article/infographic/picture/video are meant solely for information purposes. The contents are generic in nature and for informational purposes only. It is not a substitute for specific advice in your own circumstances. The information is subject to updation, completion, revision, verification and amendment and the same may change materially. The information is not intended for distribution or use by any person in any jurisdiction where such distribution or use would be contrary to law or regulation or would subject IDFC FIRST Bank or its affiliates to any licensing or registration requirements. IDFC FIRST Bank shall not be responsible for any direct/indirect loss or liability incurred by the reader for taking any financial decisions based on the contents and information mentioned. Please consult your financial advisor before making any financial decision.