When would I use the Category called Credit Card Payment?
Working on setting up my categories and came across one called Credit Card Payment under Bills & Utilities as an Expense type. I'm confused on how Quicken uses this one? I've always categorized my to and from credit card payment transactions as Transfers in Mint.
I did notice that for the transactions that have auto loaded, Quicken DID use one of my account Transfer categories it created for the Categories for my latest credit card payment. So the payment from checking has a category of Citibank Visa (Transfer). And receipt of that payment by the Citibank Visa account has a category of BofA Checking (Transfer).
So my question is, what is this default Expense category "Credit Card Payment" meant to be used for?
TIA!
Best Answer
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If you set up everything as it should be you would never use that category (I have been using Quicken for 30+ years and have never used it). That is for people that do not create a credit card account to track the charges as they occur.
3
Answers
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If you set up everything as it should be you would never use that category (I have been using Quicken for 30+ years and have never used it). That is for people that do not create a credit card account to track the charges as they occur.
3