Earn points on Bank Transfers

[Flashback]

Just received this notification from Citibank.

We are continually finding ways to improve your experience and have made some important changes to your Citi credit card.

Please click on the link below for updates to both your existing Credit Card Terms and Conditions and Other Important Information and your Citibank Rewards and Citibank Qantas Rewards Program Terms and Conditions for Citibank Rewards Credit Card - Classic, Citibank Gold Credit Card and Citi Rewards Card Cardholders.

Effective 1 May 2020, some of the key changes are as follows:
We will be introducing a new credit card feature called Citi PayAll that allows you to make payments from your credit card to an eligible BSB and Account number within Australia. You will also receive reward Points on these transactions.

Could be interesting, although I suspect it will be quite limited in how much this could be used for gain.

 

[Kimster]

If there is no fee -(which is what I think it is reading through T&A's) - we'll earn 1 ppd. Game changer???? for payments that we can make for payments that have a BSB and Account number.......or not?

 

[Kimster]

2% international fee reading through again!!!! could be attractive - may be for forex through third party. 1 ppd certainly for domestic transfers with no fee

 

[Flashback]

In the old days you could BPAY and earn points, that was shut down a long time ago though.

 

[Dave G]

So What stops me xfering to my account, getting points, paying card from said account.
Rinse / repeat ?

 

[theblank]

2% international fee reading through again!!!! could be attractive - may be for forex through third party. 1 ppd certainly for domestic transfers with no fee

Its not an International fee, 2% is the fee.

1 citibank ppd ( = 0.5 VFF ppd) at a cost of 2% is not a good deal, if your end game is to get points. Its cheaper to buy the VFF direct from Virgin. But if someone needs to do a cash advance because they are short of dough, its a better deal for them than a cash advance (for a month)

 

[oz_mark]

So What stops me xfering to my account, getting points, paying card from said account.
Rinse / repeat ?

Nothing, although seems little points if you have to pay a 2% fee. I can see some use in the product, but doing it specifically for the points = I may pass.

 

[Kimster]

Its not an International fee, 2% is the fee.

1 citibank ppd ( = 0.5 VFF ppd) at a cost of 2% is not a good deal, if your end game is to get points. Its cheaper to buy the VFF direct from Virgin. But if someone needs to do a cash advance because they are short of dough, its a better deal for them than a cash advance (for a month)

My bad.... 2% is the fee. Not even worth a look at that rate then.

 

[AIRwin]

Received another notification on this from Citibank today - has it only just launched?

We have introduced a whole new way to pay and earn Citi reward Points1 using your Citi Premier Card with Citi PayAll.2

With Citi PayAll, you can set up your rent, taxes, education fees, property management fees, childcare, miscellaneous bills and more. And the good news is that the number of points you will earn is uncapped.3

Set up single or regular Citi PayAll payments by transferring to recipients with a registered BSB and account number held with an Australian financial institution. You will earn 1 Citi reward Points per $1 spent each time you transfer.

You will be charged a 2% PayAll fee of the Citi PayAll amount.4

This feature is available now in the Citi Mobile® App.

 

[theblank]

Received another notification on this from Citibank today - has it only just launched?

no, they are just promoting it, like they promote anything else.
i lost count how many times a month the offer to pay off my credit card at x % over x years

 

[AIRwin]

Received an update from Citibank this afternoon:

We are writing to advise you of an update we are making to the Citi PayAll product feature available on your Citi Premier Card.​

For all Citi PayAll payments set up between 1 April 2021 to 31 October 2021 (the Period), the Citi PayAll fee will be reduced to 0%:​

•​ Any recurring Citi PayAll payments set up during the Period will not incur the Citi PayAll fee for the duration in which those payments are scheduled to occur.​ •​ Any Citi PayAll payments set up after the Period ends will be charged the standard Citi PayAll fee of 2% of the amount of the Citi PayAll payment.​ •​ Any recurring Citi PayAll payments set up prior and after the Period will be charged the standard Citi PayAll fee of 2% of the amount of the Citi PayAll payment. This fee will apply to all recurring payments made for the duration in which those payments are scheduled to occur.​

 

[Legoman]

Hmmm, yes, this deserves another look now at 0% fee.
It would appear the limit is 35K/mo and you can pay yourself. This would appear at first glance to be a new version of the old Cheque-to-self for 0% fee that everyone cottoned onto when these FFL cards came out in late 2013. Except this time you get points as well.

Worth looking into quietly without alerting anyone unnecessarily to the loophole.

 

[Happy Dude]

So What stops me xfering to my account, getting points, paying card from said account.
Rinse / repeat ?

Absolutely nothing stopping you after 1 April 2021.

 

[CaptainCurtis]

I recently applied for the Citi Rewards card with the 100k Velocity points offer, but it may be worth upgrading to a card with a better earn rate to get the most out of the $35k/mth PayAll limit. Any recommendations?

 

[Happy Dude]

There's quite a lot of chatter (and some good ideas even) over on OzB about this. It also looks like there's to be an annual cap of 200k points for the Rewards program, which will take off some of the shine of this offer.

PointHacks warns of the T&Cs relating to non-business related transactions (e.g. paying yourself or a family member for the sole purpose of earning points), but I'm not sure how this could be policed. For eg, payments are made to a bank account so how are they to tell if it's my kids school, a landlord - which are fine, or to my wife for "home renovations" - which is supposedly not allowed? Plenty on OzB appear to be aiming to use it for interest reduction on mortgages or even earning interest on deposits (free money + points!!).

It looks like you can schedule payments for up to 24 months, and it's very easy to set up a regular payment in the app.

Not sure of my strategy just yet but as I have a $15k limit I'll need to do, say, 3 x $5k transfers per month with auto-transfers set up to return the money back to the card. The remaining points to the 200k cap will still be earned with direct debits, purchases etc.

 

[joon8887]

Can I not pay BPAY via PayAll?

Post automatically merged: Jun 8, 2021

Can I not pay BPAY via PayAll?

 

[oz_mark]

Can I not pay BPAY via PayAll?

I don't think so, just to normal accounts through a BSB/Account Number.

BPay from your credit card would follow the normal BPay rules.

 

[joon8887]

Man, I have this weird error that even though my credit limit is $21900. I cant make that payment via payALL. The maximum I can pay via paywall is $20000. Why is this? (i have full balance in my CC)

 

[oz_mark]

Man, I have this weird error that even though my credit limit is $21900. I cant make that payment via payALL. The maximum I can pay via paywall is $20000. Why is this? (i have full balance in my CC)

Have you made a previous payment this month? There's a monthly limit.

 

[kamchatsky]

Man, I have this weird error that even though my credit limit is $21900. I cant make that payment via payALL. The maximum I can pay via paywall is $20000. Why is this? (i have full balance in my CC)

I can only transfer maximum of $9500 each time for my $10000 credit limit. Then there is a monthly limit of $35000 to consider.

But the points are definitely coming thick and fast, which is good