How to "categorize" a credit card payment??
Steep learning curve continues; thanks for your help so far! I am confused about what is being looked when I am being asked to "categorize" a credit card payment.
For example, this month I sent $1000 from my checking account to my Chase credit card. And looking at the app on my phone, I now see two transactions: the $1000 deleted from my checking, and $1000 sent to my card that I'm being asked to "categorize." What does this mean? Is it asking me to forensically retrieve what I spent on the card?? I'm really not interested in micro-managing that from the back end in that way and want to keep things simple. Instead, I'm keeping an eye on my budget on the *front* end, and am only swiping what I know I have budgeted, just as I would do with an ATM card.
To further clarify, I use this card for almost all non-bill transactions (great points program!) and pay it off every month. I'm not having any managing this financially, and I don't actually have any credit card debt that's more than 30 days old (and haven't in years). So, what's the best way to handle this? Shall I just delete those transactions on my phone ($1000 out; $1000 in) to get things zeroed?
Thanks for any help!