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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.
Wait, and fees could eat away at its value. â Photo by iStockphoto. A. Under federal law, a gift card cannot expire in less than five years after the date of purchase. But if itâs not used within 12 months, fees for inactivity, dormancy or service can be charged to the card each month, diminishing its value.