What should I do if my credit card expires? How to extend & HEasy card authorization

1. When does a credit card expire?

Credit card validity period:

Credit cards often have a time Expiry date from 3 arrive 5 years, depending on the policies of each issuing bank and the type of customer using the card (individual or business). After this time, the card will expire, requiring customers to renew or open a new card to continue using.

How to view expiration date:

Information about the expiration date, also known as Expiration Date, is clearly printed on the front of the card, below the card number and near the cardholder name.

Expiration date is expressed as MM/YY, in which:

• MM: Expiration month.
• YY: Expiry year.

For example: If your card says 12/25, this means your credit card will expire at the end of December 2025.

How to understand the notes on the card:

• Good Thru MM/YY: The card is valid until the end of the month and year recorded.
• Customer Since/Member Since MM/YY - Good Thru XX/ZZ: Card was opened from MM/YY and expires on XX/ZZ.

For example: Customer Since 01/2020 - Good Thru 01/2023 This means the card was opened in January 2020 and will expire in January 2023.

2. Why do credit cards expire?

The main reasons credit cards have expiration dates include:

• Apply more advanced security technology: Credit cards are periodically improved by integrating modern security technologies, helping to minimize the risk of card information being leaked or copied, bringing peace of mind in transactions.
• Upgrade customer support features: Limiting card usage time is an opportunity for banks to develop new features, better serving the increasingly diverse needs of customers.
• Meet customers' usage wishes: This is when the customer considers renewing or canceling the card in accordance with current usage needs.

In addition, when the credit card expires, customers can also upgrade the card by switching to a new, more advanced card line. There are two popular types of credit cards on the market today including: Magnetic cards and Chip cards (using EMV technology).

If you are using a magnetic card that is about to expire, consider changing to a chip card to enjoy modern conveniences and better security.

3. What should I do if my credit card expires?

When your credit card expires, you have two options: renew the card to continue using it or cancel the card if you no longer need it. Below are detailed instructions for each case:

3.1. Renew expired credit cards

1 - Automatic renewal bank

Some banks offer automatic credit card renewal services. This is a convenient option if you want to maintain your benefits without having to worry about periodically renewing them yourself. However, the automatic renewal process is only carried out if you fully meet the conditions set by the bank.

Renewal process:

• The bank will review based on your transaction and payment history.
• If eligible, your credit card will be extended for additional usage time.
• The bank will contact you via notification channels (email, text message) and send a new card to the registered address.

Important note:

• Conditions and procedures for automatic renewal are not made public for security reasons.
• If you are not eligible, the bank will send a notification through communication channels.
• You need to check your mailbox and communication channels regularly so you don't miss important information.

2 - Cardholders proactively renew:

If your credit card is not automatically renewed or you want to proactively control the renewal process, you can contact your bank to request a card renewal with the following steps:

How to do it:

• Contact the bank via hotline or go directly to the branch/transaction counter.
• Provide necessary documents and follow instructions to complete the extension procedure.
• Get New card at the branch or by post as required.
• Activate the new card according to the bank's instructions.

Note that credit card renewal needs to be done before the card's expiration date to ensure the card usage process is not interrupted.

3.2. Cancel expired credit cards

If you no longer need to use the card, you can cancel the credit card. This process is quite simple and quick, but you also need to note some important points.

Card cancellation process:

• Before canceling your credit card, you need to pay the entire outstanding balance (principal and interest), including fees incurred when terminating the service.
• Contact the bank to notify the need to cancel the card and provide verification information (PIN code, most recent transaction, remaining balance, v.v.).
• Return the card to the bank.
• Ask the bank to cut or cancel the card right before your eyes.

Important note: 

• You need to pay off the outstanding balance before canceling the card to avoid incurring unnecessary costs.
• In addition, you should consider carefully before canceling the card, especially if you have only used the card for a short time because this can affect your credit score.

4. Frequently asked questions about expired credit cards

Question 1: What is the MM YY expiration date?

Reply: The expiration date printed on your credit or debit card is the date your card is no longer valid for use. In there:

MM represents the expiration month (e.g. 12 for December).

YY represents the expiration year (e.g. 23 for 2023).

Question 2: What to do when your debit card expires?

Reply: When your debit card expires, you need to contact your bank to renew or cancel the card.

• Card renewal: If your bank offers automatic renewal and you meet the eligibility criteria, your card will be renewed without your request. However, in some cases, you can also proactively contact the bank to renew your card.
• Cancel card: If you no longer need your debit card, you can choose to cancel it. To do this, you need to contact the bank directly, notify your intention to cancel the card and pay off all outstanding balances (if any).

Question 3: What should I do if my credit card expires but I still have outstanding balance?

Reply: You still have to pay the entire outstanding balance even if the card has expired. The bank may continue to charge interest on the outstanding balance. Interest will be charged until you pay off the entire balance.

Therefore, make sure you pay off the entire outstanding balance before the card expires to avoid unexpected fees.

Question 4: Can an expired credit card self-destruct?

Reply: Credit cards do not self-destruct when they expire. You will need to contact your bank directly to request cancellation of your credit card.

In some cases, you can also cancel your card through the bank's online channels, if the bank provides this service. 

Note that canceling a card can affect your credit score, so you need to consider carefully before deciding to cancel the card.

Question 5: Can an expired credit card withdraw money?

Reply: It is not possible to withdraw money from an expired credit card, because the card is no longer valid. Once the card expires, you will need to wait for the card to be successfully renewed or make a withdrawal via other methods such as a bank transfer to a second account.

Question 6: Can an expired credit card be paid in installments?

Reply: It is not possible to pay in installments with an expired credit card, because the card is no longer active. However, if you have an installment loan on a credit card, the bank will require you to continue paying these amounts using another payment method until the outstanding balance is completed. You can choose to transfer money or pay at the bank's counter.

5. Why should you use a credit card at SeABank?

Proud to be "Top 1000 Best Banks in the World 2024", SeABank always strives to innovate and improve technology to bring the most complete products and services with outstanding advantages such as:

• Cards and payment devices all meet EMV security standards - highest security standards from international card organization Visa. Master, helps minimize the risk of card information being exposed during the transaction process.
• Security measures are applied uniformly on devices and service systems, along with risk warnings to help customers stay proactive and feel secure throughout the card usage process.
• 24/7 customer support service Always ready to assist in solving problems such as credit card renewal, bringing peace of mind and maximum convenience to customers.

With the information in the article, hopefully you have a clear understanding of how to handle the problem Expired credit card, from card renewal to card cancellation if necessary. Always pay attention to the card's expiration date to ensure smooth and safe payment and use of the card.

To discover more innovative financial products and services, visit the website https://seabank.com.vn or call Hotline 1900.599.952 immediately for timely advice and support.