Credit card statements

Masomnia

Hi all,

Is there any reason to keep credit card statements for accounts that are paid off in full? It's only personal spending. I know you're supposed to keep bank statements for 6 years or so, but what's the situation with CC statements?

The only thing I could think of was if I needed the extra protection on spending (section 75?), but I that doesn't come into it.

I've got folders full, and since I'm young and it's a Friday night I thought I'd try and do a bit of sorting out.

Cheers.

grumbler

Masomnia wrote: »

...I know you're supposed to keep bank statements for 6 years or so, ...

I don't think that you are.

King_Of_Fools

grumbler wrote: »

I don't think that you are.

Martin says you should keep them for longer:
http://blog.moneysavingexpert.com/2013/08/12/dont-throw-bank-statements-away-after-six-years/

grumbler

IMO 'supposed' was a far too strong word for this.

Personally, I am sure that I wasn't missold anything.

And I don't understand why ordinary people have to keep statements for 6 years in case "HMRC (the taxman)" want "to go back that far if you’re being investigated for tax purposes". If they want to investigate, can't they just request the information they need from the bank(s)?

zagfles

It's worth keeping bank statements for at least 7 years in case you die - as whoever goes for probate will have to declare any gifts (over £250 and £3000 per year IIRC) you made in the last 7 years, and bank statements are one way of identifying them.

Rufus_Dufus

You don't have to keep them as paper. You can scan them and then discard the paper originals.

iAMaLONDONER

zagfles wrote: »

It's worth keeping bank statements for at least 7 years in case you die - as whoever goes for probate will have to declare any gifts (over £250 and £3000 per year IIRC) you made in the last 7 years, and bank statements are one way of identifying them.

Cash gifts would be safe from HMRC's prying eyes though lol!

poggles

Masomnia wrote: »

Hi all,

Is there any reason to keep credit card statements for accounts that are paid off in full? It's only personal spending. I know you're supposed to keep bank statements for 6 years or so, but what's the situation with CC statements?

The only thing I could think of was if I needed the extra protection on spending (section 75?), but I that doesn't come into it.

I've got folders full, and since I'm young and it's a Friday night I thought I'd try and do a bit of sorting out.

Cheers.

Probably worth keeping. You never know what the next reclaiming bandwagon will bring along?

Duplicates typically cost £10 a pop, or even a SAR would set you back £10. However, banks & credit cards may only keep records for 6 years themselves (perhaps less if you closed the account and all is settled). and obviously if they don't have the records, they can't let you have them.

So if you've not kept them yourself, then you may lose out.

I'm not sure why you say you have folders full? :huh:
Credit card statements are usually issued every month (and that assumes you spent something, paid them something or have a carry over balance)
My credit card statement is usually just one page, unless I've gone mad on a spending spree that month where it may go onto a second page.

6 years of monthly statements from a credit card shouldn't be more than about 80 pages, which should easily fit into one folder with room to spare.