Cashless payment has opened up access for people to pay for goods and services more conveniently, quickly, and securely. Credit cards have become firmly embedded in our lives. But what do you do if your credit or debit card expires and you’re at home on your own? Let’s try to figure it out together with the myfin website.
When Does A Card Expire?
The expiration date of a bank card can be found on the front of the product – as embossed next to the card number and the holder’s name in the “month/year” format. For example, “05/20” means that the card is valid till May 2020. At the same time, it will be active during the last month, but on the first day of the next month, the card will be inactive.
Most card products are issued on the basis of the international payment systems Visa and Mastercard. Their period of validity is three years from the date of issue.
How Do I Reissue My Card?
In some banks, holders are required to write an application for reissuance. To do this, they have to come to the branch two weeks before the card expires. In others, the card is reissued automatically.
But many banks will re-issue your card in advance and notify you by SMS that the card is about to expire but a new card is being prepared for re-issue. You do not need to submit documents in advance – simply come to the bank to get your card after receiving a message that the card is ready. Also, you can find the information on the card readiness status and the address of receipt online. Note that the place of receipt of the new card will be the same office where you received the old card by default. To change the branch, you need to contact the call center of the institution or any of the bank’s offices in advance.
If the card is broken or you have lost it, you will also need to reissue it. After applying for early reissue for security purposes, the card will be blocked. Paying with the card or transferring money from it will not be possible, and you can withdraw money only in the office with a passport. Therefore, before blocking it is better to transfer the balance to another card or account. Please note that if you re-issue the card ahead of time, the card number will change, but the card account number will remain the same. If you receive payments on your card, there is no need to provide new data to the Accounting Department after re-issuing your card. You will need to update the card number after reissue in the applications for paying with your phone using Google Pay, Apple Pay, Samsung Pay, and in subscriptions to online services.
If I Can’t Pick Up My Card?
Because of the widespread self-imposed regime and the importance of staying at home, the plastic card, you can pick up later or order home delivery.
However, you can start using the reissued card immediately without any problems. To do this, you need to activate it remotely in the mobile application. This will allow you to start making payments and purchases before you receive your new card.
For new debit cards online activation is available the day after ordering, and for re-issued cards – the day after the current card expires (for example, if the card expires in April, the “Activate card” item will appear on May 1).
To Summarize: What Card Reissuance Options Are Available?
Do nothing: automatic reissue
Usually, the bank will automatically reissue the card for a new term. But the old card must have enough money on it to cover the annual maintenance fee. This amount is deducted immediately when you re-issue the card. If you don’t have enough money on your card, you may have two options:
The bank will still write off the necessary amount from the overdraft card and the client will go into “deficit”;
the bank will not issue a new card, but will simply block the old one when the time comes.
The card is reissued at the beginning of the month indicated on the card. The card itself may only arrive at the bank branch on the 10th or 15th day of the month. The client is offered to pick it up at a convenient time.
At the same time with the new card, the old expired card will be destroyed. You have to take it to the bank.
Notify the bank of your decision: reissue upon request
Sometimes the bank requires confirmation from the client and will not issue a card without his permission. As a rule, this is the case with payroll cards. The bank requests information from the employer on the current employee data, and reissues only on the list.
Privately, some lending institutions also wait for specifics. If there has not been any movement on the account over the past few months, such a card might not be reissued automatically. You will have to ask for it.
Often, for such an order, you have to go to the bank branch in person and fill out a handwritten application. But you can also dispense with the online application by communicating your intention to continue to use the card in your personal profile of the online service or through mobile banking.
Notify the bank in advance: reissue with changes
If you want to change the type of card, choose a different rate and category of card, you need to take care of it in advance. 1-2 months before the expiration date. First you need to learn what to do and when to do it, in order not to find yourself with an unnecessary reissued card in your hands. For example, you will have to write an application to block the existing card and an application to issue a new card with new parameters.
Another case when it is important to talk to the bank in advance is the inability to get the card in time. If you can’t pick up your newly issued card at a bank branch within a month, it can be blocked. So if you are going on vacation, business trip, or travel, it is better to contact the issuing bank a couple of months before the expiration of the card and clarify the issue of its issuance. The bank may offer to apply for and pick up the card in advance, transfer its issue to another branch or send it by mail.
It’s also important to remember simple safety rules when using the card, which are relevant not only during the pandemic:
Do not tell your passwords, PIN- and CVV-codes and SMS-codes to anyone. If you receive a call from a bank employee asking you to tell him your secret data, finish the conversation immediately. They will never ask for your personal details of your card or online banking.
Do not click on suspicious links: fraudsters might infect your computer or phone with a virus, and steal your data.
Notify the bank if you change your mobile number: there is a risk that your data will get to the new owner.
Write the numbers of the bank in the address book of your phone. If the call comes from another number, it will appear as an unknown number.
Do not perform any operations on the instructions of the caller. All operations to protect the card are done by the bank employee himself.
If you have any doubts, immediately contact the Helpdesk of the bank.