Can Prepaid Cards Expire

Most payment cards and credit cards have an expiration date, and prepaid cards are no exception. Here’s what you should know if you have a prepaid card.

So, can prepaid cards expire?

Yes, prepaid cards can expire. The expiration date is typically on the front of the card, below the 16-digit card number, or on the back of the card. If your prepaid card is tied to an account with a balance, you won’t lose the money in your account, but will need to order a replacement card.

Keep reading for a complete guide to why prepaid cards expire, as well as what to do if your prepaid card has expired.

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Why do prepaid cards?expire?

Prepaid cards expire so that card issuers can keep their clients up to date. Prepaid card expiration also allows customers to have a more secure experience.

Here are the three main reasons that prepaid cards use expiration dates.

Reason 1: Cardholder Verification

When you make a purchase online or over the phone, you will often be asked to enter your card’s expiration date.

Since expiration dates are rarely stored anywhere except on the actual card itself, these dates act as an additional piece of data to ensure the proper cardholder is making the purchase.

Reason 2: Fixing Wear and?Tear

Payment cards have features such as EMV chips and magnetic stripes that wear down after use.

Plus, card plastic itself may become damaged over time. By having users replace their card after a certain amount of time, card issuers can ensure that all cards in circulation are in good condition.

Reason 3: Keeping Customers Up to?Date

By having users replace their card on a regular basis, card issuers can give users a chance to re-evaluate the terms and services of their card.

They can also send out cards with updated logos and designs and make other changes to their card’s features on a regular basis.

What Happens When A Prepaid Card?Expires?

If your card expires, you’ll need to replace it. Here’s what to expect when your card expires:

Point 1: You’ll Receive a Notification

Generally, card companies will send you a notice 30–60 days before your card expires. However, you can request a new card sooner than the expiration date if you’d like.

Point 2: Your Card Will Be?Frozen

After the expiration date, if you have failed to renew your card, you will not be able to access funds via the card. However, you may be able to transfer funds via a web account (if your account offers that feature).

You will be able to begin spending money using your prepaid card as soon as you receive a new one.

Point 3: Your Funds May or May Not?Expire

If your prepaid card balance is tied to an account, your funds will generally remain available even after your card is frozen.

Prepaid cards are not the same as gift cards, which may eliminate your balance after a period of inactivity. Your card’s terms and conditions will explain this in more detail.

What Should You Do If Your Prepaid Card?Expires?

If your prepaid card expires, you can simply contact the company that issues your card and ask them to send a new card to you. Here’s how to do it:

Step 1: Contact Your Card?Issuer

Contact your card issuer and ask for a replacement card. In order to avoid phishing attempts, you should refer to the contact details and phone number that originally came with your card.

Step 2: Confirm Your Card?Plan

Before you agree to a new replacement card, consider the terms of your card plan.

Generally, card companies cannot forcibly change the terms of service, but there may be better alternatives — such as better fees or reward plans — for you to take advantage of when you order a new card.

Instead of asking for a new card after the expiration date, you can choose to close your account. In this case, the card issuer will typically send you a check with your account balance.

Step 3: Activate Your New?Card

Your card will soon be delivered by mail. You will then have to sign and activate the card, either by phone or online. Be sure to cut up and throw away your old prepaid card.

Step 4: Update Online Payment Information

If you have automatically scheduled any payments online (such as electricity bills and phone bills), you will need to update those online accounts to reflect the expiry date of your new card.

If your web browser stores your card information, be sure to update that data as well.

Payset’s Prepaid Card?Solution

Payset’s prepaid cards offer many features, from the ability to fund your balance with a variety of local currencies to plans targeted at business and enterprise users.

When you sign up for our prepaid card, you’ll get access to both a plastic card and a mobile virtual card. Signing up is simple: just click on the “Get Started” button below.