Quicken Community is moving to Single Sign On! Starting 1/22/21, you'll sign in to the community with your Quicken ID. For more information: http://bit.ly/CommunitySSO

Setting credit card payments to statement balance?

Is there a way to set my credit card reminders for the statement balance? It makes no sense for me to have a reminder for the current balance, and my bank is authorized to automatically transfer the statement balance on the due date. Currently, my reminders show as zero (because I don't want minimum).

Answers

  • Frankx
    Frankx SuperUser ✭✭✭✭✭
    edited October 2020
    Hi @dburnt,

    Unfortunately, the Reminders function only has the option to pay the "Current credit card balance" and does not have an option for "Card balance as of last statement date".  Not sure why that is not an option, and I understand why you would want to pay that amount rather than the "Current" balance.

    The only workaround I can think of would be for you to not download any credit card transactions for the period of time starting with the date of your last credit card statement and the date you are paying the credit card bill.  If you maintain such a "download blackout" period for that timeframe every month, I think that would accomplish what you want to do.  

    You could also start an "Idea" post here in the Community on this issue and if there are enough votes for it, maybe Quicken will make the change in the future.

    Frankx

    [edited to fix minor typo in last sentence]


    Quicken H&B-Subscription - Ver. R29.20 - Build 27.1.29.20  - Windows 10 Home - Ver. 2004
                                             - - - - Quicken User since 1984 - - - 
      -  If you find this reply helpful, please click "Helpful" (below), so others will know! Thank you.  -
  • Chris_QPW
    Chris_QPW Member ✭✭✭✭
    I think the main reason that Quicken doesn't have this option is because it does have anything that tells it what was the last statement balance.
    Signature:
    (I'm always using the latest Quicken Windows Premier subscription version)
    This is my website: http://www.quicknperlwiz.com/
  • Chris_QPW
    Chris_QPW Member ✭✭✭✭
    One thing I'm trying on this having it set to Current Balance and then change the next instance when I get an email that my statement is in.  So far I'm not sure.

    On the day that statement came the current balance was the statement balance, and I tried editing the next instance, but of course it wasn't changed.  I just looked at the it had the current balance.  So I have edited it again, and that seems to be sticking for now.  I will have to check it once a new transaction comes in to see if it will stick.

    Note this works or even if Quicken could get this information on its own, it isn't guaranteed to be 100% correct.  If you return items during the period between the statement date and payment date most financial institutions will reduce the payment by this amount.

    Note that Online Bills is exactly what would be able to get the statement amount, but it has some many problems, especially in the estimating that I don't recommend it (after trying to use it for years).
    Signature:
    (I'm always using the latest Quicken Windows Premier subscription version)
    This is my website: http://www.quicknperlwiz.com/
  • jrich75
    jrich75 Member ✭✭✭✭
    My method is similar to @Chris_QPW. I follow the current balance but edit the current instance of the scheduled transaction to the statement balance when I have it.  I usually adjust the date by a day or two to be sure it takes.  I generally do this when I reconcile the account.  In fact, I would like to have the option/ability to do that as part of the reconcile process.  I used to get an occasional request about making a payment after reconciling but I haven't seen one recently.  So if there was something like that for the account's monthly payment transaction, that would work.  
    Quicken user since 1995
    Win10 Deluxe Subscription thru 2021
  • Chris_QPW
    Chris_QPW Member ✭✭✭✭
    When I was reconciling to the statement I would just let it put in the payment at that time, and that worked pretty good except that it would put in the current date and I would have to adjust it for the payment date when it got into the register (asked for years to be able to change the date in the dialog asking about the payment, but it never happened).

    These days I reconcile after every download to the online balance, so there isn't anyway that would work in this flow.
    Signature:
    (I'm always using the latest Quicken Windows Premier subscription version)
    This is my website: http://www.quicknperlwiz.com/
  • dburnt
    dburnt Member ✭✭
    I don't actually get a statement as everything is online, and I monitor my card balances at least twice a week, so to be honest, I don't even actually know what the statement balance is (was hoping that Quicken would show that). As it is, it pops in on the 24th (always my payment due date) with a zero, and I just do the match to the payment at that time), but it defeats the purpose of "planning" if you don't know how much is coming out. Seems a pretty basic function for managing credit cards, so not sure why they wouldn't include it.
Sign In or Register to comment.