This has been in the works for a number of years now, but keep in mind that you are breaking an 'unwritten contract' with your customer that assumes that they get the option to renew the agreement when their card expires.
People in general do not like to be charged for a service after the card expires and they have not explicitly authorized further payment. So better make sure this is written into your terms and conditions and that your merchant agreement actually allows you to do this.
Most businesses don't know about this possibility and very very few end users do. Technically you can basically fantasize any expiry date as long as it is in the future the charge will (likely) go through but to do this unauthorized is not smart. (Adding 3 or 5 years to the previous expiry is likely going to be on the money.)
In dispute situations you will possibly also have less recourse.
I think this is a really interesting topic where merchants and card users see it quite differently. For example, you usually sign up for an agreement to use a service. No where in there does it say that "you can cancel at anytime by just letting your card expire or having it stolen and replaced" The merchants really don't see any correlation between your need to pay and the current state of your card. And often they want you to actively cancel a service so as to remove any confusion around responsibilities owed.
Then you have some services where you can go either month to month or commit to a year long agreement and get a different price. Lastly, who enjoys losing a card and having to restart auto billing at their 10 favorite/required services?
I agree a lot of people by default think that if their card expires they're off to hook for paying for services and would be surprised that their service provider got an updated card from networks vs you. I'm just not sure it holds up though under closer thought/examination.
People in general do not like to be charged for a service after the card expires and they have not explicitly authorized further payment. So better make sure this is written into your terms and conditions and that your merchant agreement actually allows you to do this.
Most businesses don't know about this possibility and very very few end users do. Technically you can basically fantasize any expiry date as long as it is in the future the charge will (likely) go through but to do this unauthorized is not smart. (Adding 3 or 5 years to the previous expiry is likely going to be on the money.)
In dispute situations you will possibly also have less recourse.