Debit card expired
Debit cards are the most popular forms of money today. Be it at the grocery store or coffee, it is convenient to use a debit card than carry cash along.
Especially when you are trying to live debt-free, debit cards become even more important. You want to stay away from credit cards as much as possible and rely on using the money you already have in your bank account with debit cards.
But have you ever noticed that debit cards come with an expiry date?
In the day-to-day busy life, you may have failed to notice it but there is an important reason for the expiration date on the debit card.
Let’s read on to know more about why a debit card has an expiration date and what to do next with an expired card.
Why do debit cards expire?
There are important reasons behind the expiration date on the debit. It not only helps in security and fraud prevention but also helps in keeping your information updated with issuer.
Debit card expiration date helps in:
Newest card security updates
Additionally, when your card expires you get a new card. The new card comes with new security updates to ensure safe and secure transactions.
For example, banks added EMV chips to the debit card recently so that the debit card information is fed through a chip reader. This is more secure than swiping the card.
The expiration date on debit cards adds an additional checkpoint to transactions. For a debit card transaction to go through successfully, you don’t just need the card number but also require an expiration date and CVV.
While someone may be able to siphon out your debit card number illegally, but without the expiration date, this information is useless.
Preventing wear off
Debit cards wear out due to frequent use. The magnetic strips or EMV chip may stop working after a certain period.
Hence, debit cards expire so that they can be upgraded with a new card from time to time.
When does a debit card expire?
Debit cards usually expire between 3 to 5 years depending on the bank where you hold a bank account.
For some banks, this may also be lesser depending on the type of accounts they service.
In case a bank brings out an important security update or changes its policy, they may renew the cards sooner.
The expiration date of the debit card is printed on the front of the card and it is valid through the last day of the printed month. For example, if your card expires on 04/2021, then it is good to go through April 30th, 2021.
Can you use an expired debit card online?
Unfortunately, all your online transactions with an expired debit card will be declined, without any option. On expiration, the debit card is deemed invalid.
This is also applicable for the auto-debit payments enabled on your card. Since the card details are no more valid, the payments can no longer be processed with these details and you may receive an email that your card has been declined.
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Can you use an expired debit card at ATM?
Similar to online transactions, an expired debit card can’t be used at the ATM too. And it will be declined.
What do I do with my expired debit card?
Expired debit cards are of no use.
Once you receive the new debit card and have been activated, it is advisable to dispose of the old card.
However, you shouldn’t just throw away the card. The magnetic stripe of your card has personal data such as your name, account number, details on your card limit, etc.
Hence, it is necessary to dispose of the old card carefully which will discuss in detail later in the blog.
Does a debit card number change with a new card?
When your current debit card expires, the 16-digit number on the new card will be SAME as the old one.
The new card will however have a new expiration date and CVV (Card Verification Number).
However, if your current card is lost or stolen, your replacement card will have a new card number to avoid fraudulent transactions on your account.
What to do when you get a new debit card?
When your replacement card comes in, here are few things that you need to do before using your new card:
Activate your card:
Debit cards do not come pre-activated and ready to use. This means you need to activate your new card to use it.
The new debit card comes with instructions on how to activate it.
You can usually activate a debit card by either calling the bank or going to the nearest ATM.
Some banks also allow you to activate your new card by carrying out an in-person transaction at a store. But you should already have your PIN to activate your card using this method.
Dispose of your expired debit card:
There are a few things to take care of while disposing of your old debit card.
First, demagnetize the magnetic strip on your card that has all your sensitive information. This can be done by running a piece of the magnet over the strip a few times.
Next, use a pair of strong scissors to cut through the card number horizontally. Then cut these digital vertically to separate them in a way that they cannot be put together.
I would recommend throwing these pieces away in separate trash to ensure they can’t be put together again.
Update your new debit card number on your online accounts:
To make sure your auto-debit payments and online payments go through without being declined, make sure you update your new card details on all the platforms.
Can you reactivate a debit card?
Once a debit card expires or is reported lost/stolen, it can’t be reactivated due to security reasons.
As discussed earlier, debit cards have an expiry date so that the card can be upgraded with the newest security features. Hence, you can’t reactivate your old card.
Also, in case of lost or stolen, fraudsters may call to reactivate stolen/ found cards with the personal details that they may have gotten access to. That’s why the bank doesn’t allow the reactivation of old card.
What does it mean when your card is expired?
When your card expires, it cannot be used for any transaction.
Banks usually send the replacement card ahead of time before your current debit card expires.
Once you receive the card, activate it using the given steps and you are all set to start using it.
Final thoughts on what to do when your debit card expires?
Debit card expiration is a great way to keep a check on the security of your card by the bank.
If you don’t receive your new debit card on-time, get in touch with your bank immediately so that they can assist you in ordering a new card.