Add Interest Saving Balance for credit card bills

Mike Malter
Mike Malter Quicken Windows Other Member
edited January 3 in Manage Accounts and Transactions

Can you please add a feature to credit card bills which allow the selection of the interest saving balance?

Every month I must go into all of our credit card bills and manually input that value.

Thank you.

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  • NotACPA
    NotACPA Quicken Windows Subscription SuperUser ✭✭✭✭✭

    Please explain "Interest saving balance". I'm unfamiliar with that term.

    Q user since February, 1990. DOS Version 4
    Now running Quicken Windows Subscription, Business & Personal
    Retired "Certified Information Systems Auditor" & Bank Audit VP

  • Mike Malter
    Mike Malter Quicken Windows Other Member

    Sure. Some credit cards allow you to purchase an item using a payment plan with no interest or fees. The credit card company then applies that month's payment to the amount due. That's called an interest saving balance. So there is a minimum payment, a full payment, and an interest saving balance. It's a feature the Windows version has which I found to be very useful.

  • NotACPA
    NotACPA Quicken Windows Subscription SuperUser ✭✭✭✭✭

    OK, so a bit more info needed while I try to noodle this out.

    How do you record such a purchase in Q? Do you record it the same as any other use of the card? Or do you record it in some sort of liability account?

    And, I'm not familiar with that feature in QWin, so please explain that also.

    Q user since February, 1990. DOS Version 4
    Now running Quicken Windows Subscription, Business & Personal
    Retired "Certified Information Systems Auditor" & Bank Audit VP

  • Jon
    Jon Quicken Mac Subscription SuperUser, Mac Beta Beta
    edited January 8

    I've done this a couple times with my Apple Card, buying Apple devices on a 12 month same as cash plan. I don't bother to track it as a liability. I set up a series of 12 scheduled monthly purchase transactions, each one adding 1/12th of the purchase price to my Apple Card account, and then the Apple Card payment transaction is just the usual transfer to the Apple Card account paying off the entire card balance for that month. The extra transactions are scheduled to automatically stop when the purchase is fully paid off.

    This matches the way that Apple reports it on the monthly statement - the total balance for the card each month does not include the entire outstanding balance of the installment plan, only that month's portion.

    Since everybody above me is showing as a Windows user I have to wonder if this idea was intended for one of the Windows Idea forums instead, though it would apply to Quicken Mac as well. Edit: Nevermind, I see that this is already a Windows feature, so the suggestion is clearly for Quicken Mac.

  • Jon
    Jon Quicken Mac Subscription SuperUser, Mac Beta Beta
    edited January 8

    After thinking about it, if I was going to track this outstanding payment plan balance, I would set it up as a separate loan account and have 12 scheduled transactions set up as transfers from the Apple Card to the loan. That way the Apple Card balance would still only show the current month's portion of the payment plan and the payments for the Apple Card would continue to be simple transfers to the card account that would payoff the entire card balance each month.

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