Audited by bank for business purchases on personal card

[Pushka]

The sheer arrogance in some of the comments really shocks me sometimes.

Everyone here knows that for the most part, their businesss spend is against the terms of their contracts but when the banks wise up to this every now and then, you cry bloody murder!

Not saying that if you can make it work, don't - heck I do it too - but understand that its part of the game. You win some, you loose some. Shouting and getting arrogant only serves to make you look foolish.

My two cents

Actually it's not about using the card for business spends. It's whether points are allocated to business spends. I do not specify they should allocate my points. They simply appear.

I think your "arrogance" call is OTT.

 

[ferrariz]

They simply appear.

Assuming just like the money the tooth fairy leaves under the pillow? Other than obvious stuff like ATO (even that can be personal), you cant tell business spend apart that easily. Banks are in the same place. Again, we all know this and we gladly exploit it with a wink and a nod. Getting all worked up when we get called once in a while is just silly

 

[Pushka]

Assuming just like the money the tooth fairy leaves under the pillow? Other than obvious stuff like ATO (even that can be personal), you cant tell business spend apart that easily. Banks are in the same place. Again, we all know this and we gladly exploit it with a wink and a nod. Getting all worked up when we get called once in a while is just silly

And who is worked up about it? I'm certainly not.

 

[UP4014]

Assuming just like the money the tooth fairy leaves under the pillow? Other than obvious stuff like ATO (even that can be personal), you cant tell business spend apart that easily. Banks are in the same place. Again, we all know this and we gladly exploit it with a wink and a nod. Getting all worked up when we get called once in a while is just silly

I always get great satisfaction in taking bank calls, and telling them I don't like them and if they want to deal with me send me a letter. Of course a bank call centre is totally ill equipped to send a personalised letter.

Matt

 

[knasty]

Just do as many do and transfer the points to another program as soon as they are in your account....

 

[ferrariz]

I always get great satisfaction in taking bank calls, and telling them I don't like them and if they want to deal with me send me a letter. Of course a bank call centre is totally ill equipped to send a personalised letter.

Matt

haha.. Yep.. You wouldn't believe how many hoops their complaince and legal teams put up the minute someone says, "send me that in writing"

True story!

 

[ferrariz]

Just do as many do and transfer the points to another program as soon as they are in your account....

Banks can ask the likes of QFF and Velocity to send back points that were credited by 'mistake'

I know from first hand experience. Doesnt happen that much though - only when relativly large point sums (100k+) are involved within a very short time - too much hassle

 

[knasty]

Banks can ask the likes of QFF and Velocity to send back points that were credited by 'mistake'

In that case, redeem early, redeem often!

 

[Moopere]

I don't even get worked up about ATO spend tbh, its no-ones business, except perhaps the ATO itself, how I make my money and if I have a large "personal" tax bill that happens regularly then so be it. Being a personal investor, ie; not via a company or trust entity, is my own business, the tax office wants their cut and I pay them.

 

[burmans]

The sheer arrogance in some of the comments really shocks me sometimes.

Everyone here knows that for the most part, their businesss spend is against the terms of their contracts but when the banks wise up to this every now and then, you cry bloody murder!

Not saying that if you can make it work, don't - heck I do it too - but understand that its part of the game. You win some, you loose some. Shouting and getting arrogant only serves to make you look foolish.

My two cents

Bit of an extravagant statement, most people,don't even read T&Cs so don't "know" this ( although clearly they should).

However for most of my cards business use isn't actually against the T&Cs, the bank just reserve the right not to pay points, quite a different legal position in that the onus is on different parties to determine whether expenditure is "invalid" or not.

 

[The Rok]

Actually it's not about using the card for business spends. It's whether points are allocated to business spends. I do not specify they should allocate my points. They simply appear.

I think your "arrogance" call is OTT.

So if a bank accidentally deposits $1,000,000 into your account its not your fault so it's automatically yours??

 

[elogic]

I curious has qf ever taken back points credited to anyone's account?

 

[Pushka]

So if a bank accidentally deposits $1,000,000 into your account its not your fault so it's automatically yours??

Nothing like taking things to extremes is there!

In your case I know the money is not mine. In the case of points being allocated, I'm simply using a credit card legally to pay a bill. I can't stop them allocating points, can I. I don't ask them to deposit the points for a legal transaction and if the card is being used for a mix of personal and business then all is above board.

 

[DaveB]

The real issue here is what caused the bank to flag the account.
I would hope Wespac has set the bar considerably higher than the level tolerated by the EDR card given the high annual card fees involved.
I decided to keep with my current bank Amex as getting it for free as part of overall package, not fussed on the outcome and am abusing away. Westpac has the primary advantage of warehousing points but as 70% of my points are being warehoused in Citi and Amex, don't have a problem alternating every 12 months or so between QF and VA rewards.

 

[burmans]

So if a bank accidentally deposits $1,000,000 into your account its not your fault so it's automatically yours??

I dont think that the OP has claimed the points/money are his, his suggestion is that its the banks resposibility to get this right. While perhaps not true of AFF members most people dont audit their FF points but would certainly recognise if a million extra suddenly arrive.

 

[R36snowbound]

hi
has anyone been audited by their bank for work purchases on personal card​

You got to love the banks and the way they operate, my views on this are:

I apply for a credit card, I provide financial information and they approve or decline me. If I tell them I earn $130,000 per year, the give me a credit card with a limit of $25,000 and I spend $20,000 on the card each month, doesn't logic dictate that I am spending more than I earn, hence its not "personal use". Sure, I could have my 15 cousins all putting their bills on my credit card, etc, etc but the banks really play both sides of the field as it suits them.

6 months ago, I called my credit card provider (not Westpac) and requested an increase of $10k from 35K to 45K. I got declined because they thought the percentage of business transactions on the card was too high, they briefly mentioned the cards T&C's but no mention that I should stop using the card for work.

1 month ago, my bill was 25k and I only paid 24.6K by accident. 2 days before I received my statement, I received a phone call, offering to increase by limit by 10K, which I accepted. I was surprised that this happened given the history. I then received my statement, with around $600 in interest charges because of my previous short payment of $400. Due to my excellent payment history, they reversed the interest charges BUT I truly believe that if I had not accidently short paid my last statement and had not been hit with interest charges, I would not have received the phone call to increase my credit limit. IMO, they offered to increase my limit so they could make more money off me in interest payments.....

Don't trust the banks..... I agree with regular transfers out of credit card rewards programs to airlines (excluding AMEX).

 

[TheRealTMA]

You got to love the banks and the way they operate, my views on this are:

... IMO, they offered to increase my limit so they could make more money off me in interest payments.....

Don't trust the banks..... I agree with regular transfers out of credit card rewards programs to airlines (excluding AMEX).

Of course. Thinking as a bank shareholder, let's see if we can arrange an even bigger credit limit for you.

English Film critic Barry Norman once wrote an article wondering why he only had a 5K credit limit after earning more and paying off the total off every month, whereas his wife who never paid the balance had a 50K limit.

Also interesting to note, we now don't actually seem to have a credit card 'limit' as we once had. They seem to have wised up to this as being a 'limitation on the freedom' of their customers. So now we have an agreed ceiling which if you overspend they just charge you interest on the amount over the agreed ceiling from the time to the second that you exceed the value (or is it interest on the total?).