Rules on Credit Card Expiration Date

If you’re diligent about protecting your financial information from identity theft – and you should – make sure that every credit card receipt reveals as little data as possible. That’s one reason why federal law — specifically the Fair and Accurate Credit Transactions Act — stipulates that information on receipts must be trimmed, including credit card expiration dates. If you receive a credit card with an expiration date and then a victim of credit card fraud, you may have grounds to sue. Consult a lawyer for more information. Lawyers have filed nationwide class-action lawsuits against retail establishments that failed to upgrade equipment for credit card receipt information.

Class-action lawsuits allege “intentional” violations of the statute by failing to upgrade equipment, so plaintiffs often sue for damages for any violations.

Fair and Accurate Credit Transaction Act
The Fair and Accurate Credit Transaction Act of 2003, an amendment to the Fair Credit Reporting Act, has been in effect for all traders since December 2006. The Federal Trade Commission oversees law enforcement for businesses that do not comply with FACTA. Such businesses can face losses of between $100 and $1,000 per receipt. That’s a lot of money if you leave the credit card expiration date on the receipt, especially if those receipts total up to thousands.

This law only applies to receipts printed electronically, not written by hand.

Expiration date
You may be wondering why credit card expiration dates are so necessary. Reasons for the expiration date include:

Another information to prevent fraud
The opportunity to inform customers of new benefits and promotions
The opportunity to replace cards with worn word strips
Most credit cards will expire on the last day of the month printed on it. For example, cards that expire on December 12 are usually good until December 31, 2016. However, the credit card expiration date is decided by the issuer, so it’s important to understand the terms of your personal card. You should find the information on the publisher’s website or call the card’s toll-free number and ask the representative.

It doesn’t have to expire.
If you are making a purchase online or in-store, you can use your card until the last day of the month that the card expires. However, it is possible that automatic payments set up on the card may continue to take place after that date. If that happens – and you don’t owe money – try contesting the fee with the company that processes automatic payments. The opposite situation is more likely, which is a company that does not receive a new expiration date and cuts off service automatically. NS

Retailer’s Card
While bank cards like MasterCard and Visa and network cards like Discover and American Express all use expiration dates, that’s not true for cards issued by retailers. You can only use those cards at that particular retailer, so the likelihood of fraud will be reduced. It saves companies money if they no longer have to send cards to replace those that expire.

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