How long should you keep credit card statements?
Digital and paperless options have made the need to keep credit card statements less necessary. But if you prefer an analog approach, your situation can help tell you how long you should hold onto old credit card statements.
What you’ll learn:
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Generally, you have 60 days under the Fair Credit Billing Act (FCBA) to dispute any billing errors that you find on your credit card statement.
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Some recommendations for how long to keep statements are based on the FCBA’s dispute timeline, but there may be tax or personal reasons to keep them longer.
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Storing your statements securely and disposing of them properly could help protect you from identity theft.
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Capital One keeps statements for active credit card accounts for up to seven years.
When to keep your credit card statements for more than 60 days
The FCBA is a decades-old federal law that aims to protect consumers from billing errors and unfair billing practices. It gives credit cardholders 60 days from the statement date to exercise their dispute protections for billing errors like accounting mistakes, duplicate charges or unposted credits.
For other issues, including unauthorized transactions or merchant disputes, other federal laws provide additional protections and extended reporting timelines.
Potential billing errors are just one reason for keeping credit card statements. And depending on the reason, there may be a need to keep them longer than two months. Here’s more on timing:
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Billing errors: Some issuers, including Capital One, may be able to help with claims beyond the FCBA’s 60-day window. And if you file a dispute, keeping the statement until your issue is resolved could be helpful if you need to reference it.
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Warranties: Using an eligible credit card is typically all it takes to activate extended warranties through the card. But claims administrators—which could be separate from your issuer—might require proof you used the card. And a credit card statement could provide that.
There’s also more rigid advice out there. For example, the Federal Trade Commission (FTC) says to keep credit card statements for a year. But as you’ll see, it doesn’t specify that you need to keep paper versions.
How should you store credit card statements?
Credit card statements contain personally identifiable information. When you manage statements through your issuer, sophisticated security protections can help keep your information protected. Keeping paper statements creates a new opportunity for unauthorized access. And the FTC says to consider shredding paper copies of credit card statements and other documents if you’re able to access them online.
If you are keeping statements, the agency doesn’t go into detail about storage beyond saying to lock up whatever you keep.
How to dispose of old credit card statements
The FTC recommends shredding paper statements once you’re done with them. If you don’t have a shredder, the agency suggests disposing of them at a public event that offers a shredding service.
If you’re keeping digital versions, the National Cybersecurity Alliance recommends permanently deleting them from your computer once you don’t need them anymore.
Storing credit card statements FAQ
Here are answers to frequently asked questions about storing credit card statements.
Do I need to keep credit card statements for seven years?
If you use credit card statements to track expenses and those expenses have tax implications, the IRS gives general advice to keep records for three years. But in the case of small-business taxes, the agency says there are reasons to keep records for seven years or longer. Capital One keeps up to seven years of credit card statements online for active accounts.
How long should you keep bank statements?
The FTC recommends keeping bank statements for a year. But as with credit card statements, the FTC notes, “If you can access these documents electronically, consider shredding your paper copies.” There could also be other situations, including taxes, that require you to keep bank statements for longer.
Capital One keeps active bank account statements for up to seven years.
Do I need to shred old paper credit card statements?
To help protect your identity, the FTC recommends shredding paper credit card statements.
Key takeaways: Keeping credit card statements
Credit card statements might be useful for tax purposes and billing disputes. And thanks to online statements, there’s less need to keep paper statements.
Capital One cardholders can access credit card statements for up to seven years by signing in to their account online or through the Capital One Mobile app.
