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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.
Providers typically use expiration dates that range from two to four years. A July 2012 MSN Money article noted that three years is the typical time frame. If a new card is issued in February 2014, it would expire in February 2017, for instance. This period of time allows the issuer to balance customer convenience for ongoing use with the marketing and security benefits of a time limit.