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Take a Look at Your Credit Card Expiry Date

By: Rosa Jackson

Have you ever thought about why your credit card has an expiry date? Why? Sometimes it happens that people take their cards, check expiry date and scream: “It’s still valid? It is due to be replaced in 06/07!” It is a good example of how people treat things with expiry dates at times, whether it is credit cards, food and drinks and etc.
When choosing no annual fee credit cards it is important to pay attention to expiry dates and any other restrictions. It is better to get more information from your credit card company in order to avoid frustration later.
Actually, credit industry has a great number of reasons for expiration dates. But in most cases, it is all for cardholder security and protection against identity theft and fraud. Sometimes it is just for taking a current snapshot of your personal info.
Expiration dates are supposed to be one of the effective ways to prevent ID theft and credit card fraud. It happens to be really useful when it comes to credit card transactions made offline (manually).
The lifespan of credit cards has always been at the issuer’s discretion. For MasterCard and Visa fraud protection and the lifespan of the magnetic strip are the main reasons to include an expiration date on credit cards.
Creditors have got their reasons to change their credit card rules anytime. Therefore they usually notify their cardholders about any changes within 15 days.
In fact, plastics cannot live forever as their magnetic strips disintegrate over the years. The magnetic strip should function the way it was intended. That is why it is important to supply new credit cards to prevent it from getting worn or cracked.
In view of the fact that a shelf life of a typical plastic is about three or four years it's a good chance for issuers to re-establish the contact with their cardholders.
What if there are some updates on the magnetic strip? In case you have had your credit card for a few years and you haven’t used it lately, it is also important for your issuer to update all the necessary information and to find out if you are still associated with this or that plastic.
So, what do you do when you realize that your credit card is about to meet its creditor? First of all, you should watch your mailbox and wait for your replacement card. Card companies normally send a new card 2 or 3 weeks before your existing card expires. So you won’t have to change your spending patterns. If you have any questions, simply call your credit card issuer.
Once you have received your new card, check if the details that are indicated on your statement are the same. If you would like to renegotiate it with your credit card company, now it is the right time to do it. In case you are satisfied with everything, you should cut your old card in half and relax

Article Source: http://articles-at.smartnetworld.com

Rosa Jackson is a financial expert who writes articles on no credit credit cards. In her articles she puts special emphasis on how to improve your credit card score.

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