Adjust Future Scheduled Bill Reminder for Charge account payment based on Balance

steve user

There needs to be a way to set up a recurring bill to adjust the future expected payment based on statement balance.   In Account details or Bill Manager setup, it could be linked to an account / scheduled  bill reminder. That bill should adjust so I can see accurate projected balances for expenses on credit accounts.  For example, I could set my statement end date to be 12/15 (or it would download from sync) and then the planned payment for this account would automatically adjust the Bill reminder for the next scheduled due date to match the balance on 12/15. 

I could see a few options being needed;

"Pay in full" would set the balance based on the current balance. 

“Pay Statement Balance would set the Bill Reminder to the balance on the statement date.

“Pay Percentage” i.e. 50%

“Pay Set Amount” i.e. $1000

“Pay Minimum” based on statement or account details.

All choices would update based on use to the max setup. 

For example, if you have pay in Full , it would update for each posted transaction.  

Pay statement balance would ignore posted charges after the statement date. 

Pay Percentage would be based on statement date

Pay Set Amount would not use this feature and act like it does today

Pay Minimum would require setup or sync.  

I always pay in full and use multiple accounts.  The experience of adjusting each Bill reminder based account balance is a pain.  Especially since they all fall on different due dates.

EmilyTheChef

Quicken used to do this, and in the directions/instructions it SAYS it does this but I can not make this happen when I set up bill pay and select "Estimate Amount" - the option USED to be there.

UKR

The option to "Estimate Amount … Use current credit card balance" is available when you set up a Scheduled Reminder, but only if it's a Transfer Reminder and the "Transfer To" account name specifies a credit card account.

If you're paying off the full credit card balance every month, the Projected Balances view will not be able to guess what future monthly payments will be, 2 or more months down the line.

Chris_QPW

This is already available, but you have to set it up as an online bill. When you set up as an online bill the online bill adjusts the reminder based on the bill balance and date. But it also means that the estimates that go with the manual reminders are no longer available. You can set it to full payment or minimum payment.

I will state though online bill system isn't very reliable in all cases. And might not even be available for your credit card or other biller.

Note also based on the statement balance. If you have returns after the statement balance comes in then your actual full payment is less than the statement balance, but there is no way for it to know what that will be because that isn't determined until the actual payment date, And it goes off of statements not off of transactions.

Chris_QPW

Also, at times for certain builders, I have seen it set the reminder to zero because it couldn't get the statement balance and it won't use the manual estimating like I said before.

Bottom line is, you are asking for a feature that they have already attempted to do the best they can. There isn't any good system for getting the information that you are requesting. The way the third party service works is by scanning the biller's website.