Do you know why credit card expiration date is 5 years?!! How to automatically renew check card expiration date?!
Credit card validity period
Smartphones and credit cards are essential items for living as a Korean. There are numerous card companies on the market, and there are customers, and the cost and competition to create card customers are really fierce.
Why do we ask customers to renew the hassle every 5 years? “Once a customer, forever a customer” would be really convenient for not only the credit card company but also the customers. 신용카드 체크카드 유효기간
Let’s find out the secrets behind the 5-year expiration date of credit card debit cards and how to renew them. 좋은뉴스
A credit card with a 5-year validity period is required?!
Issuing a card means “establishing a contract with the card company and the customer!(?)”. When issuing a card, a contract is made regarding the card number, expiration date, payment method, and overdue interest rate.
It becomes effective when the customer signs and seals it and the card company approves it. And since the card issued at this time falls under the ownership of the card company, strictly speaking, it must be returned when the contract period (validity period) expires.
However, since it is useless even if it is returned, the customer ends up cutting or discarding it. There is no statutory requirement that credit or debit cards must be valid for five years.
Therefore, you can freely set the validity period, such as 2 years, 3 years, 10 years, etc., but it is true that customers do not have freedom in reality. This is because the card company will not respond to the contract if you request issuance under such conditions.
So, like a long-standing practice, most card companies do it for 5 years, and this limitation is due to the following reasons.
Credit card debit card validity period of 5 years Why?!
1. Mileage, receivable expiration period?!
The statute of limitations for mileage, points, gift certificates, etc. stipulated in the Civil Act is 5 years. Therefore, the validity period of credit and debit cards is set to 5 years.
Despite the fact that there are various points and mileage accrued during use, if the validity period is set within 5 years, they will disappear and lead to damages to the customer.
In addition, since the credit card is a method of paying in advance and repaying later, the 5-year bond under the Civil Act is applied.
2. Because of the magnetic lifespan?!
It is said that the lifespan of the magnet, which contains various information of credit and debit card holders, is about 5 years. A lot of damage occurs due to contact during the process of inserting or pulling out the reader for payment.
And since the magnetic part contacts the magnet during storage and shortens the lifespan, in reality, most cases are less than 5 years.
Check card validity period 5 years
3. Easy management?!
When evaluating the most important “credit” for modern people, the main indicators are the appropriate use of credit and debit cards, and overdue performance.
This is to manage customers while conducting interim checks on usage performance after card issuance and changes in economic conditions thereafter. It means that the unit of such a period is 5 years.
4. Because of customs?!
Legally, the validity period of the card is not set at 5 years. However, due to customer care and the above reasons, we set it to 5 years. Therefore, for really important customers or special cases, there are cases where there is no limit on the validity period or the period is less than 5 years.
▶What is the solution when account transfer is wrong?!
Credit card expiration date extension??!! Check card??!!
If you want to cancel or extend the card because you are not satisfied with the card you are holding or using, there are differences depending on the conditions as follows.
1. In case of automatic renewal?!!
If you use it even once, regardless of the amount, 6 months before the expiration date, you will be considered to have an intention to renew it automatically. However, this does not mean that it is automatically extended.
For customers who fall under such conditions, the card company will notify you of the details for automatic renewal one month in advance. You will be asked whether or not to renew by text message, kakaotalk, mail, etc.
If you do not file an objection within 20 days of receiving the text, KakaoTalk, or mail, it will be automatically extended.
2. What if the automatic renewal is not possible?!
If it is not used even once until 6 months before the expiry date, it is judged that there is no intention of extension and automatic renewal will not occur. In that case, it is common that the credit card company does not provide separate guidance.
If you do not discard the card you have and have not used it for 5 years, it is determined that you have no intention of renewing and continuing to use it.
Therefore, providing renewal information to such customers may be a waste of time and money.
However, if you have not used it within 6 months, but have an intention to renew it, you can visit the homepage and use the (old) public certificate or through written consent.
There are no benefits such as points because they have not been used for a long time, but some people renew it because it is more convenient than getting a new one.
The above about auto-renewal is general. However, since there may be differences in direct visits to websites or procedures for each credit card company, you can inquire at the credit card company you own for details.
Intemperate card use, ignoring one’s economic strength, can lead to serious economic risks. It is most important to protect credit through proper use considering the self-sufficiency plan.