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Bankrate has partnerships with issuers including, but not limited to, American Express, Bank of America, Capital One, Chase, Citi and Discover. SHARE: Pras Boonwong/EyeEm/Getty Images December 10, 2021 Checkmark Bankrate logo How is this page expert verified? At Bankrate, we take the accuracy of our content seriously. "Expert verified" means that our Financial Review Board thoroughly evaluated the article for accuracy and clarity. The Review Board comprises a panel of financial experts whose objective is to ensure that our content is always objective and balanced. Their reviews hold us accountable for publishing high-quality and trustworthy content. Mariah Ackary is a personal finance editor who joined the Bankrate team in 2019, excited by the opportunity to help people make good financial decisions. Send your questions to Liz Bingler is an Associate Editor for CreditCards.com and Bankrate, where she focuses on product news and reviews. As an editor, her goal is to produce content that will help people to make informed financial decisions. Bankrate logo The Bankrate promise
At Bankrate we strive to help you make smarter financial decisions. While we adhere to strict editorial integrity, this post may contain references to products from our partners. Here's an explanation for how we make money. The content on this page is accurate as of the posting date; however, some of the offers mentioned may have expired. Terms apply to the offers listed on this page. Any opinions, analyses, reviews or recommendations expressed in this article are those of the author’s alone, and have not been reviewed, approved or otherwise endorsed by any card issuer. Bankrate logo The Bankrate promise
At Bankrate, we have a mission to demystify the credit cards industry — regardless or where you are in your journey — and make it one you can navigate with confidence. Our team is full of a diverse range of experts from credit card pros to data analysts and, most importantly, people who shop for credit cards just like you. With this combination of expertise and perspectives, we keep close tabs on the credit card industry year-round to: Meet you wherever you are in your credit card journey to guide your information search and help you understand your options. Consistently provide up-to-date, reliable market information so you're well-equipped to make confident decisions. Reduce industry jargon so you get the clearest form of information possible, so you can make the right decision for you. At Bankrate, we focus on the points consumers care about most: rewards, welcome offers and bonuses, APR, and overall customer experience. Any issuers discussed on our site are vetted based on the value they provide to consumers at each of these levels. At each step of the way, we fact-check ourselves to prioritize accuracy so we can continue to be here for your every next. Bankrate logo Editorial integrity
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You have money questions. Bankrate has answers. Our experts have been helping you master your money for over four decades. We continually strive to provide consumers with the expert advice and tools needed to succeed throughout life’s financial journey. Bankrate follows a strict , so you can trust that our content is honest and accurate. Our award-winning editors and reporters create honest and accurate content to help you make the right financial decisions. The content created by our editorial staff is objective, factual, and not influenced by our advertisers. We’re transparent about how we are able to bring quality content, competitive rates, and useful tools to you by explaining how we make money. Bankrate.com is an independent, advertising-supported publisher and comparison service. We are compensated in exchange for placement of sponsored products and, services, or by you clicking on certain links posted on our site. Therefore, this compensation may impact how, where and in what order products appear within listing categories. Other factors, such as our own proprietary website rules and whether a product is offered in your area or at your self-selected credit score range can also impact how and where products appear on this site. While we strive to provide a wide range offers, Bankrate does not include information about every financial or credit product or service. When you swipe or insert your credit card into a card reader, the card reader receives information like your account number and credit limit. If the magnetic strip is damaged, the card reader won’t be able to retrieve the information it needs to approve the purchase. The process of a magnetic strip losing its ability to communicate this information is called demagnetization. Scratches and general wear are common causes of demagnetization, but prolonged exposure to magnets can also ruin a card’s magnetic strip. Fortunately, you don’t need to worry about magnetic damage if your credit card has an EMV chip. This newer and isn’t susceptible to magnet damage. Do magnets mess up credit cards
The data stored on the magnetic strip of your credit card includes your name, account number, expiration date, credit limit, card number and card usage information. The strip also carries an encrypted pin, country code and information about currency units. Magnets can erase or scramble that information, which can interfere with your ability to make a purchase. However, a magnet’s exact effect on a credit card depends on a variety of factors, including the length of exposure and distance from the card. The longer a card is exposed to a magnet (usually an inch or closer), the more likely the magnet is to erase information on the magnetic strip. Thankfully, it may take multiple, long-term interactions with a magnet to cause harm to your card. Types of magnets that may harm credit cards
Magnetic money clips and cell phone holders can make transporting your cards more convenient, but they may cause damage after some time. In some cases, money clips have magnets on both sides, making it difficult to create a necessary buffer or distance between your card and the magnets. Leather product company recommends its customers use money clips for cash, rather than credit cards. Even the leather strip on certain products isn’t enough to wholly prevent demagnetization. Cellphones, on the other hand, have very small magnets inside, meaning the outer shell of the phone can act as a buffer between your cards and keep them safe from potential damage. In general, it’s better to keep your cards in a wallet that will provide some protection from demagnetization. It’s also good practice to face card magnetic strips away from any magnets that may be around, like those on a refrigerator or purse clasp. Other types of card damage
Keeping your card’s magnetic strip away from magnets is one way to take care of your credit card, but magnets aren’t the only cause of damage. Magnetic strips and EMV chips can sustain damage from being scratched, for example, by a key or coin. These scratches can make it difficult for card readers to pick up the information on the magnetic strip and can cause a card to eventually be unusable. Liquids may also damage EMV chips. EMV chips are magnet-safe
Nowadays, you don’t have to worry much about magnets damaging your credit card because magnetic strips have become nearly obsolete. Instead of a magnetic strip that you swipe, most credit cards now have an that you insert into a card reader or even use to pay . Luckily EMV chips aren’t affected by magnets. However, scratches or prolonged exposure to water can cause damage or make them stop working altogether. What to do if your card is damaged
If your credit card becomes damaged, contact your issuer right away to report the issue. Your issuer may be able to troubleshoot the problem with you to get the card working again. If that isn’t possible, the issuer can at least offer you a replacement card. Replacement cards usually take about three to seven business days to arrive. If you need to use your card before then, you can ask your issuer to expedite the shipping of your replacement card or possibly request a . SHARE: Mariah Ackary is a personal finance editor who joined the Bankrate team in 2019, excited by the opportunity to help people make good financial decisions. Send your questions to Liz Bingler is an Associate Editor for CreditCards.com and Bankrate, where she focuses on product news and reviews. As an editor, her goal is to produce content that will help people to make informed financial decisions. Related Articles