why do credit cards expire?

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why do credit cards expire?

Postby ronnieloo » Tue Jan 04, 2011 9:56 pm

i have one for you guys. why do credit cards expire? the card account can be terminated at any time by either the bank or the customer making it unnecessary to have a set expiration date. replacement cards are sent when or near the expiration date for all accounts. what is the logic in having credit cards expire?

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Postby jeffysdad » Wed Jan 05, 2011 4:21 pm

What if you had a card lying in a drawer for years and years without being used and the account was ultimately closed. Then one day you found the card and forgot that the account was closed. With an expiration date, which surely would have come by this time, you would be prevented from using the invalid card.
American Express: Blue Cash Preferred (groceries, 6%; gas, department store, 3%); Gold Delta SkyMiles (Delta Air Lines, 2 miles/dollar, free checked bag).
US Bank: Cash+ (utilities, phone, internet, restaurant, 5%; drugstores, 2%).
FIA Card Services: Fidelity Amex (everything, 2%); Fidelity Visa (everything, 1.5%).
Chase: Freedom (rotating, 5%); Amazon (Amazon.com, 3%); PriorityClub (IHG hotels, 5 points/dollar); Sapphire (not in use).

*All cards are registered with PriorityClub IDine program for 8 points/dollar at participating restaurants.

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Postby DoingHomework » Fri Jan 07, 2011 12:46 pm

Some merchants process cards manually. If they are presented with an unexpired card then they can charge against it. If the consumer presented a card that had been canceled, that would be fraud. So the expiration date is there to protect the merchant and the card company. Also, automatic charges can be valid on consumer canceled cards but not expired cards. For example, if you agree to auto-renew a subscription on a card that expires in 2013 then you decide you don't want the subscription charged anymore so you cancel the card, it might still get charged and you might still be responsible.for the subscription.

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