How to manage credit cards effectively?

In this section, the articles comprise:

1. Definition
2. How to create, edit and delete a credit wallet
3. View credit wallet in report

1. Defintion

It's a place where you can manually record credit card transactions. You can add details like credit limits and current balances, and manage expenditures and debt repayments. If you have multiple credit cards, create separate credit wallets in MoneyLover to comprehensively manage all of them.

a. The meanings of the terms in a credit wallet

The concept of credit card balance refers to the amount that the user owes on the card, excluding interest and penalties. The balance of a credit wallet is typically negative because it represents the amount borrowed by the customer that has not been repaid to the bank.

b. Specific calculation method:

Available Credit = Credit Limit + Inflow - Outflow

Balance = Inflow of all periods - Outflow of all periods

2. How to create, edit and delete a credit wallet

To learn how to create, edit, and delete a Goal wallet, follow this guide: How to create, edit, archive and delete a wallet?

3. View credit wallet in report

If you choose a credit wallet in report section, the app will display the following information for the selected time range:

• Balance: Balance refers to the amount of money you either owe or have available. A negative balance indicates the amount you owe, while a positive balance shows the funds you have on hand to use before needing to tap into your credit.
• Due date: The date by which you must pay the credit card balance to the bank. The due date notification will appear 5 days before the payment is due. For example, if you need to make a payment for the credit wallet on the 10th, the due date notification will start appearing on the 6th.
•  Credit:
  • Available Credit: The amount of money available for you to spend on your credit card.
  • Credit Limit: The maximum amount you can spend on your credit card without penalties according to the card issuer's regulations.
  • Cash flow:
    
    • Inflow = the total of all income transactions within the current viewing period.
    • Outflow = the total of all expense transactions within the current viewing period.
  • Expense: The transactions spent and payments made using the credit card (excluding transactions marked as 'excluded from report').

Note:

• Transactions marked as 'excluded from report' will be displayed under 'Other'.
• In previous months, you will only see the inflow and outflow for the previous month (available credit and credit limit will not be displayed).