The monthly credit card statements that we receive by mail can be a hassle to file and store at our homes. We cannot just discard them in the trash bins either because firstly, it is important to keep the record for filing tax returns, and secondly, these statements contain our personal information such as our name, house address, contact number, bank account details, as well as the purchases that we have made through our credit card.

In case these discarded credit card statements get into the wrong hands, our personal information can be used to harm us or access our bank account. In fact, data security experts recommend that even if you have closed your bank account and your credit card is not active anymore, you should still shred old credit card statements before disposing, or recycling them.

How Long Should You Keep Your Old Credit Card Statements?

Quite a few customers still prefer to receive their credit card statements via post instead of opting for the e-statements via emails. This is especially common amongst the older generation, who don’t check their emails often. Receiving credit card statements via post allows them to cross-check their purchases or bill payments and quickly alert the bank in case of discrepancies. In such cases, you should keep your credit card statements for up to a year.

Credit card statements are also helpful when you are filing tax returns as proof of your monthly income and expenditure. Tax-related credit card statements should be filed and kept safe for up to 3 years.

Many people keep old credit card statements for the expensive things that they buy (e.g., a diamond ring or LED screen TV) as a record. These statements, along with the receipts, can be beneficial for warranty or insurance claims in the future. You can keep these statements for as long as the warranty period is valid.

Should I Shred Old Credit Card Statements?

Yes! You must shred old credit card statements because identity thefts are common when it comes to banking and credit card usage. In 2019, the Federal Trade Commission’s (FTC) Consumer Sentinel Network Data Book reported 650,572 cases of identity theft. The total monetary loss because of credit cards related identity thefts and online banking frauds was of $1.9 billion.  

Your credit card statements contain your personal and sensitive information. If you dispose of them without shredding them, anyone can read the information that is stated on them and use it against you. For example, they can view your monthly purchases and get an estimate of how much money is there in your bank account. They will have your name, bank account number, home address, and your contact information. A quick search of the public records will reveal your date of birth.

You will be surprised to know that even today, 59% of Americans use their names or date of births as their passwords for online accounts. A few tries are all they need to figure out your exact password and access your online bank accounts. Hence, shredding old credit card statements will keep you and your family safe from online frauds, scams, and identity thefts.

New Jersey Shredding Service

At New Jersey Shredding, we offer safe, confidential, and effective shredding of documents. We can shred old credit card statements for you either at your home, office, or at an off-site location as per your need and convenience. We are a HIPPA compliant shredding service, and all our operations are carried out in accordance with state and federal laws.

You can rest assured that your old credit card statements will be safely destroyed to keep all your personal and private information safe and secure. All the shredded paper waste that is collected at New Jersey Shredding is later recycled to preserve the environment. To put your mind at ease, we will provide you a Certificate of Destruction as proof that all your old credit card statements have been safely destroyed.

So, if you are running out of space at your home and are looking for a shredding service to shred old credit card statements, then give us a call at (201) 371-5900 to get a free quote.

New Jersey Shredding- Let us remind you what great service looks like.