How does Neo categorize or identify a recurring transaction? Is it only for monthly repeatable amounts or can it be for annual recurring charges such as a club membership?
Hey! Great question. We categorize recurring transactions based on the merchant automatically billing your card on a regular basis, whether that’s monthly or at another consistent interval. An annual membership could count as a recurring transaction, but it’s always best to double check with your merchant to ensure it’s set up as a recurring payment on their end.
Hi,
My recurring charge for storage unit used to categorized under “Recurring Payments” but Jun onwards it is tagged to everything else. Can you help me with this?
Hi @agrshe, Thank you for bringing this to our attention! Recurring transactions are determined by the merchant’s registered MCC, not by a recurring payment indicator. Storage units may not be included in the MCC codes that qualify for the Recurring category, which is why you saw them classified under Everything Else. Neo cannot change a merchant’s MCC.
You can send me a DM and I will double check the exact transaction you are referring to in order to confirm whether it is eligible or not