I have links to my household checking account and my two credit cards. I auto pay my credit card balances via auto pay set up to withdraw from my household checking. How would you suggest categorizing credit card payments made from a checking account? Wondering if I should be using the Transfer category.
I use the “transfer” category for this. Actually all payments from my checking account to any credit cards are categorized as transfers. With, of course, the payments from credit cards to actual places categorized as what they are - utilities, gear and clothing, etc.
1 Like
I create a Category called Credit Card Payment with the type set to transfer
I have two Transfer categories: “Transfer In” and “Transfer Out”. I’d set the transaction in my checking account to “Transfer Out” and the transaction in my credit card to “Transfer In”.
1 Like
I have mine set up with a credit card payment transfer (from checking) and then another for credit card transfer into the account once it posts to the credit card account. This enables being able to see total overall spending via credit card when needed.
THIS makes the most sense. I want visibility on total CC spending. This helps me understand how much to budget for CC payments on a monthly basis.
What do folks suggest for this now that Credit Karma does not allow customer categories to be created? Is it a combo of using the Transfer category to identify money going into the Credit Card and Bills & utilities to mark money going out of the checking account?