What to Do If Credit Card Validity Has Expired?
Any bank card, including a credit one, has a validity period. It is indicated on the front in the format “month/year”, for example, 07/21. This means that the card is valid until July 2021, and it will work until the last day of the indicated month, but on August 1 it will be just a piece of plastic.
Every operating plastic has a single fixed account, access to which is provided via a chip or magnetic stripe on the card. Years of use have shown that magnetic strip and chip credit cards can not work effectively, in technical sense, for longer than a certain period of time. Therefore, all bank cards have their own “shelf life”, the duration of which depends on their type and usually makes up from 1 to 4 years.
If the credit card has expired, your account will not be blocked, but you will not be able to manage your funds with the help of the plastic. However, your money, and your credit obligations as well, haven’t disappeared and they are valid – don’t forget about this.
Credit Card Expired: Client’s Actions
“Overdue” plastic card is replaced by the issuing bank for a new similar credit card, regardless of the wishes of the cardholder. And if some banks after the expiration of plastic will independently send you a new card by registered mail address, others will put some of the responsibility on you, and you will have to apply for a new plastic yourself. So you should follow this condition, and be careful to take new one on time.
To re-issue a credit card, a client has to:
- visit the branch where the client has ordered the previous card, in advance and apply for a new one;
- use Mobile Banking or the bank call centre to make an order for replacement.
After the credit card expires, you can receive a new credit card, and the old one must be destroyed by the operator in your presence, or you may do it at home by yourself. For re-issuance of the card, as a rule, a commission is charged, but there are rare exceptions. Your new plastic will have a different number, CVV and Pin Code, while terms of credit line and possible perks will be the same if not specified otherwise. If you use Mobile banking, double-check if the bank changed old card’s data for new one.
Borrowers who do not use their credit cards must also take care of their re-issuance or cancellation. Otherwise, after the end of the credit card validity period, it will be reissued automatically, and the commission for this service will be taken from the credit account without notification to the borrower. As a result, a debt is generated on the card account, on which interest Card Vvwill be accrued, and subsequently a fine is possible.
So if you do not want to pay the bank for unnecessary services, and avoid fines if it is your responsibility to order a new card, study the agreement with the bank carefully, pay attention to its validity period which is indicated on its front side, and get a new one in due time.v