Credit Card Balance Transfers

When you make a transfer from one credit card to another, that's what we call a Balance Transfer. You might be paying off multiple cards to consolidate to one, or playing the zero-interest game. Whatever the reason, there are a couple of steps to handle this in YNAB.

The Process

These steps, outlined in the video above, will assure your accounts and budget are accurate after the balance transfer.

If the new credit card isn't in YNAB yet, add it as a new account. If you're transferring the balance to an existing credit card, skip this
Transfer money between accounts–this will be an inflow in the old account and an outflow in the new account which is taking on the new balance.
Check the budget and move money between the Credit Card Payment categories.

Close the old account (don't delete it!) and hide the old Credit Card Payment category. 

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