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
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