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With a weak kitchen magnet this can take many passes and a fair amount of time. In fact if all you have is a fridge magnet you may be better off scraping the strip off. However a more powerful magnet can erase the card fairly quickly. See http://www.creditcards.com/credit-card-news/video-magnets-make-credit-card-mag-stripe-not-work-1457.php for details. ...
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