Keep statements for at least one year, longer if you claim deductions
The shortest safe answer is one year. Credit card companies keep their records for seven years, and you may need to match your statement against a charge you dispute or a purchase you return. If you file taxes and claim business expenses or charitable donations, keep the statements that cover those transactions for as long as the IRS might audit you — generally three years from the filing date, or seven years if you underreport income by 25 percent or more.
Beyond that, the reason to keep statements is not legal but practical: they are your proof of what you bought, when, and for how much. A statement is easier to read than a credit card company's online portal, which may not show transactions from years ago. If you are disputing a charge or tracking a refund, you need the original statement from that month.
Key Takeaways
- Keep credit card statements for at least one year to match against charges and returns.
- If you claim business expenses or charitable donations on your taxes, keep the statements for those months for three to seven years depending on your tax situation.
- The IRS typically audits tax returns within three years, but can go back seven years if income was significantly underreported.
- Digital statements take up almost no space, so keeping them longer than required costs nothing and may help you later.
Why credit card companies keep records longer than you need to
Your credit card issuer — whether that is a bank, a credit union, or a card company like American Express — keeps transaction records for seven years. They do this partly for their own fraud detection and partly because federal banking regulations require them to maintain records that long.
This does not mean you have to keep your statements that long. But it does mean that if you dispute a charge more than a year after it happened, the card company can still pull the original transaction from their system and investigate. You do not need to have your own copy to dispute it, though having your statement makes the process faster.
Statements you need for taxes and deductions
If you own a business or are self-employed, you claim expenses on your tax return. Those expenses need to be backed up by receipts or statements. A credit card statement counts as proof that you made the purchase, though the IRS also wants to see an invoice or receipt showing what you bought.
Keep statements for any month in which you claimed a business expense, a charitable donation, or a medical expense on your taxes. The IRS standard audit window is three years from the date you filed, so keeping statements for three years after you file is the safe baseline. If your income was significantly underreported — more than 25 percent lower than it should have been — the IRS can audit back seven years. If you did not report income at all, there is no time limit.
The same rule applies to charitable donations. If you donated to a nonprofit and deducted it, keep the statement or receipt for three years. Many nonprofits send year-end letters confirming donations, and those letters plus your statement together make a strong record.
What to do with statements you no longer need
Once a statement is older than the time period you need to keep it, you can delete it if it is digital or shred it if it is paper. Credit card statements contain your full account number, so do not throw them in the trash or recycling bin unshredded.
If you have digital statements, delete them from your email and from any folder where you stored them. If your credit card company's website has a statement archive, you can delete them there too — though many people leave them in the archive since they take up no physical space and might be useful someday.
Paper statements should go through a shredder. A cross-cut shredder is better than a strip shredder because it cuts the paper into smaller pieces. If you do not own a shredder, many banks and libraries offer free shredding services, usually once or twice a year.
How to organize statements so you can find them later
The easiest system is to save digital statements in a folder on your computer or cloud storage, organized by year and then by month. Name the file clearly: "Chase_2024_01_January" is easier to find than "Statement" or "CC_Statement_1".
If your credit card company offers paperless statements, switch to that option. You will receive an email each month with a link to read the statement, and you can save it when ready to your folder. Most card companies also let you view statements in their online portal going back several years, so you have a backup if you lose your own copy.
For paper statements, a straightforward filing system works: a folder or envelope labeled by year, with statements in order by month inside. Keep it in a safe place with other important financial documents — not in a drawer where it might get wet or damaged.
Statements for accounts you closed
If you closed a credit card account, keep the final statements for one year, and longer if you claimed deductions on any purchases made with that card. After that, you can delete or shred them.
The card company will keep their records even after you close the account, so you can still dispute a charge or request a copy of an old statement if you need it. But for your own records, once you have confirmed that all charges are resolved and any refunds have posted, you can safely discard the statements.
Digital statements versus paper: which to keep
Digital statements are better in almost every way. They take up no physical space, they are searchable, and you can back them up to cloud storage so you will not lose them if your computer fails. If your card company offers paperless statements, use that option and save the PDFs to a folder on your computer.
Paper statements are harder to store and easier to lose, but some people prefer them because they can write notes on them or flip through them without opening a computer. If you receive paper statements, scan them to PDF and save the digital copy, then shred the paper after one year (or longer if you need them for taxes).
Frequently Asked Questions
Can I delete a statement if I still have the receipt from the purchase?
Yes. The receipt is proof of the purchase, and the statement is proof that you paid the card company. For tax purposes, either one works, though having both is ideal. Once you have the receipt filed away, you can delete the statement after one year.
What if I need a statement from more than seven years ago?
Contact your credit card company and ask them to send you a copy. They keep records for seven years, so if the statement is within that window, they can usually provide it. If it is older than seven years, they may not have it, but it is worth asking.
Do I need to keep statements for a credit card I never used?
No. If you opened a card and never charged anything to it, there is nothing to dispute and nothing to deduct. You can delete the statements when ready. Keep the final statement showing a zero balance when you closed the account, just to confirm the account is closed.
Should I keep statements if I pay my credit card bill in full every month?
Yes, for at least one year. Even if you pay in full, you may need to dispute a charge, return something, or verify a purchase. Keeping statements costs nothing if they are digital, so there is no downside to keeping them longer.
What if my credit card company stops sending statements?
Log into your online account and read the statements yourself. Most card companies let you view and read statements going back several years. Save them to your computer in the same folder system you use for emailed statements.