What does mm yy mean?

What does mm yy mean

The popularity of credit cards rises alongside the increase in online shopping. You can associate these cards in remote transactions with a hassle-free purchase.

When you’re on your online shopping spree, and it’s time for checkout, you will probably encounter a form asking for your card details.

The “MM/YY” corresponds to the expiration date of your credit or debit card. It may appear at the front or back of your physical card.

The card usually expires at the end of the month indicated on the card. However, keep in mind that the expiration only applies to the physical card, not the actual account, so long as the account is in good standing.

According to the video, the “MM” stands for the month, and the “YY” means the year of expiration. For instance, the code for January is 01, February is 02, and December is 12.

On the other hand, the “YY” is the last two digits of the year. So if the expiration date of your card is 2023, then you have to input 23 on the form.

The card’s expiration date is essential when trying to make online purchases. Without it, you cannot push through with your transactions; it is as important as the card’s security code.

It also signifies when the card will stop working and why your transaction probably failed. Although, it’s also important to note other possible reasons for your credit card transactions to decline.

Reasons why credit card and debit cards expire

About 80% of the consumers prefer the card payment option over traditional cash. Of this, 54% prefer to use debit cards, while the last 26% are credit card users.

It may seem inconvenient for a card to expire every few years, but there are good reasons for renewing your card from time to time.

The card experiences reasonable wear and tear.

Nothing lasts forever, even credit and debit cards made out of plastic.

Although it may sometimes appear that your card is still in mint condition, some features may be worn out over time.

For instance, the machine might not be able to read the strip on an old card. The plastic material may also chip off after a while.

Moreover, cards containing EMV chips stop functioning after extended usage.

Hence, regularly renewing your card could help avoid any inconvenience in your financial transactions.

It helps ensure that anti-fraud measures are in place.

Aside from the expiration date, one of the card’s security features is the CVV. Merchants usually ask for these two pieces of information when using the card for purchase transactions.

The CVV on the card changes every time the card expires. It is the three or four-digit number on your card.

Thus, people who gain access to your credit card number may fail to make fraudulent purchases as long as they don’t know your card’s CVV and expiration date.

Renewing cards allow banks to upgrade the features of the card.

Since technology is ever-changing, getting a new card allows banks to upgrade their card features. Developing chips and designs for the cards ensures up-to-date security features and technology.

Banks may also opt to change their logo or card design. They can put out the updated version when the consumer’s card expires.

It provides an avenue for credit card companies to release and market new products.

When the card expires, the credit card issuer can use it as an excuse to offer you new products or upgrades from your existing account.

The issuer may notify you a few weeks before your card expires and introduce deals with more perks to try and upsell you.

What to do when your credit card expires?

When a card expires, you can no longer use it for purchasing transactions.

Most of the time, credit card issuers automatically send a new card to cardholders one to two months before the card’s expiration date. You may also contact your credit card issuer a few weeks before the expiry to ask for a new card.

The new card has a new expiration date and CVV security code. Meanwhile, the credit card number is retained unless there are changes or upgrades in the account.

Moreover, the issuer may opt not to renew a card when the cardholder is in poor standing. They perform evaluations before sending a new card to the customers.

When you receive your new card, it is recommended that the old one be destroyed or recycled. This prevents your card number from being exposed to strangers.

You may opt to shred your card into pieces or cut them before throwing them away. Some organizations offer to recycle plastic credit cards, while metal cards can be returned to the bank to be recycled.

Reasons why your debit card was declined

It’s frustrating when you’re trying to make a purchase, but the transaction keeps declining. This video enumerates the possible reasons and ways to fix the issue.

It can be because of insufficient balance.

When your debit card has an insufficient balance, it is more likely that the transaction will not push through.

To hinder this from happening, ensure that you have enough balance before shopping. The mobile bank apps provide information regarding the real-time balance of your account.

Continuous failed attempts to enter your pin may look suspicious to your bank.

If you have entered too many incorrect pin entries during the transaction, the bank might interpret it as suspicious activity and decline your card. Thus, it is essential to remember the pin associated with your card.

You have reached your bank’s withdrawal limit.

When this happens, you won’t be able to withdraw the amount because all banks provide a limit for withdrawals through the ATM for security purposes.

You might need to wait for another day or two to transact again. You may also contact your bank to increase your limits.

Your debit card has expired.

Make sure to check your card’s expiration date indicated on the physical card to avoid this from happening. Your bank will likely issue a new card a few weeks before the expiration date, assuming there are no other issues with your account.

You might have entered incorrect personal information while making an online transaction.

There are instances when the cardholder provides different information to the merchants than they initially gave to the card issuers. These inconsistencies may lead to your card being declined.

Your personal information, such as your address or surname, may change over time. So, it is essential to keep your records up to date.

Your bank might get suspicious of the transaction.

Banks may flag that as a suspicious activity when transactions are out of the ordinary. It may sometimes mean that you’ve surpassed your usual spending limit.

Banks do this to protect your account from being used by other people without your consent. Even though this might cause some delays in your transaction, it ensures the safety of your account in case someone attempts to steal from you.

You have made an international transaction.

When you make an international transaction, the bank counts it as unusual activity and eventually declines the card. To avoid this, you may inform your bank if you have plans to travel internationally or conduct any online international transactions.

The bank might be encountering some technical issues.

Banks might experience technical difficulties such as slow internet connections, transaction overload, and power outages that may cause delays or interruptions in the transaction. The bank may also undergo a system upgrade; thus, you cannot access your account.

Since you can do nothing, it is best to wait for your bank to sort it out and try again later.

Your joint holder deactivates the card.

When you enroll in a joint account with someone like your spouse or family member, they have the authority to deactivate the card. When this happens, you won’t be able to access the card either.

Most banks allow one party to deactivate the card even without the other party’s permission if they suspect any fraudulent transactions or other reasons.

It can be a good security feature since one can ask the other to deactivate the account when their card was stolen.

Your card might still be inactivated.

Make sure to activate your card as soon as receiving it to avoid delays in the transaction. An inactivated card could happen when you recently acquired or renewed your card.

The bank usually provides detailed instructions on how to activate your card.

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