How can we improve PocketSmith?

Credit Card Payoff

My credit card bill comes due every 15th, and I pay it off in full every month, though the amount varies. It would be amazing to set up a recurring event which is tied to the amount of an account.

ie
Transfer Event
February 15
Repeats Monthly
From Checking to American Express
Amount - 100% of American Express Account
Category - Credit Card Payment

164 votes
Vote
Sign in
Check!
(thinking…)
Reset
or sign in with
  • facebook
  • google
    Password icon
    I agree to the terms of service
    Signed in as (Sign out)
    You have left! (?) (thinking…)
    ErikErik shared this idea  ·   ·  Admin →

    10 comments

    Sign in
    Check!
    (thinking…)
    Reset
    or sign in with
    • facebook
    • google
      Password icon
      I agree to the terms of service
      Signed in as (Sign out)
      Submitting...
      • Nick DouglasNick Douglas commented  · 

        I would say this is the most critical feature missing from PocketSmith. The ability to automatically import your upcoming credit card payment into the calendar forecast is the number one feature I'm trialing (paid $10 for the first month, yes) at PocketSmith. The ability to see the upcoming payment on the calendar, and more importantly, the predicted amount left in my checking account, is the key to cash flow management.

        If there already is a way to project this info from the bank feed, I'm happy to hear it. I'm just a day into the trial.

      • GavinGavin commented  · 

        It seems other services are able to pull in the closing balance and due date from credit card accounts. I'd prefer this to having to manually create recurring events, I jump around credit cards for sign up bonuses or benefits, having it automatically pull in would make it worth subscribing.

      • Josh WyantJosh Wyant commented  · 

        That way, the Mar 15th payment will be calculated as $250.

        You could possibly give the user the option to calculate payment amounts as either statement balance or full balance.

      • Josh WyantJosh Wyant commented  · 

        @Jayson, I would highly suggest one important modification, to follow how revolving credit card accounts work:

        - Allow a closing date to be specified for calculating the amount.

        ie
        Transfer Event
        February 15
        *Closing date is the 18th of every month
        Repeats Monthly
        From Checking to American Express
        Amount - 100% of American Express Account *as forecasted on previous closing date, January 18th
        Category - Credit Card Payment

        As an example:

        Bill was paid in January. There is now a $500 balance. Statement comes on Jan 18th, and statement is for $500. You make some more charges after Jan 18th, and the balance is now $750.

        The transfer for Feb 15th is still $500, reflecting the balance for the last statement date.

        Also, if the statement balance needs to be updated at all, all that needs to happen is for the closing balance to be updated on the statement date.

      • DonaldDonald commented  · 

        This is important for good forecasting.

      • jag131990jag131990 commented  · 

        I have often thought about this too. Instead to get around it I ended up budgeting all budgets against my main bank account of which will eventually pay the credit card. But technically the budgets are against the wrong account this way.

      • ChrisChris commented  · 

        I think in most cases people pay off their credit card once a month, not having the ability to forecast this leads to the credit card scenario becoming massively negative until you reset its forecast balance. This is irritating because surely a forecast should be as accurate as possible; and having (for example) a -60k balance on a credit card scenario simply isn't accurate for most people.

      • Paul ButterworthPaul Butterworth commented  · 

        Here's my use case:

        My credit card always clears monthly (automatically), so expenses on the CC are effectively deferred and aggregated expenses the affect my main cheque account (from which the CC is paid automatically from).

        So when I have transactions in my CC account, I would like to see the down-the-line impact on the cashflow in my cheque account automagically. Likewise with budgets within my CC account.

      • DonDon commented  · 

        this is a great idea and seems critical to an accurate cash flow forecast. Another nice addition would be to have an assumed minimum for months beyond the current one. so, as long as the CC balance is below the minimum, that amount is reflected in the transfer. When the CC balance is over the minimum, then the transfer automatically adjusts.
        For example, let's say my typical month is $500 on a credit card. that would be the transfer amount for the current month, until chargers where >$501. It would also be the amount for remaining months over the rest of the transfer history.
        hmm... maybe the monthly minimum could be calculated based on known events/budget.

      PocketSmith Web

      Feedback and Knowledge Base