I always assumed the expiration date on card was somewhat of a holdover from before online transaction verification was the norm. The bank would assuredly refuse to renew a card that was in default, so the user couldn't just keep using it at merchants that were still using paper slips.
Though a new account number is not quite as much of a big deal as it may seem. The issuers publish lists of old->new mappings, so that processors and merchants can update records, and some networks/issuers will accept reoccurring transactions on old numbers, as long as those were started before the number was issued.
It's kind of amazing what the issuers and networks will accept.
Comments
I always assumed the expiration date on card was somewhat of a holdover from before online transaction verification was the norm. The bank would assuredly refuse to renew a card that was in default, so the user couldn't just keep using it at merchants that were still using paper slips.
Though a new account number is not quite as much of a big deal as it may seem. The issuers publish lists of old->new mappings, so that processors and merchants can update records, and some networks/issuers will accept reoccurring transactions on old numbers, as long as those were started before the number was issued.
It's kind of amazing what the issuers and networks will accept.