Any bank card has a strictly limited validity period, usually they function from 2 to 5 years. So sooner or later the moment will come when your card will become unusable. Many people are in a hurry to get rid of the “plastic” immediately after blocking, corny cutting it and throwing it away, and sometimes they just send expired cards to the trash bin in their original form. This is a big mistake. Let’s figure out why you can’t cut and throw away unnecessary bank cards.
Closed card, open account
The first thing to know: a bank card is not your account directly, but only a way to interact with it. Simply put, when your card expires, the bank account remains active with all that it implies. If you just throw away an already inoperative card, the bank can re-issue a new one and will continue to take money for its service. Moreover, these terms of service may change over time. The Bank has the right to change the terms of the agreement unilaterally.
To close an account if you no longer need it, it is not enough to get rid of your bank card. To do this, you will have to personally visit the financial organization that issued this card to you and write an application to close the account. The process is not quick and can easily take several weeks.
Notifications and additional services
Any additional services that are valid on a bank card will also be valid on the account. So the expired validity period and the discarded card will not save you the trouble of paying for the same SMS notifications from your mobile bank. The balance on the account may go negative, and you will be obliged to pay it.
Credit card debts
In the case of a debit card, the bank is unlikely to be able to count much for you. With a credit card, it’s a completely different matter. If you throw away your credit card, leaving at least a penny in the red on your account, get ready for very unpleasant consequences. After all, you remember that the account remains active, and interest after the grace period will begin to be calculated like clockwork.
And the interest on credit cards late is terrible. Be sure that the bank will notify you of debts at the most inconvenient moment, when a couple of rubles will turn into thousands, or even tens of thousands. Therefore, be sure to close your expired credit card account, making sure that there are no debts on them.
Information on plastic
Do not forget that you can also track your personal information using a discarded bank card. Name, surname, data of the card itself. This information can be used by the same telephone scammers by imitating a call from the security service of a financial institution. It’s easy to get hooked when someone on the other side of the tube calls out the data that the bank usually has. Before throwing away an expired card, take the trouble to close the account, and only then cut it into small pieces and throw it away if it brings you emotional satisfaction.