Found the answer myself, here's a walk through:
Go to -> System -> Static Tables -> cc expiry year
While your default installation will have 2010 to 2017 once you add a new year here you will have to add all the years in the range you want.
Add new year -> 2010
Add new year -> 2011
Add new year -> 2012
Add new year -> 2013
etc. etc. repeat, and so on.