Credit card pot


(sam) #1

I’d love it if starling could implement this.

You pay with a third party credit card, the transaction details are forwarded to starling who move the corresponding payment / refund in / out of a pot which is then paid to your cc company on the due date.
Would save keeping track of how much you have to spend.
Would anyone else find this useful?


#2

Sounds way to complicated to me, I don’t like complicated, so it wouldn’t be of any interest to me personally.


(sam) #3

Not really complicated. It just holds the balance of your credit card?


#4

You would have to connect your credit card to starling or vice versa, you would have to renew the permissions every 90 days or so in order for it to work. You have to then rely on refunds being processed correctly to show as a refund. Otherwise it won’t match up with your credit card and Starling.

There is much more to it that just keeping your credit card balance in Starling.


(sam) #5

I thought open banking was doing away with all the required logging in every 90 days etc?


#6

I’m not aware of any regulatory changes that removed that security requirement (90 is average, some have longer time frames), or any upcoming ones, I could be wrong though. As far as I am aware the last changes where November 2018 and that requirement is there.


(sam) #7

Any of these integrations are pretty pointless then


(James Cocker) #8

I’d find this very useful. I have the same setup and manually move funds into the credit card pot each time I use my credit card. Then transfer it all out when the payment is due.


#9

I think they are helpful for some things, for example I see a few bank accounts in my Barclays app, saves me having to use lots of apps for the same thing. But for having to move money about automatically it always bothers me, you are relying on an app to keep you in control, personally I would do it manually if need be and know something is done.

But I personally don’t need to do it manually, every month my credit card is paid from my bank account, I just see no need to move that into a pot. I’m aware for some people they like the visual thing of having everything separate and if it works for them great. I just see no value in moving money from one place to another to pay a bill I’m paying anyway.


#10

Wow. That sounds so complicated. What do you do if there’ve been additional transactions (purchases or refunds) between statement and payment date, and the pot balance doesn’t match the direct debit balance?

Also, have you ever thought about using a high interest account to make some money off your parked money :money_mouth_face:


#11

Agreed. I had set up my Barclays app to show my other bank accounts and felt really good about it. 90 days later I realise I need to re-connect every 90 days. I’ve never bothered, as it’s far too complicated…


(James Cocker) #12

It’s really not. As I don’t use my CC that often. Only got large purchases etc. Just helps make sure I don’t spend the funds and can pay off the CC at the end of the month. Doesn’t need to be exact.


#13

That makes sense I guess. As I put all my spend on credit cards it really wouldn’t work for me :slight_smile:


(Henry) #14

I do this with my Amex. Super simple.


#15

I have to admit, a credit card pot wouldn’t help me personally. I use my Amex card, the Amex App shows how much I owe, I’m notified of the statement, I pay the balance through my Starling account and payment is instantaneous. It couldn’t be simpler. Not wishing to disrespect anyone, but my personal method is just basic money management.