Credit cards often serve as a quick and convenient mode of payment for several financial transactions. However, the trouble starts when your credit card expires and debts are still pending.
It is important to keep track of your credit card payment deadlines and expiry dates. Here’s what happens when your credit card has expired and you still have not managed to clear the dues.
Credit Card Expiry: What happens to pending dues?
Once a credit card has expired, a user will no longer be able to make any transactions with it. However, if there are any pending debts, you would still need to pay them off as the credit account remains active.
Most banks automatically issue a new credit card ahead of the current credit card’s expiry date. The dues of the previous card, if not cleared, are carried forward into the new card. As a result, it is important to keep a check on your credit card deadlines and expiry dates.
Banks also send notifications or reminders about upcoming card expiry dates. Ensure that your contact information is up to date so that you do not miss the alerts.
How to pay dues on the new credit card
Customers can make credit card payments on the new card through online or offline modes. A host of options ranging from UPI, net banking, or mobile wallet can be used if you want to pay your credit card bills online.
If paying your credit card bills online seems like a daunting option, offline payments can be your go to. Calling respective customer care numbers, or issuing a cheque in favour of the credit card account, are some of the offline credit card payment options.
How to find the credit card expiry date
Depending on which bank’s credit card you are using, the expiry date is usually mentioned on the front of the card, either near the sixteen digit card number, or the card holder’s name.
For instance, if you are using a Moneyback credit card of HDFC Bank, the expiry date is mentioned on the back of the card. ICICI Bank credit cards, on the other hand, have the expiry dates printed on the front.