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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.
Most surprisingly, this end run around expiration dates is little known by most businesses. The procedure is so new it isn't written down anywhere in credit-card regulations. The process exists only as an understanding between card issuers and a few companies that know how the system works.