Home Forums Feature Wish List [FEATURE REQUEST] Credit Card / Loan / Credit Margin integration

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    • Lucas
      Participant
      Post count: 34

      I’ve seen a thread about possibly calculating investments, devaluation of property (car, home), etc to calculate net worth, but I don’t recall seeing anything precisely like what I’m suggesting here.

      Similarly to the Bill Payment integration, being able to integrate debts with a fixed rate of interest and regular monthly payments would be nice. So, if I have my credit card on which I owe $1000, has an interest rate of 15.5%, and I’m making monthly payments of $100, when will it be payed? (Maybe even how much money you wasted on interest, though that’s of lower consequence).

      On top of that, what happens if you make a payment of a bill, or a purchase, on a credit card instead of your bank account? After X days it’ll start accumulating interest, changing the whole calculations.

      You could also know what is the true credit limit you have, so that if you are putting on regular payments but also have regular transactions on the credit card (my Gym passes every month on the VISA, for example), then you would be warned, one way or another, that at some point in time your payments would stop passing if you don’t change your payment amounts/habits.

      Another last thing is that if you are going to put a transaction on a credit card, if you punch it into CB first, it could possibly indicate to you how long it would take to repay that purchase, the amount of interests, your monthly minimum payments, etc.

      This can be used for fixed-interest loans, credit margins, credit cards, etc.

      I’m on a roll!

    • Eric Poulin
      Keymaster
      Post count: 371

      Yes, so long as the interest is fixed, we can calculate it along with the warnings and alerts you are suggesting.

    • Lucas
      Participant
      Post count: 34

      I’ll look forward to the feature in the future then :)

    • Lucas
      Participant
      Post count: 34

      I’ve just had another flash for this idea, tell me if it’s feasible or completely off-track.

      Why not treat these debts as an account? I’m going to try this manually, I created a “Visa” account where I put my original debt to start with (a negative number). I then will start indicating that I’m doing “payments” by transfering money to this account, and payments or purchases made on Visa will simply be taken from the Visa account. When I am paying my Visa bill then, I simply make a transfer to the Visa account and the negative number is reduced!

      Each entry could show more details related to what they entail in terms of “loss” (interest fees) over time, a nice indicator that you’re not helping yourself by having a credit card or margin…

      To complete this, it would need to tack on the interest rates automatically (where here I will add them manually), and possibly the 9 account cap would have to be “fixed” (I know this required a lot of coding for you though) – unless they are actually treated as a “Credit Account” which would be different than actual bank accounts.

      What do you think?

    • Eric Poulin
      Keymaster
      Post count: 371

      I handle this kind of debt (Visa, loans, etc) as accounts also.  In reality, they are account at my bank – so it makes sense.
      Currently I manually enter any interest that accrues. 
      I could enable interest on all accounts… since even a plain savings account (and some chequing accounts) gets a small amount of interest.
      Perhaps I could make interest an account option?

    • Thumper
      Participant
      Post count: 23

      I handle this kind of debt (Visa, loans, etc) as accounts also.  In reality, they are account at my bank – so it makes sense.
      Currently I manually enter any interest that accrues. 
      I could enable interest on all accounts… since even a plain savings account (and some chequing accounts) gets a small amount of interest.
      Perhaps I could make interest an account option?

      Not a bad idea.  I too have been entering interest manually.  While not a big deal on the savings accounts, it would be nice to see an estimate of the interest charged based on current purchases, payments and balance on my Visa account.  Something to take into account when planning the payment.  I’ve forgotten about the interest charge more than once while trying to figure out how much I owe on my Visa.

    • Eric Poulin
      Keymaster
      Post count: 371

      I tend to keep things too simple in this area, because I never carry a balance on my Visa – so I never pay interest :)

    • Lucas
      Participant
      Post count: 34

      Eric, Remember you’re catering to you’re client’s needs, not only to your own :). I think the percentage of people that always pay off their credit cards every month is probably very low. If that weren’t the case, they’d be out of business!

      When all is said and done, having a different (and easily identifiable) account type for fixed-interest accounts is really the best. This can be applied for both credits (negative balance, interest is tacked on the negative) and even savings accounts (interests are added to your monthly balance). I can’t wait to see this option on my calendar!

    • Lucas
      Participant
      Post count: 34

      Eric,

      Is there any update on a timeline for this feature? I’m really looking forward to having interest rates available in the calendar (though the features you have added since I started are pretty awesome by themselves!).

      Cheers,
      :Lucas

    • Eric Poulin
      Keymaster
      Post count: 371

      We are mindful of this request, but there are a number of other features ahead in our queue.
      Its probably time for me to update our development plans document so everyone can see what we’re working on.
      I’ll do that this weekend and you should see this request in the list at least.
      I’ll post the location of the development task list to the forum – hopefully tomorrow.

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