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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.
Best Answer: Closing date is the stopping point the credit card company uses to generate statements. Transactions before the closing date show on the current statement. Transactions after the closing date show on the next statement and are not due till then. Payments are due on the due date indicated on the statement. Wait for the statement. Paying before the statement could work against you as you won't show utilization when the card does the monthly update to the credit bureaus.