Credit card statements can be a great way to keep track of your spending, but how long should you keep them? We break it down for you.
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Why Keep Credit Card Statements?
There are a few reasons why you might want to keep your credit card statements. Maybe you’re trying to keep track of your spending, or you’re trying to keep track of your credit score. Maybe you’re trying to dispute a charge. Whatever the reason, it’s important to know how long you should keep your credit card statements.
For Your Records
You should keep most of your credit card statements — at least the ones from the past year — for your own records. Reviewing your statements regularly can help you catch errors, track spending and spot identity theft. And if you ever need to dispute a charge, you’ll need to have a statement that shows what you were billed.
But once you’ve reviewed your statement and resolved any issues, you can shred it. You don’t need to keep old statements around indefinitely, especially if you have electronic copies.
In Case of Fraud
A credit card statement is a record of your credit card activity for a billing period. It includes all of your transactions, as well as any fees or finance charges. You should keep your statements for at least one year in case you need to refer back to them for any reason, such as checking for errors or fraudulent activity.
If you suspect that your credit card has been lost or stolen, or if you see unauthorized charges on your statement, you should contact your credit card issuer immediately. They will usually be able to resolve the issue and refund any fraudulent charges. In some cases, you may need to provide documentation, such as a police report, in order to have the charges removed from your account.
If you find errors on your credit card statement, you should also contact your issuer right away. They may be able to correct the error and issue a new statement. If they are unable to do so, you can file a dispute with the credit bureau that issued the report.
Keeping your credit card statements can also help you track your spending and keep tabs on your budget. Reviewing your statements regularly can help you spot issues early on and make necessary changes to keep yourself on track financially.
How Long Should You Keep Credit Card Statements?
Keeping your credit card statements is important in case you need to dispute a charge. But how long should you keep them? We’ll go over the different types of credit card statements and how long you should keep each one.
In order to comply with federal regulations, credit card companies must make account statements available to cardholders for at least 13 months. However, many companies choose to make statements available for up to 24 months.
Cardholders who wish to access their statement history for longer than 13 months may be able to do so by contacting their credit card company directly and requesting access. Some companies may charge a fee for this service, so it is important to check with the company in advance.
Most major banks and credit card companies offer online access to your account information, which makes paper statements obsolete for many people. If you do receive paper statements, you might be wondering how long you need to keep them before tossing them in the recycling bin.
Generally speaking, you should keep credit card statements for at least one year. This gives you time to spot any fraudulent charges, reconcile your statements with your records, and file any necessary disputes.
If you’re worried about Identity theft, you might want to keep your statements for two or three years. This way, you’ll have a paper trail if you need to prove that a charge on your account was fraudule
How to Store Credit Card Statements
Whether you’re keeping physical or digital copies of your credit card statements, it’s important to know how to store them properly. For physical copies, you’ll want to keep them in a safe, dry place. As for digital copies, you’ll want to make sure they’re stored securely on your computer or in the cloud. Let’s take a look at both options.
You should keep your credit card statements in a safe, secure place. A fireproof and waterproof safe is a good option. You should also keep them in a place where you can easily find them, such as a file cabinet or desk drawer.
How long to keep credit card statements depends on your personal finances and preferences. Some people like to keep paper copies of their statements for a few months in case they need to reference them. Others shred their statements after they have been reconcile their accounts and confirmed that everything is accurate.
If you decide to keep your credit card statements, you should consider shredding them after a year or two. This will help protect your personal information in case the statements are stolen or lost.
In a Safe Place
You should keep your credit card statements in a safe place, such as a filing cabinet or locked box. You may need to refer to them for tax purposes, or in the event of an identity theft or fraud investigation.
Most experts recommend keeping credit card statements for at least two years, but some recommend keeping them for up to seven years. If you are unsure how long to keep your statements, check with your tax advisor or financial planner.
Once you have decided how long to keep your statements, shred or destroy them when it is time to get rid of them. This will help protect your personal information from identity thieves.
When to Shred Credit Card Statements
Most people don’t know how long to keep credit card statements. The answer depends on a few factors, such as your state’s laws, the type of card, and your personal preference. For example, you may want to keep your statements if you use your credit card for business expenses. In general, though, you can shred most credit card statements after a year.
After the Appropriate Time Period
You should keep your credit card statements until you’re sure the transactions are posted to your account and the balance is accurate. This is usually 1–2 months. Once you’re confident the information is correct, you can shred the physical statements.
You should also hold on to your statements until you’ve filed your taxes for the year. This is because some of the expenses on your credit card may be tax-deductible, so you’ll want to have documentation handy in case you’re ever audited by the IRS.
Generally speaking, it’s a good idea to keep all financial documents for at least 7 years, just in case. So if you’re ever in doubt about whether or not to shred something, err on the side of caution and hold on to it for a little longer.
If They’re No Longer Needed
You may be wondering how long to keep credit card statements or other financial records. The answer depends on the record and your personal situation.
For most purposes, you only need to keep records for the current year and three years back. This timeline applies to documents like ATM receipts, credit card statements, and utility bills. The Internal Revenue Service (IRS) recommends that you keep tax records for at least three years, but some experts say you should keep them for seven years.
There are some exceptions to these general guidelines. For example, you may want to keep records of major purchases like a car or a house indefinitely. You should also hang on to key documents related to your investments. These include records of buy and sell orders, as well as dividend reinvestment plan (DRIP) statements.