How Long Should One Hold Onto Credit Card Statements

In Education

Sometimes dealing with a lot of financial paperwork can be challenging especially for someone who receives several monthly paper statements. The statements might include credit card statements but the good news is you don’t have to keep them for long

Credit card providers can hold statements online

According to most experts, it is advisable to keep your credit card statements until after you have paid your bill. This includes information that might be related to taxes which means you may need to keep them longer. If you are receiving the statements every month in your email you might want to clean up unnecessary emails and the credit card statements should not worry you.

You should not keep hold of the statements for long more so if you have set up an online account. Usually, most credit card providers do hold credit card statements online which can run for several years. As a result, you can download the statements to your computer or retrieve them online. However, there is no guarantee that the credit card provider will keep the statements and thus it is important to keep those that you might need.

Hold onto your statements up to 60 days

A credit card statement should typically be kept for up to 60 days. However, if they include tax-related expenses you should keep them for up to seven years. The 60 days is the time you can challenge any billing issues on the credit card statements. After the period the credit card providers do not handle billing error disputes and thus holding unto the statement will be unnecessary.

You can, however, keep then statements for any items you might need to be covered by the credit card’s extended warranty. You can keep the statement for the period the purchase protection or warranty is effective. Equally keeping the statements can be vital in helping you in tracking your spending.

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