When you get approved for a credit card, you will receive a credit card statement by mail, which marks the beginning of your card use. Since then, you will get your credit card statement on the same date every month. In general, a credit card statement is a paper-based document that records your monthly activity, like a summary of how you use the card in the period.
Like many people with a credit card, you may wonder how long you should keep the credit card statements. The answer depends on the specific situation:
- If you have an online bank account without paper statements, you can check your records online and print them out as you need. The records are usually available for far more than one year.
- But if you do not have an online bank account and receive your paper statements in the mail, it’s important to keep the paper for at least 12 months. (If you accidently lost your statements while do not have an online account, you can contact the credit card issuers for help. Card issuers usually keep your records for more than a year. )
But whatever the situation is, it’s always recommendable to review your statements at least once a month. Reviewing and keeping your card statements is important for several reasons. First, although credit card statements are difficult to understand, the more you review, the more likely you will avoid ugly surprises in there. Secondly, you may need the statements for your income taxes so as to verify your income and costs. For example, charitable contributions and business expenses can be reflected on your monthly card statement.
Many banks now offer both online and hard copy statements. The online statement could be kept for at least five years, which can be found on the banks’ apps and websites. Besides, lots of banks can mail you the hard copy bank statements every month.
However, if you think mail statements are annoying or worry that your personal information might be stolen during the mailing process, you can cancel this service at any time. In order to cancel the mailing service, you could visit bank’s official website or call them during their working hours.