Many folks may not be aware of how the expiry dates on prepaid credit cards work. So, with information adapted from the Financial Consumer Agency of Canada, hereâs what you need to know!
Whatâs a prepaid credit card?
Prepaid cards are preloaded credit cards issued by a financial institution and are linked to certain payment card networks, such as American Express, Mastercard or VISA (and their logo will be on the card). When you use the card, the merchant deducts the amount you use from the total amount that was preloaded on to the card. Some prepaid cards charge an activation fee or purchase fee and you may be charged a fee for checking your balance.
You can find them at grocery stores, convenience stores, gas stations and many other retailers. You can use these cards at most places that accept credit cards.
Can my prepaid credit card expire?
The money on your card will not expire, however, the physical card will. This means that if your card expired but thereâs still money left on it, you can request that the card issuer sends you a new card (you may be charged a fee) or they may put the remaining balance on a cheque for you. You can also reload the card as many times as you want, until it eventually expires (at which point, you can request another card)
Top 3 tips for using a prepaid credit card
- Keep it in a safe place and make note of when the physical card expires.
- Try to use the card sooner than later to avoid having the card expire (and having to be re-issued) or in the chance that it might get lost or forgotten about.
- If you give it as a gift to someone, remind them about the rules youâve just learned!
Where to go for help
Visit the Financial Consumer Agency of Canadaâs website for more information about prepaid cards.
If you’re dealing with an issue with a regular gift card or gift certificate, we may be able to help. BCâs gift card law speaks to expiry dates when fees can be charged, and what information must be disclosed to you and we oversee those rules. Learn more about your rights for gift cards in BC.
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About Consumer Protection BC
We are not-for-profit regulator responsible for overseeing certain industries and specific consumer transactions in British Columbia. If your concern is captured under the laws we enforce, we will use the tools at our disposal to assist you. If we canât help you directly, we will try to offer a referral to a relevant organization, if one exists. Other times, court or legal assistance may be the best option. Explore our website at www.consumerprotectionbc.ca
I have a$100 prepaid visa card and I misplaced it and its expired, on the pkg it says they will replace it but when I called it said the funds are no longer available. So my question is where did the fund go.
Hi Ivy, thanks for your question. The Financial Consumer Agency of Canada oversees prepaid cards. You can contact the FCAC on their website. I hope you can find the answer you are looking for.
Hi my vanilla prepaid only has the “valid thru”, not the expiry date. How do I obtain the expiry date?
I am in toronto by the way
Hi Nati, thanks for your question. To clarify, the money on prepaid credit cards does not expire, however, the physical card does. The âvalid throughâ date could be referring to that. If that doesnât answer your question, these cards are regulated federally by the Financial Consumer Protection Agency of Canada linked in the blog above. They would be best suited to answer your question. I hope this helps!
The question asks if the prepaid credit card can expire? The answer is Yes, the card can itself expires. BUT the money does not.
So yes the pre paid card did expire. You had to go thru a lot of bureaucracy and cost to get it back for it to function. Your answer of no is wrong.
Interesting responses and article, thank you for the information! Iâm always so hesitant with these pre paid visas, and worried I wonât use them in time so very helpful.