New credit card payment plans

[SplinterHead]

Support guidelines

• I've read the support guidelines
• My request is not listed as a very good idea, but unfortunately...
• I've used the search and this has not been requested before.

Description

In the setup for a credit card account, there is a section for payment plans, currently this has only one option - "Full payment every month". It would be cool to have some other options

• Set amount every month
• Minimum monthly payment

Solution

Minimum amount would need to take a percentage of the balance AND the minimum amount (for if the balance is very low)

i.e Credit cards tend to have a clause of "Minimum payment is 0.5% of balance or £25, whichever is more"

What are alternatives?

No response

Additional context

No response

[JC5]

It's just a visual indicator right now, I'm not really planning to do anything with it. But I'll write it down!

[github-actions]

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This issue has been marked as an enhancement. The requested enhancement to an existing feature will become a part of Firefly III or the data importer in due course.

If you come across this issue, please be aware there is NO need to reply with "+1" or "me too" or "I need this too" or whatever. Such comments are not helpful, and do not influence the roadmap. Your comment may be 💀 deleted. You can subscribe to this issue to get updates.

Thank you for your contributions.

[SplinterHead]

Could it create a new Bill to keep track of when it's paid and also to help budget remaining balances? It seems like you'd have enough information for it

[ptourne]

In Argentina it is common to buy products in installments. For example, you may buy a pair of shoes for ARS$ 80'000 in 6 installments with no interest. Then, the minimum payment for your credit card at each month will include a charge of ~ ARS$ 13'333.33. Some month may vary due to rounding but the sum will be the same. If you pay this installments in time, you will accumulate no interest. Due to inflation, most people buy many things in installments and have to track different products with different number of payments and it can be a daunting experience.
Being able to register that a product you are buying with a credit card is to be paid over many months would be very useful. I guess this would work similarly to bills, though temporary. This can help estimate how much money you must pay at the beginning of the following month and, when it comes to reconciling with your banks papers, you can correct the rounding error.

[SplinterHead]

@ptourne I think you should raise a new feature request for that, it's a little out of scope for what I was thinking with this issue. Also, it might get lost in the comments

[ptourne]

That's a good idea! Thanks

Edit: I found a mention of this in an issue: #548
It's a partial solution

[elChapoSing]

@SplinterHead sorry hijacking your thread but where did you find a "Credit Card" account type ? Which version are you running please ?

[SplinterHead]

@elChapoSing when creating or editing an asset account, you can choose between a few options for what the account role is

[elChapoSing]

@SplinterHead
Ah OK I was searching in the liabilities account - got it thank you !
And does it actually behave as you would expect by negating all numbers or do you have to find a way to do that manually ?

[SplinterHead]

@elChapoSing What do you mean by negating numbers, are you talking about having a negative Opening Balance? That's the only negative number

I've got rules set up to do the following:
Note: I have auto imports for both main and Credit Card accounts

• Find a transfer from main account to "Credit Card" and change that transaction to a transfer (balance on CC gets closer to 0 - ie £-50, transfer £25, new balance is £-25)
• Find the corresponding transaction on the CC statement and delete it (as the transfer now represents that)

Purchases on my Credit Card still increase the negative balance (further from 0), its personal preference that I like it represented like that. I haven't played with Liabilities all that much, just for a car and student loans

[elChapoSing]

What I meant is when a charge shows up on my credit card, I want it represented as a negative number so my net assets are correctly summed up.
I am importing from my bank directly so I'll have to see how it behaves.
Will look into rules - thks for the pointer - might be as simple as making sure all transactions imported from the credit card show as withdrawals instead of deposits

[SplinterHead]

@elChapoSing charges on Credit Cards should show as negative by default, they're classed as a withdrawal

[elChapoSing]

Ok cool thank you - will play around with it!

…

On Fri, 2 Feb 2024, 00:47 Lewis England - notifications(a)github.com, < ***@***.***> wrote: @elChapoSing <https://github.com/elChapoSing> charges on Credit Cards should show as negative by default, they're classed as a withdrawal — Reply to this email directly, view it on GitHub <#8403 (comment)>, or unsubscribe <https://github.com/notifications/unsubscribe-auth/ABJKNI5ZGQFHOF2YV5EWMCTYRPBIDAVCNFSM6AAAAABB4PYVR2VHI2DSMVQWIX3LMV43OSLTON2WKQ3PNVWWK3TUHMYTSMRRG42TQMRSGE> . You are receiving this because you were mentioned.Message ID: ***@***.***>