On the front of every debit and credit card is an expiration date. Usually, this date is simply the month and the year, which leaves users to ponder: do cards expire on the first or last day of the month?
Most credit cards do not expire until the last day of the month, so if your credit card has an expiration date of 10/2022, that means you can keep using it until October 31, 2022. However, every card company has its own rules, so you will want to review the terms and conditions of your credit card before it expires to avoid an embarrassing declined card message at the register.
Bank cards are the opposite. Debit cards generally expire on the first day of the month, so if your debit card reads 10/2022, this means your card expires on October 1, 2022. Again, though, the exact expiration date is determined by your financial institution, so always review the terms and conditions of your card.
Specific Expiration Dates
Some cards show the expiration date as well as the month and year. Generally, the day is the first or the last day of the month. If the card reads 10-31-2022, the card will no longer work at 12:01 a.m. on November 1, 2022.
Why Do Cards Expire?
Debit and credit cards expire for a number of reasons, including:
- The magnetic strip on your card will eventually quit working due to wear and tear. The expiration date means you will receive a new card before your old one stops scanning.
- Banks want to redesign their cards every few years, and an expiration date means you will always be carrying the latest style.
- Some banks use the expiration date to reevaluate your credit worthiness. They may check to see if you qualify for a higher credit limit or a different credit product.
The expiration date does not mean your account will be closed. It simply means that particular card will no longer work, and you will be issued a new one with the same credit card number. Once you receive and activate your new card, the old one will be deactivated.
What to Do When Your Card is Nearing Expiration
Your card issuer will normally send you a new card a month before your present card expires. However, if the expiration date is nearing and you have not yet received a card, you should contact your credit card company. Once the new card arrives, activate it and destroy your old card.
What Happens If You Need a New Card Before the Expiration Date?
If you need a new debit or credit card before the expiration date because your current card has stopped working (or was lost or stolen), contact your card company. While most card issuers will send you a new card for free, there may be a fee for some replacement cards.
Do not request new cards on a whim, though. If you request a new credit or debit card too often, suspicions may be raised with your credit card issuer.