Handling Balance Transfers from a Credit Card

Hi all,

I’ve tried searching on this topic but all I can find are discussions around the Transfer Type. Which this isn’t about. I think!

I took advantage of a 0% balance transfer credit card and the credit card company deposited the money into my checking account.

I have used those monies to pay off 3 other higher interest cards.

I categorized these payments as Credit Card Payment/Transfer Type/Hide in my categories. But I don’t think that is right.

I had set up my category set up this way since I had existing debt on credit cards and only made payments from my checking account. So each side of that transaction was labeled Credit Card Payment (credit/debit). I have the Debt Planner worksheet so I don’t track my debt in monthly budget sheet, only in the debt planner sheet. Is this correct?

What I also can’t figure out is how to categorize the deposit into the checking account and with the credit card account. I can’t put that transaction as a category on the credit card side since it doesn’t fit - clothes, dining out, etc. It’s not income. It’s like a short-term personal loan.

Any ideas as to how to categorize these?

Any and all help is appreciated. Please note I am new Tiller user of a whole week.


If I understand you correctly, then I think I would manage it the following way:

-From the credit card company to your checking account: a transfer in. There’s no account from which this is coming, but it avoids categorizing it as income.

-From your checking account to pay off the existing credit cards: transfers out. Matched by a transfer in to the existing credit cards to pay off the balances

-A manual transaction adding an expense to the new 0% credit card equal to the amount that you owe to pay off the transferred balances. I’d put the expense in a Miscellaneous category. I’m not sure how else you’d handle an aggregated amount like that other than Miscellaneous.

-Then when you pay the credit card bill, it should balance out that manual transaction.

Does that make sense?

It does!

I had considered this scenario but overthought it and then ended up confusing myself.

Thanks for taking the time to respond.


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