The long string of numbers form your credit card number that function as your account identifiers. On the other hand, there is a short string of numbers that serve as your expiry data. But have you ever wondered or questioned about why do credit cards expire? Get your answers here.
Wearing out of the magnetic strip:
Credit cards expire as the magnetic strip located at the back of every credit card eventually wears out, post which, the credit card terminals wonâ€™t be able to detect your card to conduct transactions.
Getting in touch:
The expiry dates help credit card companies to connect with their customers in a timely manner to get updates about any issues or complaints customers have.
Credit cards expiry dates are set keeping in mind the cardholdersâ€™ security. The expiry dates and subsequent renewals help credit card companies to ensure the credibility of the cardholder and avoid fraudulent activities with your card. Instances in the past have showed how credit card accounts have been opened and activated in someone elseâ€™s name without him/her knowing about it. Your credit card company will contact you if your card expires and alert you regarding any fraudulent proceedings. Hence, always make a point to update your contact details and keep a check on the transactions ensuring you get regular alerts.
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