What to do with an old and expired credit card?

In today’s digital age, the lifespan of a credit card is limited, and eventually, every cardholder will have to deal with an old or expired credit card. While it may be tempting to toss it into the bin, disposing of an old credit card requires careful consideration to safeguard your personal information and prevent identity theft. In this blog post, we will explore the best practices for handling old and expired credit cards, how to dispose of them securely, and answer some common questions on this topic.

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Also Read: 5 things about credit cards you have got all wrong

What to Do with an Old and Expired Credit Card?

When you receive a new credit card to replace your old or expired one, it’s essential to take the necessary steps to manage the old card responsibly. Here are some recommended actions to consider:

Cut the Card: Using a pair of scissors, carefully cut through the chip and magnetic stripe of the old credit card to render it unusable. This simple step can help prevent unauthorized individuals from using the card for fraudulent purposes.

Shred the Card: Once you have cut the card into pieces, it’s advisable to further destroy it by shredding the card fragments. Investing in a cross-cut shredder can ensure that the card details are irreversibly obscured, reducing the risk of identity theft.

Dispose of the Card Safely: After shredding the card, separate the card pieces and dispose of them in different bins to make it challenging for fraudsters to reconstruct the card. Avoid putting the entire card in one bin, as it may still contain identifiable information.

Review Statements: Before discarding the old credit card, review your recent statements to ensure that there are no pending or recurring charges associated with the card. Notify any merchants or service providers of your new card details to prevent disruptions in payments.

Also Read: How does a credit card work? – Process explained

Update Automatic Payments: If you had set up automatic payments for the old credit card, remember to update your payment information with the new card details to avoid missed payments or penalties.

FAQs

What should I do if my credit card expires?

When your credit card expires, your card issuer will typically send you a new card with an updated expiration date. Activate the new card upon receipt and follow the steps mentioned above to securely dispose of the old card.

Can I recycle my old credit card?

While some recycling facilities accept plastic cards for recycling, it’s recommended to shred the card first to safeguard your personal information. Check with your local recycling centre for specific guidelines on recycling credit cards.

Is it safe to throw away an old credit card in the bin?

Simply throwing away an old credit card in the bin without taking precautions can pose a risk of identity theft. It’s best to follow the steps outlined above to cut, shred, and dispose of the card securely.

Can I use an old credit card for emergency purposes?

It’s not advisable to use an old credit card for emergency purposes, as the card may have been deactivated by your card issuer. Contact your card issuer to confirm the status of the old card and request a replacement if needed.

Should I keep a record of the old credit card details?

For security reasons, it’s recommended not to keep a record of old credit card details once you have disposed of the card. Store any relevant information securely, or shred documents containing card details.

Also Read: Can I buy a car with a Credit Card?

In conclusion, managing old and expired credit cards responsibly is essential to protecting your financial information and prevent identity theft. By following the recommended steps for securely disposing of old credit cards and updating your payment information, you can ensure a smooth transition to using your new card while safeguarding your personal data. Remember to stay vigilant and proactive in managing your credit cards to minimise the risk of fraud and maintain financial security.