Credit Card statement/due dates

luefher
luefher Member, Windows Beta Beta
edited October 2023 in Display/UI

I think it would be helpful if there were an option to have the credit card statement date calculated and highlight both the statement and due dates in the UI.

2
2 votes

Reviewed · Last Updated

Comments

  • Snowman
    Snowman Member ✭✭✭✭

    They basically will never happen. The dates that credit card statements drop changes from month to month by a day or so an it depends on many variables that differ depending upon the credit card company in question. The same goes with the due dates.

  • p7w7m7
    p7w7m7 Member

    When Quicken accesses our credit card data online, why can't it also pull in the due date and last statement balance? Mint used to do it fairly well, but became unreliable, and is now being killed. With all of the data that CAN be pulled into Quicken, why not the new due date as indicated online?

  • mshiggins
    mshiggins SuperUser ✭✭✭✭✭

    "When Quicken accesses our credit card data online, why can't it also pull in the due date and last statement balance?"

    Because Quicken doesn't "access our credit card data online".

    A download to Quicken is initiated by Quicken sending a "request" to the financial institution to download data: Quicken never goes online, Quicken has no direct access to financial institution data. Quicken deals with whatever data is sent, with no way to know how "correct" or "complete" the downloaded data is.

    As it happens, the OFX specs do allow for the downloading of a "statement date", and in my experience all OFX downloads include a "statement date" where applicable.

    However, that date does not appear to consistently be the date of the real-world "statement": while sometimes (for some financial institutions) it is the statement end date for the downloaded transactions, for other financial institutions it's the date of the last downloaded transaction.

    I don't think Quicken (or Quicken users) can rely on the downloaded OFX "statement date", and I know of no way that Quicken could improve on what is now being downloaded for OFX downloads (OFX downloads are: Direct Connect, Express Web Connect, and Web Connect).

    I have no way to verify whether a statement date is downloaded with new FDX downloads (Express Web Connect+ downloads). But FDX downloading is initially processed (selected, formatted and sent) by the financial institution - Quicken again has no direct access to financial institution data. 

    However I believe that the FDX specs allow client software, such as Quicken, to "request" specific data fields be downloaded. Exactly what fields can be chosen by a client such as Quicken, and whether the financial institution "must" provide any field requested, and what "date" each financial institution would supply if asked for a "statement date", I cannot say. 

    But as long as there is no way to get a reliably accurate "statement date", it's not clear to me that Quicken would want to offer it.

    [NOTE: Mint uses "screen scraping" which is a manual labor-intensive unreliable method for capturing financial institution data (and it's Intuit that does the "screen scraping", not Quicken).]

    -JP

    Quicken user since Q1999. Currently using QW2017.
    Questions? Check out the Quicken Windows FAQ list

  • IndyPatriot
    IndyPatriot Member

    Rest API‘s are the future!

    there is a company called Yodlee.com who provides this data. Quicken can use this API to gather bank and financial account data.

    Also Quicken could checkout plaid dot com which provides both authentication API for banks and REST-based transaction fetching endpoints.

    Quicken could also make their own internal service to connect to financial institution’s APIs.

    Downloading OFX or FDX files is very 1990s. Rest API are the future.

    I see no reason why Quicken could not combine the Bill connect list with the Account and Assets list of institutions into a single list.

    when I add an account or asset, such as Discover card or Chase unlimited credit card or CareCredit, or any other credit card/biller, it should automatically create a recurring item in the bills and payment section showing the statement balance, minimum due, and due date. This would prevent me from having to connect a biller separately from the connection I make to add the account. if the current technology is limited, then it’s time to consider new technology to enable those features in my opinion

  • Chris_QPW
    Chris_QPW Member ✭✭✭✭

    Rest API are the future.

    REST was first introduced in 2000, not exactly the "future".

    The main problem here is standardization. Saying that there is REST API is like saying you have a file CSV format.

    You are simply describing the "structure", not the contents.

    The major reason for the OFX standard was to define not only the protocol, but what all the fields were.

    The problem with fetch the bill statement information is the same one with downloading transactions. When the there isn't any standardization, you can't rely on any given method and have to work on each individually.

    This is basically what makes Express Web Connect so unreliable, and labor intensive. As such, outside of what a company the size of Quicken Inc can directly deal with. And that is exactly why they have a "Bill Manager third-party" do this exact thing. Bill presentment with the statement balance and the statement date have been in Quicken since Quicken 2015. Is it reliable? Nope. At least not for every biller. Again, because that third-party has to deal with the fact that there isn't any standardization for getting bills/statements and it is the luck of the draw if this or that biller happens to provide a reliable way to do this.

    And in a way Quicken already provides feature. You can setup an online bill and link it to a reminder. The online bill setup when it works right updates both the date (payment date) and the amount. It will also fetch the statement itself in PDF format if the third-party service can get it from the biller's website.

    You want something more? You want to use the REST API, all you have to do is convince all the billers to adopt the same REST API. Good luck on that one.

    Signature:
    This is my website: http://www.quicknperlwiz.com/
  • IndyPatriot
    IndyPatriot Member

    I was a Mint user. Mint used yoddlee.com to allow me to connect to all of my accounts to keep all my bills due in a bill manager within Mint. Unfortunately, Mint is shutting down, and so I have only recently signed up for Quicken Simplifi, because it advertised those specific features that Mint had.

    I am finding thatQuicken Simplifi is far from what Mint was in that regard. The fact that I have to add my assets and accounts separately from the connect biller list is enough to make me continue looking for a product.

    If the scope of doing this internally is beyond what Quicken can deal with, there are those third-party companies who solely deal with that only.

    There are newer technologies, such as Kafka event streaming, but all financial institutions would need to be on board with that as well.

    What I’m saying is… If mint could do it, so can Quicken and with mint shutting down, there are a lot of former users like myself who are looking for that functionality. I am in awe at the lack of products out there that do what Mint did.

    I do like Quicken Simplifi, and I am hoping that Quicken will consider these features

  • Chris_QPW
    Chris_QPW Member ✭✭✭✭

    @IndyPatriot It just isn't that easy. Just because something is technically possible, doesn't mean that it is possible in a given current framework. Quicken Inc has way too much invested in using Intuit as their aggregator and really doesn't have the time and money to change.

    In my opinion you would have better luck trying to get them to change Simplifi to have more "Mint" features, than to get Quicken "Classic" to be more "Mint like". There are fundamental problems with an old code base like Quicken "Classic" that make certain changes much more difficult than it seems on the surface.

    Signature:
    This is my website: http://www.quicknperlwiz.com/
  • IndyPatriot
    IndyPatriot Member

    Fortunately, intuit also owned Mint, so maybe that code can be ported to Simplifi

  • Chris_QPW
    Chris_QPW Member ✭✭✭✭
    edited January 7

    But Intuit owns neither Quicken Classic nor Quicken Simplifi.

    Intuit sold Quicken in 2016. But guess what Intuit does own (Credit Karama).

    The new company is called Quicken Inc.

    Signature:
    This is my website: http://www.quicknperlwiz.com/
  • IndyPatriot
    IndyPatriot Member

    oh, I did not know they sold it off.

    yeah, Intuit is moving all mint users over to Credit Karma and Credit Karma was not ready yet in my opinion. I lost the ability to connect to many of my billers, as well as Apple Card, and one of my home loans.

    Credit karma is also more interested in shoving more credit cards, personal loans, and other crap offers that I could care less about down my throat. Many times I can’t even see the content that I am logging into see because of the stupid advertisements. So, I thought paying for a product like Quicken Simplifi might be better for me.

    I have already put in request for additional financial institutions and billers, so hopefully Quicken will respond fairly quickly to those requests