How Long Should You Keep Credit Card Statements
Every month, you receive a credit card statement from your provider, detailing the activity of your credit card. All your transactions are listed here, all the fees you have been charged, and all the payments that you have made.
Each credit card will have its own statement. If you have four credit cards, you should be receiving four credit card statements in the mail monthly. It can pile up really quickly. But statements are important, too. When should you keep them and when should you discard them?
The short answer is not very long. If you have set up an online account, you generally do not need to hold on to your credit card statements. Your credit card issuer will have this available online anyway. You may be able to retrieve old credit card statements or download them to your computer to retrieve them later. The only catch is that there is no guarantee that your provider stores old credit card statements. It is better to keep the ones you need to ensure later access.
The important parts that you must keep
Keep each credit card statement for a minimum of 60 days. You can dispute any billing errors within this time frame. After, your issuer is not legally required to handle disputes from billing errors.
Also, keep your credit card statements for any items you want to be covered by your credit card’s extended warranty or purchase protection, and keep that particular statement for the amount of time the benefit is effective.
In general, holding on to your credit card statements is useful in tracking your spending for the long term. You can review a few month’s worth of statements to check or correct your spending habits.
How to discard credit card statements
Other credit card statements can be discarded. You do not want to hold on to a huge amount of unnecessary mail. Just make sure they are completely destroyed. You do not want too much of your personal information destroyed.
Shredding credit card statements is the best way to get rid of them once you are sure you no longer need them. This ensures nobody will be able to steal your statement and information to make unauthorized charges or steal your identity.