My Credit Card Is Expiring: Why it Matters & What Do I Do?

Just like the validity period on your stored value travel card, or the “best before” date on your groceries, your credit cards also come with an expiry date.

Generally, you can use your card until the final day of the month shown on the expiry date. For instance, a card marked “Valid Thru 08/28” will work until 31 August 2028.

However, it's important to remember that the expiry date only applies to the physical card itself, not to your underlying credit card account. That account remains active, and any credit card rewards you've accumulated with that card are still valid, unless otherwise specified. Even your new EMV chip card might bear the same 16-digit card number you're familiar with unless the product is changed.

Have a credit card that is going to expire soon? Here’s a clearer look at why these expiration dates exist, what happens when a credit card expires, and what they mean for you as a credit card holder in Singapore.

Expiry dates are a standard practice for credit cards, and for good reason. Banks, including those in Singapore like OCBC, UOB, and DBS, implement expiration dates for several important reasons, all ultimately designed to protect you, the cardholder.

Protect from fraud

For transactions where your physical card isn't presented, such as online purchases or phone orders, the expiry date acts as an extra layer of protection against credit card fraud and verification to ensure the card information is current and valid. If a thief manages to steal only your card number but not the up-to-date expiry date, they're less likely to be able to make unauthorised purchases.

>> MORE: How to reverse unauthorised transactions in Singapore

Extend physical credit card usage

Credit cards undergo frequent use, being swiped, inserted into chip readers, and carried in wallets. This regular use can cause wear and tear on the physical card. The magnetic stripe can become dirty or scratched, the chip less reliable, and the card itself can crack or split. 

To prevent your card from being declined at payment terminals due to its age and condition, banks routinely issue fresh cards every few years. Credit cards are generally designed to last for around three to five years, with replacements sent out before the expiry date.   

Upgrade the card

Just as software on our devices needs to be updated, credit card issuers periodically update the technology embedded in their cards to facilitate transactions and enhance security features. Sending out new cards with expiry dates ensures that everyone eventually benefits from these technological advancements.

Additionally, credit card issuers may occasionally refresh their branding. If a bank has updated its logo, card design, or even its name, the expiry date provides a natural opportunity to circulate these new card designs to all its customers. You might even receive a replacement card with enhanced features, such as improved rewards programmes or better security measures.   

Important to remember

You can typically expect to receive your replacement credit card around two months before your current one's expiry date. If the new card hasn't arrived, it's best to contact your bank to check on its status. It might have been delayed in the post, or you may need to confirm your delivery address. Or, you can do a manual replacement to ensure you have your new card in hand before the old one expires. 

If your credit card has a principal and a supplementary card, both of them have the same expiry date. With that, banks will renew both and send both with new expiry dates.

>> MORE: Why you should own a credit card in Singapore

As mentioned earlier, your new credit card will typically arrive before your old one stops working, ensuring a smooth transition. To get started with your replacement, here’s what you should do once it arrives:

Discard your expired card

It’s crucial to get rid of your expired card securely to prevent any potential misuse. When a credit card expires, banks typically deactivate it automatically. However, it’s still vital to physically destroy the old card. The card number on your old and new cards is often the same, so shredding the card or carefully cutting through the magnetic strip and chip will ensure that the information does not go into the wrong hands and be accessed without your knowledge or consent.

Activate your new card

Activating your new card makes it ready for use. When it arrives, it will typically have a sticker or letter with clear activation instructions. In Singapore, many banks offer convenient online activation through their websites or, more commonly, via their mobile banking applications. You might also have the option to activate it through a Video Teller Machine (VTM) or Automated Teller Machine (ATM), depending on the bank. Once activated, it's a good idea to update your PIN if prompted and ensure you keep your new card in a safe place.

>> MORE: What if I don’t activate my credit card?

Updating your card details for recurring payments

Although your 16-digit card number often remains the same, your new card will have a different expiration date and Card Verification Value (CVV) or Card Verification Code (CVC), the three- or four-digit security code usually found on the back of the card. 

You do have to update this new information for any services or merchants where you have automatic payments set up using your credit card. This could include merchant apps or websites like Lazada and Shopee, and providers such as Spotify. Failure to update these details can lead to interrupted services or late payment fees. While some banks and merchants participate in account updater services that automatically transmit new card details, it’s always best to double-check your recurring payments to ensure a smooth transition.