Credit card expired or about to expire, what to do?

Practical and easy to use, the credit card has helped revolutionize the way we relate to money. Compared to cash, for example, it is more compact and allows you to keep track of various payments, thus proving to be a valid ally against tax evasion.

It is an electronic payment instrument that allows the holder to make purchases or withdraw cash, using a credit made available by the issuing financial institution. Unlike cash, however, the credit card has an expiration date. But what happens if your card has expired or is about to expire? Let’s go into detail and see everything there is to know about it.

When does a credit card expire? Common operating times

The credit card is a very important payment instrument. Linked to a bank account, it can be used to make purchases online, in physical stores and also to withdraw cash from ATMs. Just like prepaid cards, credit cards also have an expiration date. The latter is not fixed and can be different from one credit card to another. In particular, among the factors that determine the expiration date, there are the circuit used and the reference bank. Generally, the validity of a credit card varies from two to a maximum of five years.

Going into detail, traditional credit cards are generally valid for five years, while prepaid cards usually have a shorter duration, equal to two years. We recommend that you take this aspect into consideration when activating a credit card, in order to avoid running into unpleasant surprises. Only in this way is it possible to know when the renewal will actually take place, which can generally have a cost. Some credit cards, for example, offer the possibility of extending the expiration date or automatic renewal, while others may require an explicit request for renewal. It is therefore best not to underestimate the expiration date.

Where to check the expiration date of credit cards

Knowing the expiration date of a credit card is really very simple. First of all, the latter is indicated when you sign the relative contract. It is therefore possible to check the expiration date on this document. Alternatively, you can check the expiration date of your credit card by connecting to the bank application. Here there is almost always a section relating to active cards with the relative information, including the expiration date.

You can also find this information by checking the statement, paper or online. Or, you can decide to contact the customer service of your credit institution to request the expiration date from the operator. But not only that, it is possible to read this data on the card itself.

On the front of the credit card, in fact, there is the wording "scad" or "valid thru". Next to it is the expiration date in MM/YY format, that is, the month and year until which the card will be valid.

In this regard, we remind you that the card expires on the last day of the month indicated. For example, if the expiration date is 09/25, it means that the card will expire at midnight on September 30th. From October 1st it will be expired and therefore unusable.

How to renew an expired or expiring credit card

How do you renew a credit card? Well, as already mentioned, it depends on the terms of service indicated in the contract signed at the time of issue. Renewal can be:

• automatic. In this case, you don’t have to do anything. The bank itself takes care of the automatic renewal of the card. To this end, it sends a new card to the interested party’s home or invites the latter to go to the branch to collect it. Generally, to avoid possible inconveniences, the renewal is carried out a few days before the expiration date;
• on request. In this case, the cardholder must request the renewal. To this end, you must go to the branch or, where possible, request the renewal online.

Generally, the bank itself carries out the various card activation operations. Other times, however, it provides instructions to the customer, so that the latter can carry out certain operations. In any case, there is no need to worry. The activation procedure is very simple and in a short time you have a new card at your disposal, through which you can carry out the various transactions just like with the old card.

In most cases, you can use the same PIN as your expired credit card. However, some banks decide to renew it. In the latter case, the institution itself will deliver the new code in person or by registered mail. In case of doubt, however, we recommend contacting your bank to obtain specific advice.

Does an expired credit card still work?

An expired credit card no longer works and for this reason it cannot be used to make online payments, nor via POS or even in physical stores. If you try to insert the card into a reader or use it to pay on an e-commerce site, in fact, the payment is rejected. For this very reason, we recommend paying attention to any payments linked to the credit card. For example, if you have direct debited your bills or signed up for a subscription, you risk not paying and therefore having to deal with heavy late fees.

To avoid these unpleasant situations, it is best to contact your reference bank as soon as possible and update the data with the numbers of the new credit card. If you still have money on the old card, however, do not worry. Your money is safe. In fact, the same credit institution will automatically associate the money with the new card.

What to do with an expired credit card

Performing proper waste separation is essential to safeguard our planet. This behavior concerns all types of waste, including an expired credit card. Once it has become unusable, in fact, the latter can be disposed of. But where to throw a credit card?

Well, if this card does not have a microchip, then it must be placed in the undifferentiated bin. If, however, it is equipped with a microchip, then it is considered electronic waste and must be disposed of at collection centers.

Some banks also offer services for the collection and destruction of expired cards. Before throwing away a credit card, in fact, it is advisable to adopt a series of precautions, such as cutting the card into several pieces. In general, at least 16 pieces are recommended. In this way, it is possible to protect the sensitive data contained in the card itself. But not only that, some experts recommend not throwing away the pieces all at once, but a little at a time, so that it cannot be reassembled.

Why is it essential to destroy an expired credit card?

Destroying an expired credit card is essential to prevent your data from being used improperly. This card, moreover, contains sensitive data such as the card number and the name of the holder. This information could be used by some malicious people to commit fraud or identity theft. Even an expired card, in fact, can be used by scammers to try to make fraudulent transactions. By destroying the card, you prevent its use by unauthorized parties.

But not only that, destroying an expired credit card helps you manage your finances in an orderly manner. Having an orderly management, in fact, is the first step to protecting your savings. Keeping an expired card, however, can generate confusion regarding the payment instruments actually available to pay. So it is better to get rid of it.

Original article published on Money.it Italy. Original title: Carta di credito scaduta o in scadenza, cosa fare?