Earn points on Bank Transfers

[Happy Dude]

I thought there was an annual cap of 200k points too for Premier/Signature holders? Rinsing more than $16k per month just gets you to that cap sooner, which is an issue if you use the card elsewhere.

Anyway, this is an extension of the offer for a year so it's the gift that keeps on giving. Just set and forget.

 

[Legoman]

Anyway, this is an extension of the offer for a year so it's the gift that keeps on giving. Just set and forget.

Hmm, for most it is not really "set and forget". It could be that if you have a credit limit of at least 70K, but I'm guessing most won't.

If you have a large credit limit and you go for the full 35K points each month for the next 74 months (Sep '21 included), then your $35K you PayAll each month will overlap with the next PayAll for 35K to be paid the next month before the direct debit to pay it back executes and clears to restore the available credit back again. This means you will more than likely at some point need a minimum 70K credit limit on your card to cover the few days when you will be carrying the 35K debt from the previous month as well as the 35K new debt in the current month. This means it will require some manual intervention along the way if you're not to suffer some payment defaults. Just be wary of that if you're doing this. It is very probably not set and forget, but much more like 'set and keep a very close eye on'

 

[Legoman]

All of us with the free for life had a min $15K limit.

That's correct. Here's the details of the original offer for the cards back in late 2013
Signature family and friends offer.pdf

 

[kyle]

That's correct. Here's the details of the original offer for the cards back in late 2013
Signature family and friends offer.pdf

Wow can't believe it's been that long... Started with gold, then plat, then signature, now called... can't remember.

 

[Legoman]

Wow can't believe it's been that long... Started with gold, then plat, then signature, now called... can't remember.

It's still called Signature. Signature is the Visa sub-branding, which the card still retains. When it first came out Citibank didn't give it a sub-branding name and just used the Visa Signature moniker. Subsequently they decided to give it a sub-branding name just to add pointless confusion probably at the behest of some recently graduated self-appointed marketing 'expert' who convinced them that buzz-words are all the rage and every product must have one, so they added Premier into the mess of names it is now afflicted with. So it's a Citibank Premier Visa Signature card now, which rolls off the tongue nicely.

 

[kyle]

It's still called Signature. Signature is the Visa sub-branding, which the card still retains. When it first came out Citibank didn't give it a sub-branding name and just used the Visa Signature moniker. Subsequently they decided to give it a sub-branding name just to add pointless confusion probably at the behest of some recently graduated self-appointed marketing 'expert' who convinced them that buzz-words are all the rage and every product must have one, so they added Premier into the mess of names it is now afflicted with. So it's a Citibank Premier Visa Signature card now, which rolls off the tongue nicely.

Lol can't keep up. As long as it's free and the points earning rate is not too bad, I'm happy to have it as the secondary card.

 

[Legoman]

Actually I've misrepresented it slightly, it's actually the Citibank Premier Visa Signature with Diners companion.

 

[Happy Dude]

Hmm, for most it is not really "set and forget". It could be that if you have a credit limit of at least 70K, but I'm guessing most won't.

If you have a large credit limit and you go for the full 35K points each month for the next 74 months (Sep '21 included), then your $35K you PayAll each month will overlap with the next PayAll for 35K to be paid the next month before the direct debit to pay it back executes and clears to restore the available credit back again. This means you will more than likely at some point need a minimum 70K credit limit on your card to cover the few days when you will be carrying the 35K debt from the previous month as well as the 35K new debt in the current month. This means it will require some manual intervention along the way if you're not to suffer some payment defaults. Just be wary of that if you're doing this. It is very probably not set and forget, but much more like 'set and keep a very close eye on'

You must have a card that does not have a 200k points annual cap or have a card limit in excess of 15k.

For those with the 200k/15k limits, I've set 3x $4.5k monthly transfers out, spread across the month, with the transfer back in set for a day or two later. This allows for other use of the card. No issues with payment defaults. Doing higher $$ a month just gets you to the limits faster.

Set and forget, until this time next year where I'll reset again for the next two years.

You're obviously flogging this harder than me and I can't find any payment window longer than two years (24months) from today, let alone 6 years/70+ months. How about sharing that info?

 

[Ade]

So, if I understand it - this is a credit card from Citibank which can be used to send money to a BSB & Account Number with a certain limit each month on the $ that can be sent to a bank account. And there is no fee to do this transaction ... interesting ... Wish I knew this couple of months back ... I had to send $60K upwards to a bank account

 

[Legoman]

It's quite simple, there's no trick to it. It's right there in the app. You can set the start date and you can set the duration up to 24 months. The latest start date they will allow is 2025. 2025 start plus 24 months gives you a finish date into 2027.

So if you do October manually to get the max out of it before the new rules kick in on October 17, then you can set up Nov21-Oct23 monthly to occur automatically, then set up Nov23-Oct25 monthly and then Nov25-Oct27 monthly as well. That's 6 years worth of points or 72 months. Plus the months of Sep and Oct this year equals 74 months in total x 35,000 points/month = 2.59 million points = 1.295 million VFF or QFF points depending on your preference.

Just make damn sure to set it all up before Oct 17 this year to try and avoid the rule change about monthly limits or at the very least before Oct 31 next year when a monthly fee will be introduced making the whole exercise not economically worthwhile anymore. Until Oct 31 2022 it's free, all fees waived.

 

[Happy Dude]

Thanks @Legoman I'll give that a go. The new rules don't significantly affect those with a Premier card due to the 200k cap.

 

[Legoman]

Thanks @Legoman I'll give that a go. The new rules don't significantly affect those with a Premier card due to the 200k cap.

Except for this:

Uncapped points for Citi PayAll payments.

Source:
Citi Premier CC(www1.citibank.com.au)
Citi Premier Qantas CC(www1.citibank.com.au)
Check "Others ways to earn Citi reward Points when you spend" on both above links

 

[Ade]

Quick question - I have got another big payment coming up. Say, I apply for a Citibank card with QF rewards and use that card to send, $30K to a BSB/AccountNumber, will that payment be considered as the "minimum spend" to receive 100,000 QF points as well ?

 

[Legoman]

Dunno, you'd have to actually do that to find out. Citibank make their T&C's sufficiently opaque to not cover all possible bases and loopholes their users can come up with. Citibank always maintain enough wiggle room in their T&C's in order to get out of corners they may get painted into by their users.

I do not think you have anywhere near enough time now to actually apply for a card and be approved and receive it, in order to access the PayAll feature before Oct 17, but if you are sufficiently financial to get a new credit card with a credit limit > $35,000 straight off the bat in today's world, then good luck to you and it's probably worth going for.

 

[Legoman]

Except for this:

Uncapped points for Citi PayAll payments.

Source:
Citi Premier CC(www1.citibank.com.au)
Citi Premier Qantas CC(www1.citibank.com.au)
Check "Others ways to earn Citi reward Points when you spend" on both above links

Just received Oct statement which reveals I have been credited my 210,000th point since Apr this year when I started on this gravy train. 210,000 points in 6 and a bit months confirms there is no 200K ceiling cap on bonus points earn via PayAll in a calendar year.

 

[Pele]

Just received Oct statement which reveals I have been credited my 210,000th point since Apr this year when I started on this gravy train. 210,000 points in 6 and a bit months confirms there is no 200K ceiling cap on bonus points earn via PayAll in a calendar year.

G'day

Looks like the party has been extended till 31 October 2021. Will give me another bite at the cherry.

Pele.

 

[Chicken]

Looks like the party has been extended till 31 October 2021

You mean 2022?

 

[Ade]

You mean 2022?

It is 2022

1. Citi PayAll offers are subject to eligibility and only available if your account is and remains in good standing. Set up Citi PayAll payment instructions using mobile banking or in any other way we tell you that you can make a Citi PayAll payment. This is an amount you authorise us to pay once or on a regular basis from your account to another bank account held with an Australian financial institution (other than through BPAY®). This must be not less than 7 days from the date the Citi PayAll payment is set up, and if there is more than one payment to be made, the number and frequency of the payments and period over which they are to be made, you must ensure these details are correct. All Citi PayAll payments and Citi PayAll Fees we charge to your account will be added to the retail purchase balance and the Retail APR will apply to them. Citi PayAll payments are charged at the retail purchase rate applicable to your account and are only available on Citi PayAll payments outlined in the Credit Card Terms and Conditions and Other Important Information. For all Citi PayAll payments set up between 1 April 2021 to 31 October 2022 (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. Please note, there are limits on the Citi PayAll payments you can make in a period. Details of these limits can be found at citibank.com.au/payall-limits. These limits may change from time to time. For the full terms and conditions of Citi PayAll, please refer to the Credit Card Terms and Conditions and Other Important Information.

 

[Pele]

Gday

Crikey you guys are right! My annual fee was due on at the end of November and I was planning on cancelling. Now with another year to work with I might try and increase my credit limit and go for gold.

Pele.

 

[SOPOOR]

how do you guys find your max cap for points, family member has a signature, now premier fee free for life, but every link has different points caps, is it 100k, or 200k or unlimited?