How Long Should I Keep My Credit Card Receipts? How You Can Improve Your Credit Score Here ph
For consumers who use credit cards and debit cards regularly, those receipts can really pile up in hurry. Not only does a customer get an itemized store receipt which spells out the details of the transaction, he may also get a second piece of paper which notes the dollar amount charged to the account. These white or yellow carbonless pieces of paper are usually stapled to back of the store receipt and are called a charge or credit card receipt. For stores who don’t use a two receipt system, the charge information is found at the bottom of the store receipt. New credit card users may wonder if it’s even necessary to hang onto all those receipts. The answer of course is “yes” since both kinds of receipts are your only proof that a transaction occurred. How long you hang onto all that paper really depends on a number of things. Those yellow charge receipts only need to be kept until the credit card statement arrives in the mail. Once the statement arrives, the charges should be verified with the receipts to make sure that the store didn’t make a mistake. If everything looks fine, the yellow charge receipt can safely be destroyed. But if the credit card company made a mistake, the information found on the receipt will help the company’s business office correct the error. Depending on the billing cycle, it may be up to 45 days before the charge or credit will even show on the statement. This is why most financial planners recommend holding onto charge receipts for at least this long. If your store bundles up store receipts on one form, then the receipt should be kept even longer. Receipts are your proof of purchase and necessary for the following reasons: Required for returns: Without a receipt, retailers go through a lots of guesswork and will err towards their advantage. This means that returns are based on the lowest price of the season, and that instead of getting a cash refund, all you might receive instead is a gift card. Having the receipt means that you’ll get a full refund credited back to your card. While it’s true that a credit card statement will also show your transaction, statements typically list just the department name and a broad subcategory (such as Women’s Casual). This vague description doesn’t tell the store exactly what was purchased, which is why most stores will not accept a statement as proof of purchase. Necessary for defective merchandise and warranty items: If your DVD player breaks 6 months after it’s broken, it is almost impossible to return it to the store for an exchange without a receipt. With the receipt, you have proof of when the item was purchased which makes it so much easier for warranty work.
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To establish replacement value: In the case of valuable artwork, antiques, and furnishings, receipts can substantiate the cost of these items in case of theft or fire. With a receipt, there is absolutely no question what you paid for these items which makes the insurance adjuster’s job that much easier. Needed for tax filing: While you probably can’t write off a Twilight tee or those Uggs, you may be able to deduct work-related clothes or items such as computers and office supplies used in a home business. Your tax preparer can best advise you which receipts should be kept along with your tax records, and which can be finally shredded. How about you, what do you think? Tell me and I'll send you a free gift.
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Do's and Dont's of the Credit Card Game Here pf Futhermore: How Long Should I Keep My Credit Card Receipts?
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