topic New BofA card valid only 2 years? in Credit Cards

New BofA card valid only 2 years?

Discover2016 — Sat, 18 Jul 2015 04:03:49 GMT

Last week I applied for and was approved for the BofA cash rewards card, I recieved it today and noticed it's only valid for two years. Is this something they do for new account holders to see how they perform? Or does BofA just replace cards more often than other banks? My Discover and Amex are both 5 year cards. On another note, this card is really pretty! Has a metallic look to it that is very nice

Re: New BofA card valid only 2 years?

eddie84 — Sun, 19 Jul 2015 21:11:36 GMT

Mine are all 2 years also and I have TR, CR & BBR cards from them (been banking with them for 18 years). I guess you got the new CR in red. Love the new design. So much nicer than the old one.

Re: New BofA card valid only 2 years?

Anonymous — Sat, 18 Jul 2015 04:09:36 GMT

Not sure. Sorry. I've been with them over 10 yrs. and have that one also. It does look metal! Love it! Could be why the shorter valid date? I would call or chat and ask them. Wouldn't hurt. They're really nice.

Re: New BofA card valid only 2 years?

Anonymous — Sat, 18 Jul 2015 05:21:48 GMT

My stepfather has a card with BoA (not sure which one), and I believe it's also valid for 2 years. He's been a customer for about 5 years, though.

Meanwhile, my old Freedom card had a 3 year validation (2017), and I just got the chip version today- also 3 years (2018). I'm also a new account holder (just about to hit 1 year), so I can't say if either that is also Chase's way of testing the waters with new account holders, or if a card's lifespan simply depends on the lender.

Re: New BofA card valid only 2 years?

Anonymous — Sat, 18 Jul 2015 16:27:40 GMT

Mine are two years with them. Amex I think is 5 years. Varies by lender.

Re: New BofA card valid only 2 years?

Anonymous — Sat, 18 Jul 2015 16:31:37 GMT

I doubt it is to "test the waters" with new customers. If they decide they don't want you as a customer they can simply deactivate the card. It probably is just for security reasons.

Re: New BofA card valid only 2 years?

morgacj2004 — Sat, 18 Jul 2015 18:24:32 GMT

I am a brand new B of A customer. Got my rewards Visa yesterday. Exp in 2 yrs

Re: New BofA card valid only 2 years?

Anonymous — Sat, 18 Jul 2015 23:23:04 GMT

I'm a BofA customer for years and my MasterCard expires in 3 years from issue date. It's a bit annoying why every card company can't be like AmEx and give you 5-year cards, but look on the flip side, you'll get shiny new plastic every two years to replace your worn-out cards :-)

Re: New BofA card valid only 2 years?

UFGuy2006 — Sat, 18 Jul 2015 23:27:16 GMT

Yep 2 years here on my two cards.

Re: New BofA card valid only 2 years?

Anonymous — Sun, 19 Jul 2015 00:01:18 GMT

@Anonymous wrote:
I doubt it is to "test the waters" with new customers. If they decide they don't want you as a customer they can simply deactivate the card. It probably is just for security reasons.

This! (Well. not the last part, as we've just agreed the cards can be deactivated anyway)

I don't know why the issuers differ so much, my guess would be that the "pretty new card" effect may be a factor. Issuers have to balance the cost of new cards against the impact getting a new card may have. It wouldn't surprise me if people start using a new card more (they may have forgotten the old one).

Re: New BofA card valid only 2 years?

Anonymous — Sun, 19 Jul 2015 00:11:23 GMT

Even if it dull out in 6 months...you're just a click away from a replacement.

Re: New BofA card valid only 2 years?

Kirmie2010 — Sun, 19 Jul 2015 00:34:39 GMT

My checking account debit card is 4 years, CC is 2.

Never noticed it before.

Yeah the card is pretty

Re: New BofA card valid only 2 years?

Anonymous — Sun, 19 Jul 2015 00:36:18 GMT

My thoughts were that the longer the same card number is used, the number of places where it is being used increases. That in turn puts the card number in a greater number of databases. The more databases that number sits in, the more likely a hacker will eventually stumble upon it. Many times hackers won't use stolen information immediately. They sit on it so the chance of it being linked back to them decreases. If an active card number sits in a database for 5 years, it is more likely to be snatched and used for nefarious purposes than a card that is only active for 2. My 2 cents.

Re: New BofA card valid only 2 years?

Anonymous — Sun, 19 Jul 2015 01:06:15 GMT

@Anonymous wrote:
My thoughts were that the longer the same card number is used, the number of places where it is being used increases. That in turn puts the card number in a greater number of databases. The more databases that number sits in, the more likely a hacker will eventually stumble upon it. Many times hackers won't use stolen information immediately. They sit on it so the chance of it being linked back to them decreases. If an active card number sits in a database for 5 years, it is more likely to be snatched and used for nefarious purposes than a card that is only active for 2. My 2 cents.

That makes sense too.

Re: New BofA card valid only 2 years?

Anonymous — Sun, 19 Jul 2015 22:53:44 GMT

It varies.....