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I think credit cards have an expiration date because it gives them a contractual âoutâ by saying a contract was only for a stated period and not an open-ended contract. The magnetic strip is a bunch of hogwash. The credit card companies do not want to send out millions of cards just because they might wear out.
Closing Dates Vary. Some credit cards use the same closing date every month. One card, for instance, may close or change billing periods on the 6th of each month. Other card closing dates vary with the number of days in the month, so a card may close on the 18th of one month and the 20th of the next. The closing date is when new charges cease to be added to that period's bill and interest is calculated on the balance due up to that point.