The benefits of paperless credit card statements

Quick insights

• Paperless statements are quick, efficient and may help reduce clutter.
• While you’ll need an internet connection to receive e-statements, the benefits typically outweigh the potential drawbacks.
• The switch to paperless statements can be accomplished quickly and easily on your bank’s website or app.

Paperless statements can offer numerous benefits, such as better security and timing of receipts.

Understanding the pros of going paperless for credit card statements

Enrolling in paperless credit card statements can help reduce clutter and the risk of losing important financial documents. Here are some of the main benefits of paperless statements:

• Efficient finances: With digital statements, you can easily search for specific transactions without having to sift through piles of paper. This can make managing your finances more efficient and less stressful.
• Speed: Paperless statements can lead to faster, more timely receipt of your statement each month. Unlike paper statements that can be delayed in the mail, digital statements are available as soon as they're issued. You'll receive an email notification as soon as your statement is ready, allowing you to stay on top of your finances.
• Security: Going paperless can enhance security. Digital statements require a login to access, unlike paper statements that can be seen by anyone if left lying around. This added layer of security can help protect your sensitive financial information.

The potential drawbacks of going paperless

While paperless statements have many benefits, there are some potential drawbacks to consider before making the switch:

• Connectivity: Going paperless requires regular internet access. If you don't have reliable internet, it might be difficult to view your statements regularly. If you have a smartphone, you can use data to access your bank’s website or use your lender’s mobile app to view your statement on your phone.
• Personal responsibility: Digital statements require more personal responsibility. Without the physical reminder of a paper statement arriving in the mail, you'll need to remember to check your statement each month. Setting a reminder on your phone, marking the date on your calendar, or signing up for email notifications notifying you that your statement is ready can help ensure you don't forget to make your payment.
• Organization: Digital clutter can be just as overwhelming as physical clutter. Using email folders or labels can help you keep you organized.

All of that said, these potential drawbacks can be mitigated with a little planning and organization. For example, setting calendar reminders to check your statement or using email filters to keep your financial documents organized can help ensure you stay on top of your money.

Best practices for managing e-statements

Paperless statements are an easy, convenient option with more benefits than negatives. What’s more, there are several ways you can proactively set yourself up for success with paperless statements:

• Alerts/notifications: As previously mentioned, it can be helpful to set up email alerts or app notifications that tell you when your statement is ready. This can help ensure you don't forget to check your statement each month. Most credit card companies offer this feature, and you can usually set it up through your online account or on your lender’s app.
• Review carefully: Regularly reviewing your statements, be they paper or electronic, can help you avoid errors or catch fraud. If you spot anything inaccurate or unusual, contact your credit card company.
• Keep a record: Keeping a digital file of your statements can be helpful. Most credit card companies only keep a certain number of statements available online, so it's a good idea to download and save your statements for future reference. You can save them on your computer or use a cloud storage service for easy access from any device.
• Security: Keeping your e-statements secure can be crucial. Use strong, unique passwords for your financial accounts and avoid checking your statements on unprotected, public wifi networks. Regularly update your computer and mobile devices to ensure you have the latest security updates.

How to switch to paperless statements

The process for switching will vary depending on your bank or credit card company. Here’s a quick guide for making the switch to paperless statements as a Chase customer:

Chase Mobile^® App

1. Sign in to the Chase Mobile^® app.
2. Navigate to the "Profile & Settings" icon in the top right corner of your app.
3. Select "Settings" and open the "Account settings" dropdown.
4. Select "Paperless."
5. You'll see a list of all your Chase accounts that are eligible for paperless statements. To the left of each eligible account, select the ones you want to receive as paperless statements, and choose "Save" at the bottom of your browser.
6. After that, your statements will be paperless, and you can access them just by tapping on “See statements.” You can update your preferences anytime you're signed into the Chase Mobile app by going back to your paperless settings.
7. Note: It may take a month or so to stop receiving paper statements in the mail.

From chase.com

1. Sign in to chase.com.
2. Navigate to the "Profile & Settings" icon in the top right corner of your browser.
3. Click "Account Settings" on the left side and choose the "Paperless" option from the dropdown.
4. You'll see a list of all your Chase accounts that are eligible for paperless statements. To the right of each eligible account, select the ones you want to receive as paperless statements, and choose "Save" at the bottom of your browser.
5. You'll see a confirmation of your updates. Your paperless statement preferences have been saved and your enrollment is complete.
6. To see your statements, sign in and click the Main Menu icon in the top left corner of your screen. Choose "Statements & documents", and there you can access your statements from all your accounts.
7. Note: It may take a month or so to stop receiving paper statements in the mail.

Bottom line

The switch to paperless statements can be quick and easy. You can transition smoothly to paperless credit card statements, reaping the benefits of convenience and security.