Why are credit accounts categorized under banking?

SpeedyTheSnail
Quicken Windows Subscription Member
Why are credit accounts categorized under banking?
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Answers
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IMO it is better to think of checking accounts, savings accounts and credit cards as Spending Accounts rather than Banking Accounts but that's really nothing more than a semantics issue. As such it makes sense to lump them together with checking and savings accounts, no matter what the group name is.It also makes sense to lump them together since it is banks that issue them.There are people who think credit cards should be included in the Liabilities group and for people who have a lot of credit card debt that might be more appropriate. But still, what is the function of credit cards as they are intended to be used? They are intended to be used as spending tools. So it makes sense to me to lump them in with checking and savings accounts. Just my opinion.
Quicken Classic Premier (US) Subscription: R62.16 on Windows 11 Home
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Boatnmaniac said:There are people who think credit cards should be included in the Liabilities group and for people who have a lot of credit card debt that might be more appropriate.
Depending on the account type you can somewhat move accounts to different groups using the Account Intent setting.Signature:
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Chris_QPW said:Boatnmaniac said:There are people who think credit cards should be included in the Liabilities group and for people who have a lot of credit card debt that might be more appropriate.
Depending on the account type you can somewhat move accounts to different groups using the Account Intent setting.
Quicken Classic Premier (US) Subscription: R62.16 on Windows 11 Home
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