How long should you keep credit card statements?

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When it comes to managing our finances, keeping track of credit card statements is an essential task. But how long should you actually keep these statements? Should you hold onto them indefinitely or can you dispose of them after a certain period of time? In this article, we will explore the recommended duration for keeping credit card statements and the reasons behind it.

Why should you keep credit card statements?

Record of transactions: Credit card statements provide a detailed record of your transactions, including the date, merchant, and amount spent. This information can be crucial for budgeting, tracking expenses, and identifying any unauthorized charges.

Proof of payment: Credit card statements serve as proof of payment for goods or services purchased. In case of disputes or warranty claims, having these statements can be invaluable.

Tax purposes: If you plan to claim deductions or need to provide evidence of expenses for tax purposes, credit card statements can be used as supporting documentation.

While there is no one-size-fits-all answer to how long you should keep credit card statements, financial experts generally recommend retaining them for a minimum of three to seven years. The specific duration may vary depending on the country and its legal requirements. Let’s explore some factors that can influence the recommended duration:

Legal requirements: Different countries have different laws regarding record-keeping for financial transactions. For example, in the United States, the Internal Revenue Service (IRS) suggests keeping records for at least three years, while in Canada, the Canada Revenue Agency (CRA) recommends keeping them for six years. It is important to familiarize yourself with the regulations in your country to ensure compliance.

Warranty periods: If you make purchases that come with warranties, it is advisable to keep the credit card statements until the warranty period expires. This way, you have proof of purchase should any issues arise during the warranty period.

Dispute resolution: Credit card statements can be useful when resolving disputes with merchants or credit card companies. It is generally recommended to keep statements for a reasonable period after the purchase in case any discrepancies or issues arise.

How to store credit card statements

Now that we know the recommended duration for keeping credit card statements, it is important to consider how to store them securely. Here are a few options:

Physical copies: If you receive paper statements, it is advisable to keep them in a secure and organized location, such as a locked filing cabinet or a fireproof safe. Ensure that the storage area is protected from potential damage, theft, or loss.

Electronic copies: Many credit card companies offer the option to access statements online. If you choose to receive electronic statements, create a secure folder on your computer or cloud storage to store these documents. Make sure to regularly back up your electronic files to avoid any potential data loss.


In conclusion, it is recommended to keep credit card statements for a minimum of three to seven years, depending on legal requirements and individual circumstances. These statements serve as a record of transactions, proof of payment, and can be useful for tax purposes or dispute resolution. Remember to store them securely, whether in physical or electronic form, to protect your personal and financial information.


– Internal Revenue Service (IRS):
– Canada Revenue Agency (CRA):