Money 2002 problems - credit card

p · Joined: 02 Aug 2007 Posts: 1

Money drives me crazy!

When forecasting my credit card balance, it does not add
interest. Why not? When I set up the account, I told
Money what the interest rate on the card was, but it does
not add that in.

When putting a budget item for food (groceries) it
automatically decided to deduct that amount from my credit
card every month. I never specified that I wanted to pay
for groceries with my credit card (none of my past credit
card statements even have charges for groceries on them as
well), and when I edit that budget item, there isn't even
a option for which account to spend from.

I'd like to use this program, but it's useless if it can't
get things right. How am I supposed to manage my finances
with a program that ignores the fact that credit card
companies charge you interest on a balance?

Thanks for any help.

Archived from group: microsoft>public>moneycentral

Glyn Simpson, MVP · Joined: 02 Aug 2007 Posts: 4583

Part of the problem is that interest rates are charged in so many ways. If
you don't pay the balance off, then is interest calculated from the day the
payments were made, the day of the last statement or a fixed number of days
after the purchase. Is the interest free period 56 days or 59 (I know cards
that do that). Some have introductory balances on transfers, with new
purchases using a different rate. How long is the introductory period for?
As you can see, it's a minefield. Getting it correct is very very hard, and
if it's wrong, well is it better to estimate a bad figure or leave it out
and wait for your statement? Many people would expect the money figure to be
correct - if it's wrong, well that can leave people paying off the wrong
balance and incurring more charges.

--
Glyn Simpson, Microsoft MVP - Money

Check http://support.microsoft.com/default.aspx?scid=fh;EN-GB;mny
for UK tips and fixes for MS Money. To send Microsoft your wishes or
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"p" wrote in message$5f3c9d60$a301280a@phx.gbl...
> Money drives me crazy!
>
> When forecasting my credit card balance, it does not add
> interest. Why not? When I set up the account, I told
> Money what the interest rate on the card was, but it does
> not add that in.
>
> When putting a budget item for food (groceries) it
> automatically decided to deduct that amount from my credit
> card every month. I never specified that I wanted to pay
> for groceries with my credit card (none of my past credit
> card statements even have charges for groceries on them as
> well), and when I edit that budget item, there isn't even
> a option for which account to spend from.
>
> I'd like to use this program, but it's useless if it can't
> get things right. How am I supposed to manage my finances
> with a program that ignores the fact that credit card
> companies charge you interest on a balance?
>
> Thanks for any help.
>

jane · Joined: 02 Aug 2007 Posts: 1

easy...pay balance on credit card every month...

>-----Original Message-----
>Money drives me crazy!
>
>When forecasting my credit card balance, it does not add
>interest. Why not? When I set up the account, I told
>Money what the interest rate on the card was, but it
does
>not add that in.
>
>When putting a budget item for food (groceries) it
>automatically decided to deduct that amount from my
credit
>card every month. I never specified that I wanted to
pay
>for groceries with my credit card (none of my past
credit
>card statements even have charges for groceries on them
as
>well), and when I edit that budget item, there isn't
even
>a option for which account to spend from.
>
>I'd like to use this program, but it's useless if it
can't
>get things right. How am I supposed to manage my
finances
>with a program that ignores the fact that credit card
>companies charge you interest on a balance?
>
>Thanks for any help.
>
>.
>