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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.
Then you look down at the card and realize, with a mixture of relief and annoyance: Oh, this card expired yesterday. The short answer: Fraud prevention. The major networks (Visa and MasterCard) mandate that issuers (your bank or credit union, for example) put expiration dates on credit and debit cards. They're meant to serve as one more data point that needs to get verified before a charge goes through.