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Working with credit card payments & transfers
Working with credit card payments & transfers

Tracking your credit card payments within your budget

Francis avatar
Written by Francis
Updated over a week ago

Money transfers between your accounts should not be counted as spending or income. They are marked as internal transfers. If you notice transactions that were really transfers, simply change the category to 'Internal Transfer' and it will be hidden from your spending/income reports and numbers.

Credit card payments can be tricky. If you have connected a credit card, the spending on that card is already being displayed on the Spending tab. Therefore, we don't want to count the actual payment of the card as an expense as well because it would be double counting.
​Payments to credit cards that are connected to Rocket Money should be categorized as 'Credit Card Payment'.

While payments to cards not connected to Rocket Money should be categorized as a spending category of your choice, or bills. You can also create a custom category for these transactions by following these instructions πŸ‘‡

  1. Tap on the Settings (βš™οΈ) icon on the top left hand corner of the screen

  2. Select the Categories and Rules tab

  3. Tap New Category

  4. Type in the name you'd like to set for the category and choose an icon & color you'd like to use. You can also select if you want the category to be included in your spend or income.

  5. Select Save.

Please note πŸ‘‰ Creating custom categories can only be done on the mobile app at this time. Please log in on your mobile phone to get started.

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