The core issue of why credit cards need to have a validity period is that the essence of a credit card is a credit limit determined by the bank based on the cardholder’s financial resources and credit situation at the time. The credit limit is Equivalent to the loan amount. Within this limit, cardholders can swipe their cards for consumption, overdraft, withdraw cash or transfer funds.

The validity period of a credit card is generally 3 to 5 years, with the shortest being one year. After expiration, whether to renew the card or re-evaluate the credit limit and validity period shall be based on the cardholder's credit status after expiration.

Cards will wear out and even be damaged after being used for a certain period of time. This is also a factor in setting the validity period of credit cards, but it is not particularly core. After all, in the era of magnetic stripe cards, debit cards have no validity period regulations. (In the era of chip cards, debit cards also have expiration dates).

As long as the card is damaged or lost, it can be replaced at any time. Usually, there is an annual fee for re-applying a credit card or debit card, but there is no annual fee for renewing a credit card when it expires.

As for the billing date, due repayment date, etc. after the credit card is renewed, if there are no special regulations, they are the same as the old card.

The validity period of a credit card is actually the period during which the credit card can be used. The expiration date of the credit card is clearly indicated on the card surface, usually under the credit card number. Once it expires, it needs to be replaced. Only a new card can continue to be used. If the card is damaged and the validity period cannot be seen, you can call customer service to check.

For example, if the validity period on the card is 03/23, it means that the bank card is valid until March 2023. The bank card will become invalid in March 2023. Generally, the bank will Replace the cardholder with a new bank card before expiration

Under normal circumstances, credit cards are marked with a card validity period. The validity period of a credit card is generally 3-5 years. Some friendly cards have a validity period of 8 years, such as Industrial and Commercial Bank of China. . It is recommended that you consult the relevant staff about the validity period when applying for a credit card.

In order to ensure the continued use of the credit card, bank cards, as physical cards, may be reported as damaged or damaged. If there is no update, when your card is damaged and cannot be used anymore, you will have to replace it. You have to wait for a while to get a new card. If you happen to need money at this time, it will be very inconvenient when using a credit card.

Over a period of time, a person’s credit record is There are changes. During this change process, banks need to prevent risks.

Why do credit cards need to have an expiration date?

Every credit card we are using has an expiration date on the front of the credit card. So what is the effect of the expiration date set on the credit card?

01. Security risks:

What I remember most clearly is that every time I bind a credit card to a quick payment on a third-party platform, there is a field to enter the validity period of the credit card. , if the entered date does not correspond to the credit card account, the binding will not be successful. If the entered date is consistent with the validity period set on the credit card account, then the binding will be successful. In addition to the regular SMS verification code verification, the credit card validity period is also the same. A relatively common verification method, verifying whether the credit card is operated by the person himself, provides an additional layer of security verification to eliminate existing security risks.

02. Card expiration date:

In order to prevent the credit card chip from being damaged or outdated, causing abnormal card swiping, or forgetting the expiration date of the credit card, causing the card to expire and cannot be used normally, the bank therefore Set the validity period of your credit card to 5 years. When the card expires, you can bring your ID card and card to a local bank branch to replace it.

03. Re-evaluation of the credit card limit:

When the credit card expires, when replacing a new card, the bank will make a comprehensive evaluation based on your card usage in the past few years. Increase or lower your limit, or recommend other levels of cards.

04. The validity period has expired, and there is an overdue balance on the credit card:

The credit card was used within the validity period and accidentally expired, but it was never paid back. Finally, the card expired. If you later If you have paid off the overdue balance and want to continue using the credit card, if the credit card has not expired but is just frozen, you still have the opportunity to activate it. However, if the validity period has passed, you cannot continue to use the credit card and you can only resubmit the application.

Generally speaking, the validity period set by banks for credit cards is not just the verification date, but also comprehensive conditions such as security.

Xue Tong Finance:

2019.05.31

The date is just a deadline, just change the card.

The general limit will not change, but it is not excluded.

With such a large number of credit cards issued, many people do not understand the meaning of the numbers on the credit cards. In particular, some people may wonder why credit cards need to have an expiration date?

There are several aspects to consider when setting the validity period of a credit card.

1. Identity verification is required

When making online transactions or making credit card purchases over the phone, you generally need to provide your name, card number, expiration date, and security code. The security code is the one on the back of the credit card. Three digits. Multi-verification can effectively protect credit card security, and one more procedure means one more level of security. Even if others see the card number on the front of your credit card or anything else missing, they will not be able to make purchases.

2. Adjust the usage limit

Generally, after the validity period has expired, a new credit card will be issued to you in the future. When a new credit card is issued to you, your information must be re-examined. As long as there are no major problems with your credit card consumption, we will create a new card for you and adjust the limit for you.

3. Replace worn out old credit cards

Generally, credit cards have been used for several years and are frequently swiped. Over time, they will inevitably become worn and may even fail. After setting the validity period, you can actively issue new cards to customers upon expiration, which will stimulate your consumption and let you know that you still have a credit card. And the new card feels different in your hand.

When using a credit card, be sure to protect the information on the credit card. If possible, it is best to remember the three-digit security code on the back of the credit card and scratch off the three digits with a small blade.

The reasons for setting an expiration date on credit cards are as follows:

First: One more step of identity verification. When making phone purchases or online purchases with a credit card, in addition to the credit card number, security code, and name, some also need to enter the credit card expiration date, which provides an additional security verification.

Second: Replace the card. Credit cards are only used within a certain period of validity, because the credit card may wear out after being used for a long time, and the magnetic strip may become demagnetized after being used for a long time. Therefore, when a credit card is about to expire, banks will actively invite cardholders to change their cards to make better use of their credit cards.

Third: Replace with fashionable and beautiful new cards. Credit cards are constantly updated, and the card surface designs are also rich and colorful. Set an expiration date on your credit card, and when it expires, you can replace it with the latest, fashionable and beautiful card.

Fourth: Stimulate consumption. Setting an expiration date can remind customers that they have a credit card that can be used within a certain period and should use it more to stimulate consumption.

In short, setting an expiration date on a credit card can provide additional security, prompt replacement of new cards, stimulate consumption, etc.

After reading the previous answers about the validity period of credit cards, most of them are correct. I only disagree with one thing, which I will explain in the last one.

1 For security reasons, because you often use your credit card, the magnetic stripe information will inevitably be copied or the three-digit code on the back of the card will be exposed, so the card will usually be replaced every three years.

2. For card upgrades, because banks are now considering security. With the advancement of technology, most new security technologies are applied to bank cards. Card replacement is also to update the new technology of the card.

3 Some people say that in order to re-evaluate your credit, this is not true. Because as long as you have a credit card, most banks will check your credit report every quarter. This is why there is a post-loan management inquiry in your printed credit report. Many people don’t understand what this means. This is the re-examination of you by the bank’s credit card center every quarter. The reason why some credit cards are reduced or suspended is because this happens when you have too much debt.

The validity period of a general credit card is 3-5 years, which can be calculated by subtracting the year of application from the last two digits on the card. For example, if you apply for a credit card in July 2017, the number on the card is 07/22, then the validity period is 2022-2017=5, which is five years.

Why do we need to set a validity period?

1. Ensure card security

When performing off-site operations such as online payment, the validity period is one of the card number, name, and security code (the three digits after the signature field on the back of the credit card) In addition to another verification method, more verification information increases the difficulty of fraud.

In addition, the security code is calculated by the bank through a series of complex algorithms after extracting the card account number, validity period, and service code, arranging them. In order to ensure the safety of using the card, the security code will also be changed when the card expires and a new card is replaced.

2. Assessment of cardholders

In order to ensure the safety of its own funds, banks will conduct risk assessments on cardholders' credit status from time to time. When a credit card expires, the bank will also conduct a new credit assessment on the cardholder. If the risk is reduced or the financial resources are richer, the bank may upgrade you to a high-end customer, increase the limit, etc.; if the risk is found to have increased, the bank may lower the level and limit, etc.

3. Card technology update

As technology continues to develop, credit card security protection technology is also constantly upgraded. When banks create new cards for cardholders, they are also in the process of technological updates. For example, chip cards have higher security performance than magnetic stripe cards.

4. Cards have limited service life

As a payment medium in daily life, credit cards are used frequently. After long-term use, varying degrees of wear may occur. To ensure the quality of the card, the card needs to be replaced regularly.

What should I do if my credit card expires?

1. Make sure the mailing address is accurate

Most banks will send new cards to customers before the card expires. If the cardholder's mailing address changes, they can call in advance Please call the customer service number of the credit card center to change your address. In addition, you should also pay attention to the mailing status of the card. If you do not receive the new card, you should contact the card-issuing bank in time to avoid risks such as fraudulent collection.

2. You need to cancel the card if you do not want to continue using it

If the cardholder does not want to continue using it for some reason, regardless of whether the card has expired, it is best to call and consult the credit card Customer service to avoid bad credit records due to arrears due to annual fees, etc.