Tips For Renewing A Credit Card

Post by Sharat on October 14, 2018 · Under credit cards · Comments Off on Tips For Renewing A Credit Card 

No one ever wants to be stuck in the awkward situation of being at a restaurant or at a checkout counter with no way to pay the bill. Therefore, it is extremely important that people are aware of when their credit card is going to expire. The expiry date of a credit card is displayed prominently on the card and it tells you the month and year the card is set to expire. This means an expiring credit card should be good to use right up until the very last day of the month.

Notifications

The good news is that before expiry, the card issuer will usually send a notification that the card will expire soon and they will typically send a replacement card even before the card expires. If you have changed your residential address, you should make sure the new address details have been given to your lender so there is no delay in receiving the replacement card.

Do rewards points expire along with the credit card?

If you have built up a healthy balance of credit card rewards points, it is important to ensure that they continue to be usable. The only thing the credit card expiry date tells people is when the card expires, not if the account is closed. This means so long as your credit card account remains open and active you should be able to continue to use your rewards points even if you have been given a replacement card.  Some rewards points also have expiry dates as well, so make sure you are aware of that if this happens to be the case.

Is it necessary to renew your credit card?

As stated in the beginning, generally a card issuer will automatically send a replacement card before the present card expires. People who do not receive the new card should contact the card issuer or visit a branch to check and see that it has been mailed. When you receive the new card it is very easy to renew, you simply go online and activate it. One thing you should do when its time to renew your credit card is compare the interest rates and other benefits offered by alternative card issuers and see whether it is worth switching to a new card.

What else do should you do one you receive the new credit card?

As soon as you have taken delivery of the new credit card you should remember to update the new details with any service providers who bill your credit card via direct debit. Whilst the card number may not change, the expiry date and security code will have changed therefore it is important to contact your providers either online or by phone and update your billing details. Make sure you go through a recent credit card statement to make sure you haven’t forgotten any payments.

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