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.
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The card becomes demagnetized. This can happen if the card gets too close to a strong magnet, such as an MRI machine. It can also happen if the card spends a moderate or long amount of time next to a weaker magnetic object, such as a cell phone or set of keys.