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How record credit card rebates

When I receive a credit card rebate would I just record it as a payment under the credit card and create a sub category under the credit credit card titled such (for example under VISA credit card have subcategory Cash Rebates) or how would you recommend handling? Also if the cash rebate is being directed straight to say a mortgage or HELOC I would use the mortgage or HELOC as the category for the payment/transfer rather than payment back to credit card.

Best Answer

  • Tom YoungTom Young SuperUser ✭✭✭✭✭
    edited July 23 Accepted Answer
    If the rebate is posted to the credit card itself then entering it as a form of "payment" is entirely appropriate.  I've created a "Credit Card Rebate" expense Category with sub-Categories related to the individual credit cards.  They show up as "contra" expenses in the Income and Expense reports.
    If the rebate is going to an Account other than the credit card Account itself then, again, recording the rebate in the mortgage or HELOC Account is appropriate.  I'd still use the Credit Card Rebate Category and the particular credit card's sub-Category since it's the usage of the credit card that's creating the rebate.

Answers

  • Tom YoungTom Young SuperUser ✭✭✭✭✭
    edited July 23 Accepted Answer
    If the rebate is posted to the credit card itself then entering it as a form of "payment" is entirely appropriate.  I've created a "Credit Card Rebate" expense Category with sub-Categories related to the individual credit cards.  They show up as "contra" expenses in the Income and Expense reports.
    If the rebate is going to an Account other than the credit card Account itself then, again, recording the rebate in the mortgage or HELOC Account is appropriate.  I'd still use the Credit Card Rebate Category and the particular credit card's sub-Category since it's the usage of the credit card that's creating the rebate.
  • PegFPegF Member
    Thank you Tom seems like I have been doing correctly. I like the subcategory of credit card rebate too many thanks
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