All of us are used to using plastic money. Using debit and credit cards is common for all of us. The benefit of using a debit card is that you can make purchases without incurring interest charges compared to using a credit card. But what do you do when your debit card expires?
When you need help with overspending, a debit card is a much better choice than a credit card.
Using debit will only allow you to use your money instead of “borrowing” money from a credit card company or bank and ensuring and paying interest on top of your spending.
Have you noticed that your debit card has a new expiration date on the front? It’s that little number with a slash printed on the front next to your name.
Here, I discuss everything about the expiration of debit cards and what you need to do.
What Is A Debit Card?
With most banks and or financial institutions, you get a debit card when you open a checking account. Debit cards allow you to spend money from your checking account without writing checks.
The money from your checking account is immediately deducted when you pay with a debit card. You won’t be charged a bill afterward.
A debit card can only be used to make purchases when you have money in your account. Unlike a credit card, a debit card functions as an electronic check. It simply deducts your funds from your bank account.
You can skip the checking account and attach it to your savings account. This is what my son does. He does not need a checking account, so he just uses savings.
Is it a debit card Also An ATM card?
People always feel that debit and ATM cards are the same. However, there are some functional differences between these two plastic cards.
In contrast to debit cards, which are used for withdrawing money at ATMs and shopping online, ATM cards can only be used for withdrawing money at ATMs.
Debit cards are accepted by retailers and online outlets, which makes shopping easy. But ATM cards can’t be used for shopping.
You can also transfer funds with the help of a debit card, but an ATM card doesn’t let you do the same.
You can use a debit card as an ATM card, but you never can use an ATM card instead of a debit card.
In short, a debit card can be used for several financial purposes, while an ATM card can provide a limited number of transactions, like cash withdrawals from ATMs only.
Does A Debit Card Expire?
Every debit card has an expiry date, the month, and the year. The reason for expiring debit cards is fraud prevention; they must be renewed every few years. The card will expire on the last day of the month shown on the front of your card.
With some cards, it is also printed on the back of your card below the magnetic strip. Credit card expiration dates work in the same way.
Sometimes, the replacement debit card may have a new number. A new card will also change the three digits on the magnetic strip (CVV number).
Can you still make a purchase using an expired debit card?
No, purchasing anything using an expired card is impossible because its expiration date has passed and isn’t valid anymore.
Generally, the card expires by the end of the month and can’t be used to make payments after that.
Your transaction will likely be declined if you attempt to use an expired card. You must renew your debit card to start making purchases again.
It’s also important to remember that if you have auto withdrawals from your account for bills or memberships, your payment will be declined after the card expires.
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Why Does A Debit Card Expire?
Debit card renewals every few years are required to prevent phishing activities. It’s to prevent scams or fraudulent activities that debit cards expire and need to be renewed every few years.
According to Experian, debit card fraud is up 32% from 2019 to 2020 in the United States. Expiring cards are a security measure to help keep your money safe, help prevent your details from falling into the wrong hands, and even with things like identity theft.
When it comes to your debit card, expiration dates are crucial. They ensure that your card continues to work correctly.
Banks update the safety features on their cards regularly, so they’ll often send you a new one to ensure it meets their latest standards.
Also, if fraud is detected, your financial institutions will send you a new card and automatically expire the old one as a security feature.
Is The Expiration Date Of A Debit Card Important?
Many of us prefer using debit cards as they let you pay from what you have and don’t let you borrow from the future. These debit cards come with an expiration date too. It’s easy to forget the date and try to use it anyway.
As a habit, we shop with less cash and use debit cards whenever possible. Convenient, right? Yes, It’s convenient to carry a few cards instead of taking the bundles of cash with you until something goes wrong.
We love the comfort and ease of using the cards as it is a compact version of your bank account, and you can carry your bank wherever you go.
But how would it feel when you have done all the shopping (spending several hours), and your debit card gets declined at the cashier?
Oops! How embarrassing that is going to be?
This is why you need always to remember your card’s expiry date. It doesn’t just avoid embarrassing moments but also helps you save your time and money.
What To Do When A Debit Card Expires
Request A New Debit Card
You must do a few things if a debit card has expired already. First thing first. You need to request a new debit card.
Your card issuer will often automatically send you a new replacement card with a completely different number, date, EMV chip, and security code on the back.
Activate Your New Debit Card
The second important step is to activate the renewed debit card, and you can start making purchases again.
When you’re used to carrying a card instead of cash, it’s hard to live without it.
Going back to cash mode can feel uncomfortable, too. Hence, renewing the card is the best way to avoid all the hassles of cash payments. Usually, the card will come with a phone number to activate it or a way to use online banking.
Discard Your Old Debit Card Saftely
The next crucial step is to discard your old card as soon as you receive the new one. Even if the old card can’t be used for transactions, the old cards still may get misused by scammers.
It can lead to several issues, including card cloning, phishing, and anything that those scammers can think about.
I like to cut mine up and place each part in separate trash cans around my house. It seems silly, but it makes me feel better knowing that each part of my card number is in a different location.
Update Your Online Payment Information
If you have linked your old card anywhere for an online purchase or subscription, get the details changed with the new card details.
You may need to update your payment methods frequently to avoid the chances of fraud or hacks that can happen because of your payment settings.
You may have some critical subscriptions on automatic payments. Invalid card information may lead to failed transactions. Make sure all these services are updated.
Also, if you have your debit card number saved in your favorite stores (like Amazon) or a mobile app you use for purchases online, you will need to update those as well. Remember a digital wallet such as Apple Pay or Google Pay, as this also holds your details and will need to be updated.
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How To Renew A Debit Card?
For debit cards, the expiration date is generally two to three years. The banks keep renewing the debit card at regular intervals. You can continue using your debit card until the end of the expiration month. When your old card expires, a new one should automatically be sent to you.
But if you don’t receive your new debit card even after the expiry of the old one, you may have to contact your bank’s customer care and request a renewal. Some banks also offer the online renewal request service on their website or the banking app.
Check with your bank if they have these services, and you can request card renewal through the web or app.
Will An Expired Debit Card Work In An ATM?
If you have already passed your debit card’s expiration date, it can no longer be used anywhere. You can’t use an expired debit card in an ATM to withdraw cash.
You need to have a valid debit card; once expired, you will always have to obtain a renewed one to continue financial activities, including cash withdrawals from an ATM. Usually, you won’t need a new PIN; the old one should continue to work the next time you visit the ATM with your new card.
How To Activate A Renewed Debit Card
Using debit cards is convenient for paying bills, shopping online, and withdrawing cash. You must activate your debit card before doing any of these things.
The old card should be destroyed or securely disposed of when it’s due to expire, and you should update every automatic payment to reflect the new card information.
You can activate your debit card in several ways. They’re all straightforward and convenient. It’s up to you to choose which works best for you.
Here are some ways to activate your debit card:
- Call the number on the sticker to activate your card quickly. The bank will auto-send your card with a number to call.
- Use the internet banking portal of your bank, log into your account, and you will find an option to activate your debit card online.
- Log in to the mobile banking app and activate your new debit card with the Card Service features available under your profile.
Every bank may have its unique way of activating debit cards. But in most cases, these three alternatives remain very common.
Final Thoughts on What to Do When Your Debit Card Expires
Plastic money has become a convenient part of our lives. It’s a huge part of personal finance. We can’t neglect the ease they bring to our day-to-day transactions.
They’re lightweight yet one of the most powerful money tools to use every day.
Debit cards are set up to expire periodically for your protection. If the card is expired, don’t try to use it. Make sure to get a new one. If updated on time, they will accompany you for all your payments.
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