How Long Should You Save Credit-Card Statements?

Shred your credit-card statements immediately if you don't need them for tax purposes.

Shred Immediately

According to Good Housekeeping magazine, credit-card statements should be shredded as soon as you reconcile them with your receipts. Credit-card statements are prime targets for identity thieves and should never be left lying around. If you need them again, your credit-card company should have them for you online.

Up to 7 Years

Keep your statements for seven years if you use your credit card for business purposes or have a tax expense to keep track of. Bankrate.com recommends keeping the receipts and checking them against your statement. Then shred the receipt. If you keep your statements, file them in a locking file cabinet.

Bottom Line

Credit-card statements are not the kind of document you want to have lying around or thrown out with the trash. Often, the statements have your full account number and other sensitive data, so destroying them as soon as possible is the best way to handle them. Having your statements sent to you by email and then printing out or saving to your computer only the ones you need for tax purposes might be the safest way to go.

References

• Wealthy Reader: How Long Should I Keep Credit Card Statements?
• Good Housekeeping: How Long to Keep Important Papers
• Bankrate.com: How Long to Keep Financial Records