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How To Get Rid Of My Credit Card Debt – “Expert verified” means that the article has been carefully reviewed by our financial review board for accuracy and clarity. The review board consists of financial experts whose goal is to ensure that our content is always objective and balanced.
Written by Rachel Heath Rachel Heathrow Personal Finance Contributor Connect with Rachel Heath on LinkedIn Linkedin with Rachel Heath
How To Get Rid Of My Credit Card Debt
Edited by Mariah Akeri Mariah Akeri Formerly Arrow Right, Credit Cards Editor Mariah Akeri is a former personal finance editor. Connect with Mariah Ackary on Twitter Connect with Mariah Ackary on LinkedIn Mariah Ackary
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Review added by Lisa Binger. Lisa Binger Arrow Right Editor, Credit Cards Lisa Binger is an Associate Editor at CreditCards.com, where she focuses on product news and reviews. As an editor, his goal is to create content that helps people make informed financial decisions. Liz Binger for our review advice
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When you swipe or insert a credit card through a card reader, the card reader will receive information such as your account number and credit limit. If the magnetic strip is damaged, the card reader will not be able to retrieve the information needed to confirm the purchase. The process by which the magnetic tape loses its ability to carry this information is called demagnetization.
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Scratches and general wear and tear are common causes of demagnetization, but prolonged exposure to magnets can damage the card’s magnetic coating. Fortunately, if your credit card has an EMV chip, you don’t have to worry about magnetic damage. This new chip technology virtually replaces magnetic substrates and is not subject to magnetic damage.
The information stored on your credit card’s magnetic strip includes your name, account number, expiration date, credit limit, card number, and card usage information. The exploit contains an encrypted PIN, country code, and information about currency units.
Magnets may delete or falsify this information, which may impair your ability to make a purchase. However, the actual effect of a magnet on a credit card depends on several factors, including exposure time and distance from the card.
The more the card is exposed to the magnet (usually about an inch), the more likely the magnet will erase the data on the magnetic tape. Fortunately, it may take several prolonged interactions with magnets to damage the card.
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Magnetic money clips and cell phone holders make carrying your cards more convenient, but they can get damaged after a while. In some cases, money clips have magnets on both sides, making it difficult to create the necessary buffer or distance between the card and the magnets.
Leather goods company Moore & Giles advises its customers to use money clips for cash instead of credit cards. Even the leather covering on some products is not enough to completely prevent damage.
Cell phones, on the other hand, have very small magnets inside, which means that the outer shell of the phone can act as a holder between your cards and protect them from potential damage.
It is usually best to store cards in a wallet that protects them from demagnetization. It is recommended that the magnetic strips of the card be kept away from magnets such as refrigerators or wallet holders.
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Keeping your card’s magnetic stripe away from magnets is one way to take care of your credit card, but magnets aren’t the only cause of damage.
Magnetic stripes and EMV chips can prevent damage from scratches such as keys or coins. These scratches make it difficult for card readers to pick up the information on the magnetic strip and can eventually render the card unusable. Liquids can damage EMV chips.
Nowadays, you don’t have to worry too much about magnets damaging your credit card because magnetic strips are obsolete. Instead of a magnetic stripe, most credit cards now have an EMV chip that you insert into a card reader or use to make contactless payments.
Fortunately, EMV chips are not affected by magnets. But scratches or prolonged exposure to water can damage them or cause them to stop working.
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If your credit card is damaged, contact the issuer immediately to report the problem. Your issuer may be able to work with you to get your card working again. If this is not possible, the issuer may still provide you with a replacement card.
Replacement cards usually take three to seven business days to arrive. If you need to use the card before, you can ask the service provider to send a replacement card early or request a virtual card.
Edited by Mariah Akeri Mariah Akeri Formerly Arrow Right, Credit Cards Editor Mariah Akeri is a former personal finance editor. Connect with Mariah Ackary on Twitter Connect with Mariah Ackary on LinkedIn Mariah Ackary Former Credit Card Editor
Review added by Lisa Binger. Lisa Binger Arrow Right Editor, Credit Cards Lisa Binger is an Associate Editor at CreditCards.com, where she focuses on product news and reviews. As an editor, his goal is to create content that helps people make informed financial decisions. About Us Review Board Editor Lisa Bingle Credit Cards Does canceling a credit card affect your credit? You may have heard that closing your credit card account can hurt your credit. And while it’s true that canceling a credit card usually affects your score,
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