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.
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.