Promotional Interest Rate

Question

I have a credit card that gave me a promotional interest rate on new purchases until a certain date. How can I enter transactions with the new interest rate while keeping the higher interest rate for previous transactions?

Mreeves971 · Answer

I think what they are asking is the same thing that I’m looking for. For example, let’s say I have a Home Depot credit card that has an interest rate of 24.99% and let’s say that I’m carrying a small balance. Then I make $1000 purchase that gives me 0% for 24 months. There should be a way in Quicken where I can flag that transaction with its promotional rate and end date so that the debt relief planner and other reporting works properly. I’m surprised something like this isn’t available as so many cards are offering promotional rates and promotional discounts. I don’t see any clever way in Quicken to handle these situations . Any help is appreciated.

Tom Young · Answer

I don't think I'm getting exactly what you're trying to do here.By "enter transactions" I think you're talking about manual (or downloaded) entries of purchases that are eligible for the promotional interest rate?  If that's the case then I guess one way of doing this would be to "earmark" those purchases by using a custom Tag when you make the entry.  The Tag could be "promoINT" or something.But is this extra work really necessary?  Trying to keep close track of your "current" balance of purchases eligible for the promo rate would certainly require that you split your payments against the credit card balance between the amount going to the promo rate group vs. the higher rate group and you could only see the current balance of promo rate purchases (purchases minus payments) by running reports.I think this is probably already handled well by the credit card issuer's monthly statements because they have to make the distinction themselves.

NotACPA · Answer

Are you carrying a balance in this account ... so that the interest rate (ANY rate) actually matters?Are you talking about the Rate% field in the Account Details dialog?
Because, I don't believe that it's possible to do what you're asking.  There's only the one field for Rate in any given account ... there's no place to put a 2nd Rate.SO, I'd just input a $0 transaction with a note in the Memo field about the promotional rate and let the actual interest charges reflect the matter.