How Long Do Credit Card Companies Keep Statements?

Credit card statements serve as a detailed record of your financial transactions, providing insights into spending habits and account activity. Understanding how long these documents are retained by credit card companies and why personal retention is beneficial aids financial management. These records are tools for budgeting, dispute resolution, and tax preparation.

Credit Card Company Statement Retention

Credit card companies maintain transaction records for varying periods, influenced by internal policies and regulatory requirements. Many companies retain credit card statements for a minimum of seven years. This period is aligned with regulations for tax compliance and potential audits. While the Fair and Accurate Credit Transactions Act (FACTA) mandates the secure disposal of consumer information to prevent identity theft, it does not explicitly dictate the duration for which companies must make statements available to customers.

The two-year record retention requirement under Regulation Z pertains to a creditor’s compliance evidence. Administrative agencies can require longer retention periods for enforcement. While companies internally hold onto records for several years, the period statements are readily accessible to customers, especially through online portals, can differ. Many providers offer digital access to statements for at least one year, with some major banks extending this online availability to up to seven years.

Accessing Your Statements

Accessing your credit card statements involves methods depending on their age and your preference for digital or physical copies. For recent statements, most credit card issuers provide access through their online banking portals or dedicated mobile applications. These platforms allow cardholders to view, download, or print their monthly statements.

If you require older statements not available online, contact the credit card company’s customer service department. Requests can be initiated via phone, and some institutions accept written requests by mail. While many companies provide older statements upon request, a fee may be associated with retrieving archived records, especially if they are several years old. Digital copies of statements are legally valid, supported by the Electronic Signatures in Global and National Commerce Act (E-Sign Act).

Why Personal Statement Retention Matters

Retaining your own copies of credit card statements offers practical benefits beyond company retention policies. These documents are valuable for budgeting and tracking your spending, allowing you to monitor expenses, identify trends, and ensure accuracy. Regularly reviewing statements helps identify and dispute unauthorized charges or billing errors, with the Fair Credit Billing Act (FCBA) providing a 60-day window from the statement date to report such discrepancies.

For tax purposes, credit card statements can support deductible expenses. The Internal Revenue Service (IRS) recommends keeping tax records for three years, which aligns with the typical audit period, though this can extend to six or seven years in specific situations, such as significant underreported income or claims for bad debt deductions. While credit card statements can substantiate expenses, the IRS may still request original itemized receipts for certain deductions, especially if the statement lacks specific details about the purchase.

Additionally, statements can serve as proof of purchase for warranty claims or returns, particularly for items with extended warranties offered through the credit card. When physical statements are no longer needed, shredding them is a recommended practice to protect against identity theft.