If you're using ARB, you are getting all those values internally - you can do the expiration date check yourself. You can even perform validation on the check digit. And I think Authorize.net will reject based on expiration date at least, since there's an error for that (though I always do the check myself so I can customize the response...) Whether the credit card itself is a real one and has sufficient balance is another matter entirely, however - Authorize.net will only reject a card code that's missing, for instance, and can only verify the rest of the information at the next charge, since it's all a merchant-level process.
Short version - you can do surface validation on expiration date, card number format, and whether a card code has been entered. Everything else is unavailable until the next charge. If you want immediate validation you'll have to run through an AIM transaction first to find out what happens, which will incur a processing charge.
