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A card purchase turned into EMIs
When your bank turns a card purchase into EMIs, record it with Convert to EMI. The purchase's category gets its money back, and each month's EMI is added to the card's bill.
Recording it
Ahead cannot convert anything, because it has no link to your bank. It records what the bank did, using the details in the bank's message.
On a computer
- Open Cards, and on the card's bill press Convert to EMI.
- Choose the purchase, or part of the balance.
- Enter the number of months, and either the monthly EMI or the interest rate from the bank's message. Ahead works out the other.
- Check the extra cost it shows on top of the price, and press Record EMI.
On a phone, open the card purchase itself and press Convert to EMI there.
What it does to your budget
The purchase's category gets the full price back, so it is not left in red. Then on each bill day, that month's EMI is added to the card: the principal comes from the purchase's category, and the interest and GST from Card interest & fees.
Each month, the Budget screen shows how much those categories need for the EMI, the same way it shows a target. Assign it, and the bill is covered.
Read next
- How a credit card works in AheadSpend on the card from a category, as usual. Ahead moves that money into the card's payment category, so it is ready when the bill comes.
- A loan with interest or EMIsFor a car, home or personal loan, add the interest rate and the end date, and Ahead works out the EMI schedule. Record each EMI as a repayment, with its principal and interest.
Still stuck?
Write to us and a person answers. If you use Ahead, Support in the app is quickest.