There Should Be a Way to Pay Bills With Credit Cards That Don't Expire
By
Staten Island, NY Posted: 8/21/2016 1:00:00 AM
Isn't it a pain in the neck when a stored credit card expires and you have to update dozens of accounts?
Just about everyone today has at least a few bills that are automatically paid by a stored debit or credit card number. In fact, for a lot of people, they rarely need to write a physical check, because they can pay just about every bill from a stored card number.
Unfortunately, stored cards have expiration dates, and from time to time a bank will send out new cards even before the expiration dates. For example, my bank changed their logo a few years ago, so they issued new cards, and they sent another replacement when they incorporated support for the new chip based security.
In each case, whenever a card expiration date changes, we are forced to change the stored card on every company that uses that particular card. In my case, that could be as many as a dozen companies per card.
There should be a system in place to allow people to use their cards for recurring payments with a single account number that doesn't expire, so that you don't need to scramble to change all the linked accounts every time a new card is issued.
To me, the best way to do this is to have a two card numbers. One with an expiration, for swiped retail / point of sale transactions, and a second one that is used to enter into an agreement for recurring charges. Once you agree to use your card to pay a bill on a recurring basis, that agreement should remain in effect as long as you keep the account open, so there's no need to keep updating the expiration date.
Joe Crescenzi, Founder
(Reply N/A) (Edit Topic N/A)
(Like Topic N/A) [0 ] 5317 Views
Related Posts
Credit Cards(4)Finance(21)
Top 25 Posts
* Note: The ideas on "Idea of the Day" were posted without any formal research into existing inventions.
In some cases, patents may already exist for these ideas, in other cases, there may not be any existing patents and you are free to develop and explore the viability of developing and patenting the ideas.
The authors make no claim that any of the ideas are safe, practical, or suitable for any particular purpose. You are responsible for the results of trying, developing, patenting or using any of the ideas on this site.
For some people, our ideas are just an interesting read, but our goal is to encourage you to take action. If you see an idea that you like, do something with it... Take action.
- Joe
Idea of the Day!
on...