Imagine a situation where you’re at Best Buy and are finalizing the purchase of the perfect television you’ve always wanted for your den. You whip out your credit card and hand it to the cashier. While you wait for the card to be swiped, you start daydreaming about all those shows you’ll now enjoy from the comfort of your couch. However, you are suddenly jolted back to reality as the cashier informs you that your card has been declined!
In such circumstances, what would be your first reaction? Panic? Is it possible that your credit card details have been stolen? Imagine your relief when you realize that the card is not really compromised – it has simply expired. While this is an annoying inconvenience, it is certainly better than being a victim of fraud.
Consumers often wonder why credit and debit cards have expiry dates, and one of the answers to this question is – to protect your card information from criminals. In addition to this, the Card Verification Value (CVV) code changes whenever you’re issued a new card. Many fraudsters steal credit card numbers and try to siphon money from those accounts. However, for the charge to go through, they also need the expiry date and, in many cases, the CVV, without which a transaction cannot be processed. So, the expiry date and CVV code add a layer of protection against credit card fraud.
The second reason why cards have expiry dates is because they allow issuers to keep up with new technology. For example, magnetic strip cards are now being replaced by chip cards as and when they expire. This new technology is more secure and the latest weapon of card companies against credit card fraud.
Expiration dates also allow issuers to replace old worn out cards with new ones, and send out a subtle reminder to consumers that they have all this credit at their disposal. Lastly, expiration dates serve as a marketing tool - replacement cards often come with a new set of designs or logo and perhaps some promotion to the consumer.
In the future, as tokenization and biometrics play a more popular role in fraud prevention, and more consumers start tapping their phones for payment purposes (thereby negating the need to worry about credit card wear and tear and rebranding), issuers may do away with expiration dates.
However, for now, to avoid being hassled by an expired card, you should take the following steps.
$50,000 - $250,000 at 0% Interest:
At Fund&Grow, we help individuals obtain $50,000 - $250,000 of unsecured credit at 0% interest through creative credit card financing. Available for a period of 6, 12 or 18 months, this amount can be used for anything, from funding a small business to providing a down payment on a property. We charge a fee for our services, and in return, we take care of the entire application process for you. So, all you need to do to get these funds is call us at (800) 996-0270 and we’ll help make your financial dreams come true.
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