Adding secondary credit card to YNAB
Hi everyone. My girlfriend recently got me a secondary card for her Amex gold (fee paying credit card) account so that we can both generate points and don’t have to pay a second fee or go through the hassle of closing an existing account that she’s had for a while and set up a new one.
What I’m wondering is how it will be best to set this up in YNAB? She does not use YNAB (yet - we are working towards this haha) and the payments for both her primary card and my secondary card will come out of her checking/current account. If I set it up as a normal account, then when I spend, it will move money from the relevant categories to the category for the credit card. But when it comes round to paying off the card in full each month, it won’t be coming from one of my current accounts and will instead involve me transferring the relevant amount to her. I am not sure how this would look in the budget.
Any help is greatly appreciated.
If it were me, I'd set it up as a credit card and only enter my charges, and then when you pay her back for those charges, record it as a payment. It will make reconciling difficult, but still doable.
Another option I can think of is to make a category for her charges, and categorize all of her charges to that category. Every so often, create an inflow to that category on the credit card - possibly when you pay her for your portion of the charges. If you don't assign any money to that category, as long as you make the inflow in the same month as the charges, the negative amount will tell you how much it is. Otherwise, the difference between your payment amount and the card balance plus any negative in that category will tell you how much you need to zero out her portion. This method will make reconciling the card much easier, but is overall more complicated.
I think the answer will depend on whether your finances are separate or not. I.e., do you pay the card together, or are you just responsible for your spending on your card?
My wife is the primary card holder on our Amex and I have a secondary. We have only one Amex account in YNAB with her card linked because it shows all the transactions from both cards. If you link the secondary card it will only show the transactions on that card.