You’ve probably noticed the expiration date on your credit card. It doesn’t mean your account is closing or you need to reapply. In most cases, your card issuer will send you a new card so you can continue using your account without delay.
Let’s dive into what credit card expiration dates mean, why they exist and what to expect when yours approaches.
How often do credit cards expire?
Credit card expiration dates vary by issuer, but most cards are set to expire every 3 to 5 years. This cycle helps ensure the card remains secure and functional while keeping you updated with the latest technology.
Why do credit cards expire?
Credit cards expire for several reasons, including:
- Updated technology: Card technology is continually advancing, so issuers use expiration dates as an opportunity to send out new cards that may include upgraded security features, like chip technology. Updated technology can also mean better fraud protection.
- Fraud protection: In addition to updated technology, a new expiration date may mean any stolen card information will eventually become obsolete, helping to prevent unauthorized transactions.
- Wear and tear: Credit cards may wear out from constant use, whether it’s regular swiping, tapping or inserting into card readers. An expiration date could ensure you have a new card before physical damage causes any issues during a transaction.
- Branding and design refresh: Occasionally, issuers may update the card design to match new branding standards. Expiration dates provide a built-in opportunity to issue cards with fresh, updated looks.
- A reminder you have the card: If you don’t use the credit card that expired often, getting the new card in the mail can remind you that you have a card and it’s available for use.
What happens when your credit card expires?
When your card reaches its expiration date, any transactions you attempt with it will likely be declined. Fortunately, in most cases, your card issuer will automatically send you a replacement card in the mail before the old one expires. You can activate and begin using your new card before the old card’s expiration date.
What do you need to do when your credit card expires?
When your card expires, typically, not much action is required on your part. Here’s a quick checklist of steps to do for a smooth transition:
- Activate your new card: When you receive your replacement card, you may need to activate it by following the instructions provided by your issuer. You can usually do this through a phone call, online or the issuer’s app.
- Dispose of the old card: Cut up or shred your old card to prevent any unauthorized access. Make sure the magnetic strip and chip are fully destroyed before disposing it. If dealing with a metal credit card that may be difficult to cut up, it’s also possible to mail the card back to the issuer.
- Update payment information: The new card might have the same number, but the expiration date and CVV (security code) will often differ. Be sure to update this information for recurring payments or online accounts where your old card details were saved.
Disclosure: This article is for educational purposes. It is not intended to provide legal, investment, or financial advice and is not a substitute for professional advice. It does not indicate the availability of any Citi product or service. For advice about your specific circumstances, you should consult a qualified professional.
