Online Banking and Credit Card Accounts in Quicken 2012 - dummies

Online Banking and Credit Card Accounts in Quicken 2012

By Stephen L. Nelson

Quicken 2012 supports online banking. If you have your credit card with a credit card company — probably a bank — that is set up to handle Quicken online banking, you can grab your credit card statement directly from the credit card company.

If you have a checking account at the bank that issued the credit card, you can also pay your credit card bill simply by transferring money from your checking account to your credit card.

The big hoopla concerning this feature — at least as it relates to credit cards — is that you don’t have to enter the credit card transactions into a register. Rather, you retrieve them by using an Internet connection.

Is the online-banking-with-a-credit-card-thing a feature that you should look into? Does it really save you time? Is it a good deal?

Online banking in general is well worth the fee you probably have to pay for the service when you consider the time savings. You’ll probably pay only a few dollars a month. (What you pay depends on the bank issuing the credit card.)

You really just receive an electronic version of your statement, which means that you’re more likely not to see erroneous transactions. And reconciling your bank statement against, well, your bank statement isn’t going to make a whole heck of a lot of sense.

If you still want to use the Quicken Online Account Access feature with your credit card — and your bank is one that provides this service, you’re probably wondering, “What next?”

Here’s the answer: You set up online credit card accounts the same way you set up online bank accounts.