Credit card statements do not need to be saved for any length of time unless you need the statement to dispute a charge or for tax purposes. Online statements from credit card companies have made it easier for people to review their statement and refer to it in the future if need be. To avoid cluttering up your home office with too much paperwork, review your statement when you receive it and throw it away or file it.

When to Throw Away Statements

You can throw away credit card statements after reviewing them to make sure all charges are legitimate. Keep the receipts of items you purchase with credit cards until you receive your statement. Check to make sure all purchases have been accurately accounted for on your credit card statement. Unless you need to reference your statement when disputing charges, you can throw away your statement after reviewing it. Since most credit card companies issue online statements as well, you can always download or print a copy of your statement if you need to review it in the future.

When to Keep Statements

Keep your credit card statement for tax purposes if you bought items that are tax deductible. Tax deductions for home office equipment, business expenses, charitable donations and other deductions may need to be documented by sending in receipts or credit card statements with your return. If you need to hold on to credit card statements, keep them in a box or file cabinet so the statements are easily accessible during tax time. Keep personal and business statements separate. To make tax time less of a hassle, designate separate credit cards for business and personal use. Charge all business expenses on one card so you can easily locate tax deductible expenses.

Online Statements

Most credit card companies issue online statements that you can download or print if you no longer want to receive paper statements in the mail. These statements may be available for one year or longer depending on your creditor. You can always retrieve online statements if you accidentally throw away a printed statement needed for tax purposes or for other reasons. Monthly statement alerts are sent to your email account so you can check your statement when it is convenient for you.

Source:

CBSnews.com: When to Toss Financial Records

Bankrate.com: What financial records to keep and How Long to Keep Them

More Information:

The Motley Fool: What Records Can You Really Throw Away?