C.Card acct with different interest rates for purchases & transfer

I am using Money 2006 Premium.
My credit card has one interest rate for new purchase, a lower interest rate
on balance transfers and a third (higher) interest rate for cash advances.
I like to use the the DRP so how can I set up the account to apply these
different interest rates.
I also download Money compatible statements from the bank.
I thought about trying to setup more than one account to represent each
interest rate, but would that work if all 2 (or 3) account have the same
account number when I download a statement?
Any ideas would be a appreciated.

Chris
Sat Oct 08 19:48:40 CDT 2005

"Scuba Geek" <mbiker@newsgroup.nospam> wrote in message
news:99DD65ED-8433-46D2-8270-E7310E11CABB@microsoft.com...
>I am using Money 2006 Premium.
> My credit card has one interest rate for new purchase, a lower interest
> rate
> on balance transfers and a third (higher) interest rate for cash advances.
> I like to use the the DRP so how can I set up the account to apply these
> different interest rates.
> I also download Money compatible statements from the bank.
> I thought about trying to setup more than one account to represent each
> interest rate, but would that work if all 2 (or 3) account have the same
> account number when I download a statement?
> Any ideas would be a appreciated.

Money can't distinguish the different balances in that manner. Before I
re-read your post and determined that you considered separate accounts, I
had considered the same. But that won't work with online statements. Also,
the logic of DRP is that it will pay down the higher interest rates first.
Your bank will do exactly the opposite in applying your payments.

I suggest you take advantage of unsolicited credit card offers that may come
to you, and roll over the balance onto lower rate accounts. That's true even
if the lower rates are time-limited, assuming the time limit is reasonably
distant. You probably can anticipate receiving other teaser rates in the
mail, before the teaser rate you adopt expires.

I just paid off a brand-new car loan with permanent fixed-rate balance
transfer offers from existing accounts. Not only did I get $1000 rebate from
Chrysler Financial by financing with them at market rates, I just dropped
the interest rate by ~2%, and my car is free and clear. Should my personal
finances go belly up (not expected, but never impossible) I can't lose my
car for non-payment.

If you take my suggestion, be wary not to get trapped into paying a high
rate when the teaser rate expires.
--
Chris Cowles
Gainesville, FL

harrelsonesq
Sun Oct 09 19:39:58 CDT 2005

One way to do it is to use the averaged rate of the balances in different
categories. It's on your statement. That's what I do.

The only thing the interest rate does in Money is to determine how soon the
card gets paid off. It orders your cards highest to lowest. If you keep that
in mind, you could enter any of the three rates, with no particular
consequences.

Susan

"Scuba Geek" <mbiker@newsgroup.nospam> wrote in message
news:99DD65ED-8433-46D2-8270-E7310E11CABB@microsoft.com...
>I am using Money 2006 Premium.
> My credit card has one interest rate for new purchase, a lower interest
> rate
> on balance transfers and a third (higher) interest rate for cash advances.
> I like to use the the DRP so how can I set up the account to apply these
> different interest rates.
> I also download Money compatible statements from the bank.
> I thought about trying to setup more than one account to represent each
> interest rate, but would that work if all 2 (or 3) account have the same
> account number when I download a statement?
> Any ideas would be a appreciated.