When you successfully apply for a credit card, you will receive credit card statement that records your monthly activity. Credit card statement is usually a paper-based document, and you will receive it by mail.
Many people would ask that how long should we keep credit card statements. The answer depends on specific situations. If you have your online bank account, you are able to find your credit card statement online and you could print it out when you need it. If you do not have an online bank account and only receive your bank statements in the mail, it’s important to keep the paper for at least 12 months. If you accidently lost your paper and you do not have an online account, you should contact your credit card issuers and ask them for a new record. The card issuer usually keeps your records for more than a year.
But it’s always commendable to review your statements at least once a month. Reviewing and keeping your card statements is important for several purposes. First, although the card statements may sometimes be difficult to understand, the more you review, the more likely you will make sure there are no ugly surprises in there. Secondly, you may need your bank statements when you file the income taxes in order to verify your income and costs such as charitable contributions and business expense, which would 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 and they are easily accessible through bank’s apps and websites. Besides proving statements online, lots of banks will also mail you the hard copy bank statements every month.
But if you do not want to receive these statement mails, either because you think they are annoying or because you 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 you could call them during their working hours. Some banks would shred your documents for free on request.