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Besides the long string of numbers that identify your account,
there is a short little series of numbers that makes up your
card's expiration date. Most of us don't even pay any attention
to that date, but you can bet that the credit card approval
network knows exactly when your card expires, and for good
reason. Actually, there are several reasons, so let's take a
look.
Top Reasons Why a Credit Card Has an Expiration Date
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One of the most simple and uncomplicated reasons the credit card
will expire is that the magnetic strip will not last forever.
Although the plastic card itself is virtually indestructible,
the magnetic strip is a little touchier and will eventually wear
out. When that happens your card will no longer be readable by
credit card terminals and ATMs.
Some institutions use an expiration date as a way of
reconnecting with the cardholder. It gives the company and the
user the opportunity to get together and discuss any issues or
complaints that the customer may have. It also allows the card
company to appear to care about you as a customer. They will
send you a friendly reminder, kindly offering you the chance to
renew with your same comfortable company. With all the
competition out there, comfort and history can go a long way in
keeping customers. |
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Cardholder security is another reason. This allows the company
to check up on you and make sure you are who you say you are and
nothing has changed. With identity theft being what it is today,
this is a good thing. Some people have had credit cards opened
in their names without their knowledge and charges have been
made. If the card expires, the company will contact you and
possibly warn you about current fraud trends.
The company may use the expiration date as a way to remind you
they are there. For people who don't use their cards very often,
this can be a gentle reminder of just what's in their wallet
and, hopefully, remind you to use it.
Nearing The Expiration Date
It is actually quite easy to renew your card. About a month
before your current card actually expires, a new one will
suddenly appear in the mail to replace your expired one. This is
great if you're in town. If you are going to be traveling, check
your card before you go. If it will expire before you get back,
call ahead and get your new one before you leave.
Once you have your new card, read the material that came with
it. This may very well include a list of new and improved terms.
If you find these terms to be new, but not improved, contact the
card company. Do not use the card until you have received
verification that the terms have been changed to your approval.
If they refuse, you can always cancel the card. Trust me, it
won't take long to find a replacement.
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