How long should you keep credit card statements?

If you have a lot of financial documents to keep track of, you might wonder what you need to keep and what can be thrown away. In the case of credit card statements, it’s usually wise to keep either paper copies or digital files for at least 60 days. But in some cases, you might want to hang on to them for up to six years. 

Here’s an overview of how long to keep your credit card statements, how to store them and how to get rid of them when it’s time.

Key takeaways

• It’s generally a good idea to keep your credit card statements for at least 60 days, in case you need to dispute any errors.
• If your credit card statements relate to your taxes, you may want to maintain your financial records for three to seven years.
• Storing your financial statements securely and disposing of them properly can help protect you from identity theft.

You’ll probably want to review your credit card statements as soon as you get them to check for potential billing errors. But after that, it’s a good idea to keep your statements for at least 60 days. That’s because, under the Fair Credit Billing Act (FCBA), you have 60 days from when the credit card issuer sends you the statement to give written notice of any errors it contains.

In some circumstances, cardholders may want to keep their statements for a longer period of time:

• At least 90 days if you need to dispute charges. If you’ve made a billing error dispute in line with the FCBA, you might want to hold on to your account statement at least until the dispute has been resolved. That process could take two billing cycles, but not more than 90 days, after the creditor receives notice of your dispute. 
• One year if you want to track expenses. Consider keeping copies of your credit card statements for a year to track your spending habits. This information can help you build a budget. 
• One year if you need to add up business expenses. If you’re self-employed, you might charge business expenses to your credit card. At the end of the year, you can use your statements to add up those business expenses for tax purposes. It may also help you calculate deductions.
• Three to six years for personal tax deductions. When you claim deductions on your personal income tax return, like charitable donations, it’s a good idea to have supporting documentation of those deductions. If the IRS performs an audit, your credit card statements can come in handy as proof. According to the IRS, it generally audits returns filed within the past three years. It usually doesn’t go back more than the past six years. So it can be a good idea to keep any credit card statements with proof of deductions for six years after you file your tax return.
• A few years for extended warranties. You might want to keep a statement if your credit card network—like Visa® or Mastercard®—offers extended warranties on certain purchases. For instance, say you buy a TV that comes with a two-year manufacturer’s warranty, and your credit card extends the warranty for one year. Consider keeping your credit card statement for that extended amount of time in case you need proof of purchase.

It’s important to protect your credit card statements because they contain personally identifiable information. There are several ways to keep your statements both safe and easily accessible: 

• View statements online: If your credit card issuer offers online banking, you might be able to view recent credit card statements from your password-protected online account. Some issuers provide them in mobile apps as well. Check with your issuer to see how long you can access your account statements online.
• Download electronic copies: Although signing in to your account is an easy way to check your statements, you may want to download them—especially if you need to access them in the years to come. If you download copies, consider storing them in a password-protected file on your computer. And labeling them by month and year can help you find them quickly later on. 
• Keep hard copies: If you receive paper copies of your statements, file them in a safe place in your home, ideally in a locked, fireproof safe. This can help protect your documents from damage or theft.

When you’re ready to get rid of your credit card statements, security is an essential consideration. Especially since they contain personal information you don’t want to fall into the wrong hands.

It’s best if you can use a shredder to dispose of credit card statements. If that’s not possible, helpful ways of preventing identity theft include tearing statements by hand or cutting them with scissors. Once they can’t be pieced back together, you can throw the shreds away.

Once you’ve kept downloaded digital statements as long as necessary and are confident you no longer need them, you can permanently delete them from your computer.

Check out these answers to some common recordkeeping questions:

Keeping paper or digital copies of your monthly statements can be a helpful habit to get into. It can help you dispute billing errors if necessary, track your budget and prove any deductions you want to claim on your tax returns. When you no longer need the information, you can dispose of your statements by shredding them or deleting them from your computer.

If you’re ready to streamline your recordkeeping process, learn how the Capital One Mobile app and other digital services can make it easier to access your credit card statements anywhere, anytime.