It's good to hear a voice of reason. Whoever started the idiotic idea that payment doesn't occur until the credit card bill is actually paid shouldn't even be allowed NEAR a computer...or a tax return.
I'd say that the way you are doing it is too difficult, and as you mention, becomes even more difficult with more usage.
I got a new credit card from Chase yesterday. I created a new account called "Chase Visa". Within about 15 minutes, I had set it up so that it would download transactions directly from Chase into Quicken. My American Express card is set up exactly the same way, with it being a separate account. Today, I was able to download yesterday's transactions on both cards, along with all the others. I examine each transaction, and categorize it when I accept it. Any transactions that are regular expenses, are automatically categorized by Quicken when the transaction is accepted.
When the bill comes due, I go online to my banks web page, and make the payment electronically from the bank. In Quicken, I reconcile the credit card account, and create a transfer transaction from the checking account, to the credit card account. I cut-and-paste the online transaction code that the bank web page provides to the comment section, so that I have a record of the payment transaction. A day or so later, when I download from my checking account, I see the
It mirrors the real world, and makes it very easy to manage the multiple accounts that I have. Like you, I use my credit cards for almost all purchases. With 3% back on Chase, and 5% back on Discover gas card, it doesn't make sense to pay cash for anything.
JimH wrote in news:4qFzi.90816$dI1.3934 @newsfe08.phx:
I work things the same way, except that I have the credit cards set up to automatically "get" the payment on the due date. Now I don't have to worry whether I did or did not schedule the payment.
I now agree and see the error of my ways. I will begin setting up credit card accounts this weekend. Thanks to all who responded in a helpful manner.
Same here. I simplify life, though, by only having a VISA Dividend card which pays cash back every year. VISA is accepted by 99.9% of the merchants in the parts of the world that I travel to.The monthly payment is automatically transferred from my chequing account on the DUE DATE. When I did it manually, I never dared to time it that close. The VISA statement is always available on line to check for accuracy; however, even if I waited for the paper statement, it comes far enough before the payment date that I would have lots of time to check for errors..prior to the bill being automatically paid. Technology can and should eliminate most manual drudgery in finances.
You're welcome. We aren't born with this knowledge. All of us had to learn it somewhere, somehow. This is the kind of stuff that should be added to the school curriculum, in my opinion.
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