Credit Card Repayment - What category

What category should I use for credit card repayments?
I am using my credit cards for rewards, repaying in full every month

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Debt or Other would make sense to me. I recently set mine to Fun as the bill was only for one item and I knew what it was. Think I’ve also used Shopping.

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But will it not double count it in such case?
I have this card added to the app, so every time I spent 100£ it would be 100£ in card spending and 100£ in debt spending

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Hi @michalzxc! That’s a good question. Here is the answer, taken from the Nova Methodology.

Case 1: the credit card is connected to Nova

If the credit card and your current bank accounts are both connected, then Nova will automatically categorise your credit card repayments as Internal transfer and will be excluded from your Wealth Equation.

This will avoid double counting your credit card expenses, because Nova already counted your monthly credit card transactions as expenses.

Case 2: the credit card is NOT connected to Nova

If the credit card is not connected to Nova, then you should categorise your monthly repayment as Debt.

Nova cannot see the individual transactions of your credit card expenses, but will see the total repayment. Your Wealth Equation will be correct as long as you repay exactly what you have spent during the month.

Does that answer your question?

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