GITNUX MARKETDATA REPORT 2024

Credit Card Statement Retention Period Statistics

The standard recommendation is to retain credit card statements for a minimum of seven years.

Last Updated: June 20, 2024

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In this post, we explore the recommended retention periods for credit card statements across various countries, shedding light on the legal requirements and best practices. Additionally, we delve into alarming statistics regarding credit card statement oversight, fraud occurrences, and the impact of statement clarity on financial behavior. Understanding these statistics can help individuals better safeguard their financial information and make informed decisions regarding their credit card usage.

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"1. The Federal Wage Garnishment Law states that businesses should keep credit card statements for at least 1 year."

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"3. The IRS recommends keeping credit card statements for up to 7 years."

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"4. In the U.K., it is recommended to keep credit card statements for up to 2 years for general purposes."

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"5. In Australia, credit statements should be kept for up to 5 years according to the Australian Securities and Investments Commission."

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"6. In Canada, typically it is recommended for individuals to keep credit card statements for about 6 years for tax purposes."

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"7. In India, the Reserve Bank of India has advised banks to preserve credit card statements for at least 10 years."

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"10. According to a study done by CreditCards.com, over 40% of U.S. adults have never checked their credit card statements for fraudulent activity."

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"12. According to the U.S. Consumer Financial Protection Bureau, 52 percent of credit card users indicated they had been surprised by the contents of their credit card statements."

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"13. Over 30% of payment fraud is related to credit cards, emphasizing the necessity of regularly checking credit card statements, according to the Federal Reserve."

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"14. In a 2019 survey by Credit Sesame, 20% of respondents reported finding mistakes on their credit card statements."

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"16. According to the U.S. Federal Trade Commission, 21% of American customers found credit reporting errors, often from misunderstanding or overlooking information on their credit card statements."

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"17. A study from the National Bureau of Economic Research found that simplifying credit card statements could help decrease debt by up to 10%."

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"18. A survey by Sift found that 35% of respondents were not checking their credit card statements regularly, making them more susceptible to fraud attacks."

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"19. According to a study by CISCO, 22% users often don't check their credit card statements because they assume their banks have appropriate security measures in place."

In conclusion, varying regulations and recommendations worldwide suggest different retention periods for credit card statements, ranging from 1 to 10 years. Despite this, a significant portion of individuals do not regularly review their credit card statements, leading to potential fraud risks and errors. Studies have shown that a considerable number of people have encountered surprises or mistakes on their statements, highlighting the importance of frequent monitoring. Simplifying statements and enhancing consumer awareness could aid in reducing debt and preventing fraudulent activities, emphasizing the need for proactive credit card statement management.

Jannik Lindner

Jannik is the Co-Founder of Gitnux and has been working in the digital space since 2016. He is specialized in content and tech.

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