Credit Card Payment Category baffles me
Hi. I've been reading through many many posts, but i still can't master how to use credit cards in my budget.
For the third month in a row, i've started fresh at the beginning of the month to try and get everything to work out correctly. My problems are always with the Credit Card.
I have an existing balance on my credit card that i'm trying to pay off. I created a budget called 'Chase Credit Card' under the budget category 'Credit Card Payments'
I have money in my savings account and transfer it to my checking account. This gets marked as 'transfer from x' and transfer to x'. I'm fine with this.
I use the money in my checking account to make a payment to my credit card.
Under my credit card account in YNAB, the transaction appears as an inflow with "Payment:Checking" and no category/budget is needed.
In my checking account account in YNAB, the transaction appears as an outflow with 'Payment:Chase" and no category/budget is needed.
How do i get this payment to be reflected in my 'Credit Card Payments' budget?
In the mobile app, 'Credit Card Payments' doesn't even appear when i'm looking for a budget to assign.
Also.. along the same lines, i had a return from Kohls, which was an inflow to my Credit Card. I don't want this money to go into a general budget it, i want it go into my "credit card payments" category, but I can't figure out how to do it ;(
HI Sea Green Piccolo !
When you add a credit card, YNAB sets up the Credit Card Payments category group. Transfers to and from your credit card accounts are handled in a special way. Payments to the credit card from your checking account will automatically affect your credit card category Available amount - you don't have to select a category for this to happen (YNAB won't let you, as you noticed). :)
Also, if you're making a payment for a past balance, you'll want to budget more funds towards your credit card category - make sure your credit card category Available amount either matches or exceeds the amount you plan to pay.Reply