How Long Does Chase Keep Credit Card Statements?

Proof of purchase. This phrase bugged me when I claimed reimbursement for a faulty coffee table. Since I had paid through my Chase card, I did not have a paper receipt. 

I finally got my statement and a new table. However, it made me wonder – how long does Chase keep credit card statements? Here’s what I found.

How Long Does Chase Keep Credit Card Statements?

Chase keeps credit card statements for seven years. You can obtain your statements anytime during this period in exchange for a fee. Also, you can choose between a hard copy or an online one. There are several reasons banks store credit statements, legalities and expense tracking being foremost. Chase is one of the banks to store them the longest. 

While your current statement depicts your recent financial stature, the past records can be insightful for your bank. They might indicate if you can be pre-approved for an upgraded credit card. Moreover, Chase is constantly expanding, and customers’ statements may prove beneficial for creating opportunities.

Benefits of Saving Your Credit Statements

You must keep your statements for some time before deciding that they are finally disposable. We recommend storing them for at least one billing cycle, which is one month. 

However, depending on the reason, you might need to keep them longer. Credit statements generated from Chase Bank contain a thorough breakdown of your every financial aspect.

Proof Of Purchase

You might be required to prove your purchase for several reasons. Firstly, you may incur statement credits for shopping. Secondly, you can have to show it to receive return credits for an item. 

Finally, you might want to store your statement for redeeming credit rewards or claiming cheap life insurance. 

An insurance claim can also require confirmation of purchase from your statement. It would be advisable to hold on to your credit sheet until you have established your evidence.

Dispute Resolution

You can be adequately equipped if you keep your credit statement with you until an ongoing dispute concludes. A dispute is a claim you file with your credit card issuer over a specific charge from your account. It can be anything from a calculation error to an unreturned amount for undelivered goods.

Disputes have been reported to be a common credit card issue. If you are in the middle of one, you can save your records for up to 90 days. The duration, however, depends mainly on the type of dispute and that particular card company.

Tax Purposes

Preserving your credit records for several years is safe if you are a taxpayer. You may have donated substantially to a charity or made a particularly expensive credit card purchase like a new ring. You might have to keep your statements for three to six years, though not longer.

Payment Indications

Your charge card statement can be highly advantageous to develop a payment routine. Most check card users face difficulties in striking a balance between payoffs and time limits. These numerical sheets can prove pivotal in understanding warning signs.

Chase Bank issues comprehensive check sheets with dedicated sections for each category. A record of incurred APR and accumulated due can keep you from procrastinating in payments.

Awareness Of Fraudulent Charges

Identity fraud cases seem to have become directly proportional to the booming affinity card industry. However, you can spot them by keeping the score of your billing statement. You can contact Chase Bank 24/7 through your Chase mobile app or on call. 

According to the Fair Credit Billing Act, you are not liable to compensate for any fraud charges on your card. Your bank can reimburse any unauthorized payment in your name.

Digital vs. Hard Copy Statements

There are advocates for both types of statements as they have pros and cons. You can figure out what suits you the most.

Digital Statements

With rising awareness of eco-friendly options and reducing carbon footprint, e-statements are gaining popularity. The decluttered filing cabinets can be coined as the biggest advantage of digital credit sheets.

Furthermore, you can access them anytime, anywhere. Easy, one-click reach and convenient handling make them the better option. Moreover, your spreadsheets may be safer online than lying around.

However, your phone memory might get cluttered even if your home is not. Downloading and storing credit sheets may slow your phone down, unabling you from downloading other potentially important data.

Hard Copy Statements

There are valid points in favor of keeping a paper trail of your checking accounts too. The foremost advantage would be that you can look at all of them at the same time. The elderly particularly like hard copy statements for the same reason, and because they feel familiar.

Another benefit you can have is a reduced risk of hacking and identity theft. Credit statements display your credentials, especially your Social Security Number, which can be an online hazard.

Even then, the population tends to lean towards going paperless because they can not handle a mound of paperwork.

Related Questions

Conclusion

Chase stores the credit records of its customers for seven years in case of taxation or filing a claim. You can obtain your statements anytime to track your expenses or redeem offers.