Credit Card

How Long to Keep Credit Card Statements – A Quick Guide

Credit Card Statements

Credit card statements are a good way to keep a record of your deposits, transactions, transfers, or any other payment. These may help you check your investing record at any time. Keeping this record for a certain time is good. However, keeping them for a long time for no particular reason may be folly. But no one knows exactly how long to keep the credit card statements. So, whether to keep or throw them becomes confusing. 

If you have also gotten a pile of credit card statements and want to handle them appropriately, that’s good. This precise guide will be discussing how to handle the older statements. So, let’s move on to see what we can do about such old stuff. 

How long to keep credit card statements:

According to the expert’s opinion, it’s good to keep the credit card statements for one year. Here are some reasons that tell how long should I keep bank statements. 

  • Good For Verification

Sometimes, you may need to verify a payment. At such a point, you may be confused about whether you paid for a particular service or not. In case, you don’t have any proof, you may have to pay for that particular service again. However, keeping the record may prevent you from such penalties. 

  • An Outlook of Spending Habits

Having spent on different things without any record will not give you a chance to analyze your expenses. However, having all the records for a long time will help you investigate your spending. Whenever you need to evaluate your budget, you can take out and check where, when, and how much you spent. This will help you analyze your expenses. 

  • A Proof Of Tax Payments

Having all the vouchers of tax payments saved will let you confirm that you have paid all your tax amounts. This will also be proof in case of any inquiry and for that, you will know how long to keep credit card statements. 

  • Proof For Charity

Just like tax payments, you can have a record of the charity and the remaining charitable amount. This will help you maintain a stream of charity for the healthy growth of your business. 

  • Proof For Loan Payments

Sometimes, the lenders may argue that you have any missing loan installment. Having a record of the thorough loan payment, you can show him the proof. However, if you eliminate the record, it can result in any penalty. 

What to do with old bank statements?

Let’s clear the query of how long to keep credit card statements. It’s good to keep a record of credit card statements for almost one year. However, if your loan payment is going on for more than one year, it’s good to keep a thorough record until the payment is completed. However, after you’re sure that your statements are no more than waste paper, you should erase them in some way. 

It’s maybe a new confusion about how to get rid of credit card statements. You can use different methods to get rid of these useless statements. One such method is shredding them using a shredder. This will help you keep your privacy. In case you tear the statements into pieces, some important information may still be bare to the readers. So, shredding them is the best way to handle them without any risk.

If you don’t have a shredder and want some alternative way, burning them will also help you eliminate the history. This will also erase all the proofs without any risk. 

Is there any reason to keep old credit card statements?

Different reasons, as mentioned above, may support the idea of keeping credit card statements. However, this is also for a particular period. After that particular time, keeping the statements will not be wise. However, for those using a business credit card, it’s good to keep a record of the tax payments. 

How far back can you pull credit card statements?

Most organizations pull the credit card statements maximum for the last five years. Commonly, credit card statements UK are like this. Hardly, there will be an organization that demands an older statement than this. However, it may depend on the bank you’re dealing with. Also, the nature of the case determines how long to pull the credit card statements of a particular payment. 

Final Verdict

It’s a good habit to keep a record of everything you do in your life. However, after a certain time, the pile of papers may irritate you. The same is in the case of credit card statements. In such a case, the question of how long to keep credit card statements may confuse you. It’s good to keep the record of credit card statements maximum for one year. In case you know the routine of any bank that can pull the statements far more than the last five years, you can keep the prolonged record. Otherwise, one year is enough for this purpose.

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