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Personal Finances / Credit Cards and Consumer Debt


Subject:  Re: Credit Card Security Date:  6/2/2014  12:40 AM
Author:  Jeanwa Number:  308270 of 312189

At a minimum, they would probably need to keep your number at least as long as the consumer is allowed to dispute the charge - 60 days after the statement showing the charge is sent to a consumer in most cases; potentially longer if there is a specified delivery date associated with the purchase. Because of the dispute provisions, I would say that most businesses would probably keep numbers on file a minimum of 105 days......Assuming that the consumer's most recent statement was sent out the of the purchase, so the next statement is likely to go out 30 or 31 days later, plus the 60 day dispute timeframe, plus an extra 2 weeks just to provide some time for the credit card company to process the dispute and notify the business.

FWIW, if the card is swiped we don't have any record of the number at all. The last 4 digits print up on the receipt but that is all.

There are all kinds of rules about the storage of the numbers on purchases that are phoned in. I can find them if you want.

I don't know about internet purchases.

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