CREDIT CARD RECORD KEEPING

You should keep your records for at least six years. Your account bills are valuable tax records. The Internal Revenue Service can go back as far as six years, sometimes even further, in auditing your tax records. Just as important, you need them if you have to do battle with a card issuer or a merchant to protect your rights.

Keep old statements and receipts
Once a month your credit card company sends you a printed summary of the transactions on your account. Neither bank card nor store card companies send you a copy of the transaction slip you signed at the merchant. You can make photocopies of the slips if you need to.

Should you save the copy you get from the merchant when you buy something? Well, you should. But most people do not. What you should do is save all of the little yellow slips and compare them with your monthly statement. That is what card companies will tell you to do and it is a good idea.

For security and for tax purposes you should save the statements, but after comparing the charge slips to the charge on the statements and verifying that the charges are correct, you can rid of the slips.

Keep a log of phone conversations
Any time you have a phone conversation with a card company worker, be sure to note it in your log, kept in the file for that credit card account. The log note should include the date; who you talked with , including his or her title and phone number; and what was said. If you do not wish to keep such notes, you will never remember who said what to whom when.

Keep those letter!
Besides keeping your credit card bills you should also keep any letters the credit card company sends you. These include notices such as "over credit limit $2.35.; please remit $21.12 immediately," as well as replies to letters you might send the company.

You must keep copies of any letters you send to the company. And you should not try resolve any serious problems without sending them a letter.

It is okay to call the credit card company for information. But for any billing or other problems be sure to write. There are two reasons for this.

1. The only sure way to protect your legal rights is to write a letter. A phone call will not do it, nor will ten phone calls.
2. If you have a problem with the company or with a merchant you will have done what lawyers call building a record.

Credit Card Basics:
- Pros and Cons of Credit Cards
- How Credit Card Issuers Make $$
- Shopping for a Good Interest Rate
- Credit Card Cash Advances
- Problems with ATM/Debit Cards
- Advantages with ATM/Debit Cards
- Credit Card Record Keeping
- Tracking Billing Errors
- What is a Billing Error?
- Fixing Billing Errors
- What is a Stop Payment?
- How to Prevent Identity Theft
- Pre-approval Credit Card Offers
- Safeguarding Receipts

Home - APPLY NOW - Credit Card Glossary - Common Questions
Educate Yourself - Contact Us - Site Map - Privacy Policy
Sites of Interest: Credit/Loan - Debt/Bankruptcy - Investing

Why You Should Check Your Credit Before Applying
Establishing or Rebuilding Credit with a Credit Card
Help Choosing the Right Card for Your Needs
Credit Card Guide for Students