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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.
Reason #2: Another Chance to Check Up on You. âA limited term expiration date of say three years (typical), allows the credit worthiness of cardholders to be revaluated on an ongoing basis â in addition to the normal annual review,â says Bob Hammer, founder and CEO of R.K. Hammer, a bankcard advisory firm.