Everything has an expiration date. Food, chemicals, even relationships. Your dear credit card is not an exception. There will be a time where your credit card will expire. But what does credit card expiration mean?
Here are the reasons why your credit card is expiring:
- Wear and tear – Your credit card’s magnetic strip is falling out. You better replace that as soon as possible. To stop this from ever happening, make sure that you’re taking a good care of your credit card. Put it in the safest place in your wallet. Do not simply let it lie around in your room.
- Consumer security – Updates are a must to ensure your security especially if there’s a threat. Make sure that you coordinate with your bank right away.
- A new marketing strategy – Sometimes banks want you to update your credit card just so they can offer you promos that they came up to.
When do you need to renew?
Usually, renewing your account with your credit card company is very simple and easy. Many credit card providers and banks, like BDO credit card, send out a notification for you and a new credit card that leads to the expiration date on your existing credit card. Other companies will send out a letter asking if you would like to renew or not. That’s fairly quick and easy.
What should I do next?
The next thing that you have to do is to make sure that the credit card terms won’t change. That’s right, some banks and providers are sneaky enough to change some of the terms. These new terms might be against you in the long run. Prior to using your new card you will need to call your credit card company to activate it once again. Once you add your new credit card to your wallet, you have to remove your old card and cut it with a pair of scissors. This is to keep your financial integrity and security intact. The last thing you want is for your old credit card information to get into the wrong hands. Make sure to store it up in some place safe – somewhere only you can find.
We’re just going to repeat this: a credit card update is an opportunity for banks and providers to offer you with new promos that they think might be good for you. Before you say yes to every promo and every new term, make sure that you do your research first. Be sure to compare and contrast the various cards that they are offering against your recently expired credit card. By fully researching the cards your bank company offers, you will be fully prepared and know what to expect when that first bill comes in. Expect that you will maintain your monthly bills, without any sudden charges, when you do this.
When your bank notifies you that you have to update your expired credit card, be sure to check why they’re suddenly expiring or why you need to update. Research is always key to avoid any financial dilemma.