Understanding the importance of your credit card’s expiration date and security code
Most Australians do not leave home without their credit card. We use them for all sorts of transactions from buying a beverage to purchasing a new refrigerator but probably few of us have taken the necessary steps to ensure that our card is always going to work when we need it. It might seem trivial, but it is really important that cardholders memorise certain information like the expiration date and security code listed on the credit card.
Important Credit Card Information
Expiration Date – No credit card lasts forever, they all have an expiration date. In most cases your card issuer will send you a new card before the old one expires which will remind you to remove the old one from your wallet and replace with the new and activated credit card.
However, if you are planning to do some travelling you will want to make sure that your credit card is not going to expire while you are away. If it does you could be left without a card while you are on your trip. If your card is going to expire while you are away you can contact your credit card issuer and they will be happy to make arrangements to extend the life of your old card or send you a new one before you leave.
By the same token, you should check your expiration dates if you are planning to change your address. The new credit card will be mailed to your current address and will not be forwarded. If you are going to be moving it is in your interest to contact the card issuer and give them your new address before your card expires. Even if you are not worried about a card expiring while you are away because you have back up funds you should still double check the dates. New credit cards left in mailboxes are at risk for theft, which could put your entire financial life at stake.
Security Code – The security code is the three digit number listed in the signature box on the back of your credit card. This code is required when you make online or telephone transactions because it serves as proof that the person making the purchase actually has the physical card in their hand. It is not a good idea to keep this card written down, instead you should commit the numbers to memory. Often, these numbers get wiped away after repeated swiping of your card through card readers so memorizing it allows you to continue to verify your identity even when the numbers are no longer visible.
ANZ Low Rate
The ANZ credit card security team take a very pro-active approach in monitoring your transactions for any suspicious transactions or potentially fraudulent transactions. ANZ Falcon Security can help give you peace of mind, in knowing that someone is always watching, and helping you avoid being a victim of credit card fraud or identity theft.
- $58 p.a. annual fee
- 13.49% p.a. on purchases
- 0% p.a. for 18 months with 3% balance transfer fee on balance transfers
- Cash Advance Rate of 21.74% p.a.
- Up to 55 days interest free
- Minimum Income Requirement of $15,000 p.a.
Being a responsible credit card owner means knowing when your card is going to expire an memorizing the security code. Doing those two things can help you to maintain your cards and to make transactions a little bit easier. Your credit card contains a significant amount of personal information that if put in the wrong hands could lead to identity theft and serious damage to your credit file. It is up to you to make sure that this does not happen by maintaining the integrity of your cards.