If your credit card has expired, renew it like this, know the details

Credit Card Expiry Date: In the modern era, the credit card is going to be very important, as it has no substitute. From shopping to bill payment to online subscription, a large part of life depends on a credit card. Suddenly, any big expense or credit card proves to be helpful everywhere.

Many times, the credit card expiry date passes, due to which problems have to be faced. Payments fail due to ignoring the expiry date. Apart from this, all the services on the credit card are also stopped.

Penalty is also levied for ignoring it. This leads to problems. Why is this date written on the credit card? What effect can it have on your pocket? You can know in detail below.

Know what is credit card expiry is?

Many times credit card is considered very important. Expiry of a credit card means the date after which it stops working for payment. Keep in mind that the card does not get blocked. It is used only till then. If the account holder’s account is active, but a new card is required for transactions.

This date is written on the front side in MM/YY format. So that you can remember it easily. Be it your Netflix or Amazon Prime, electricity or phone bill, insurance or car insurance premium, if all these are set on automatic payment.

If the card expires, the payment will become completely inactive. Then, with this, all the services can be completely stopped. Banks usually send a new card to your address 30-45 days before the expiry, so that no one faces any problem.

Important things have to be kept in mind while using the card

CVV and PIN should always be kept secret.

Along with this, do not share the details on any suspicious link or call details.

Then you can check the bank statement from time to time.

Never throw away the expired card directly; you can definitely destroy it by cutting it.

Credit Score gets affected.

The expiry of the credit card does not affect your CIBIL score. The mistake happens when you forget to update the payment with the new card. If the billing date is missed, late payment charges will be levied, and your credit history may be spoiled.