Automatically Paying Off Credit Card Balance

Chris Boorman · Joined: 02 Aug 2007 Posts: 2

It'd be nice if Microsoft Money would pay off my credit card balance on the
11th of each month, regardless of the balance. Can Microsoft Money do that?

I'm using Microsoft Money Plus Deluxe version 17.0.120.727.

Thanks,

Chris Boorman

Archived from group: microsoft>public>money

Chris Cowles · Joined: 02 Aug 2007 Posts: 1044

"Chris Boorman" wrote in message @TK2MSFTNGP06.phx.gbl...

> It'd be nice if Microsoft Money would pay off my credit card balance
> on the 11th of each month, regardless of the balance. Can Microsoft
> Money do that?

I wish it could. I'd let it pay off all my credit cards. ;^)
--
Chris Cowles
Gainesville, FL

Cal Learner-- MVP · Joined: 02 Aug 2007 Posts: 4135

In microsoft.public.money, Chris Boorman wrote:

>It'd be nice if Microsoft Money would pay off my credit card balance on the
>11th of each month, regardless of the balance. Can Microsoft Money do that?

No, but it can download the transactions. Some credit card companies
can do that for you if you like. It is a nice feature. You still can
look at the statement in advance. Plus, you will have been
downloading the various transactions as they have been occurring.

But to reiterate, no, Money will not send out the payment itself.

>
>I'm using Microsoft Money Plus Deluxe version 17.0.120.727.

Vadim Rapp · Joined: 02 Aug 2007 Posts: 26

??>> It'd be nice if Microsoft Money would pay off my credit card balance
??>> on the 11th of each month, regardless of the balance. Can Microsoft
??>> Money do that?

CC> I wish it could. I'd let it pay off all my credit cards. ;^)

For symmetry, Money also could spend any excess funds in the checking
account on automatic ordering some stuff. The stuff might be automatically
determined from the past buying habits, of which Money is fully aware, plus
the budget.

We finally would be able to concentrate on the things that really matter.

Chris Cowles · Joined: 02 Aug 2007 Posts: 1044

"Cal Learner-- MVP" wrote in message @4ax.com...

> No, but it can download the transactions. Some credit card companies
> can do that for you if you like. It is a nice feature. You still can
> look at the statement in advance. Plus, you will have been
> downloading the various transactions as they have been occurring.

To respond seriously, I've been doing that for years. Some people are
loathe to let a bank take their money directly but, as Cal writes, you
see the statement well in advance.

All my credit cards that offer it are set to draft the payment
automatically from my checking account, on the due date. Some draft
the full balance, others, the minimum. It depends on how I use the
card.

I don't want to suggest I have scads of cards, because I don't. One
card is used for all routine expenses, and pays off monthly. Two
others result from transferring secured car loans to dirt-cheap
permanent 'teaser' rates on unsecured credit cards. I get cheap
interest and the bank can't take my car away.

I'm using the DRP to pay off the latter two. Both draft the minimum so
I don't skip one by mistake. That would be costly in terms of default
interest rates. I pay the other with epay, letting DRP manage the
amount. I avoid duplicates because the card won't draft the minimum if
another payment (the DRP amount) has already been paid.

When DRP completes the first, I'll set the second to a fixed auto
draft equaling my DRP payment.

Look, ma, no hands.
--
Chris Cowles
Gainesville, FL

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