Earn points on Bank Transfers

[edgecrusher]

I wonder which bright spark thought this was a good business idea in the first place

It probably worked out exactly how Citi wanted it to, inflated their credit card customer details before they sold to NAB, who subsequently realised why those numbers were high and was costing them money so they’ve killed it off.

 

[Chicken]

I have also submitted a credit limit decrease, back to the minimum of $10k, so it would be easier to churn other cards in future.

 

[ramamba]

I have also submitted a credit limit decrease, back to the minimum of $10k, so it would be easier to churn other cards in future.

Will do mine in 2 months time too, but want to milk the zero percent zero fee instalments for the first time

 

[Chicken]

Will do mine in 2 months time too, but want to milk the zero percent zero fee instalments for the first time

Lucky you. I haven't received zero % fee for years.

 

[ramamba]

Lucky you. I haven't received zero % fee for years.

have you checked the Citi app, 'convert to installments' tab at the bottom? I've had that offer there for months just never used it as my bi-monthly payall setup was fully using the available limit.

 

[Boeyn]

Have also received a barrage of SMS/email messages notifying me that my Payall transactions scheduled through to the end of 2028 are now cancelled. They now all appear in the "cancelled" tab in the Payall area of the Citi app.

I was holding out for the faint hope that they would bungle cancelling existing reoccurring transactions (and that I might get at least another month of transactions through before they properly killed it), but it appears my last Payall transaction has been processed.

I got my Premier card in April 2022 but didn't know anything about Payall when I did - I was just planning to churn and cancel it after the 100k QFF points SUB was processed. Thankfully, I stumbled across this thread before that happened! After a month or so of gently testing with smaller manual tranasctions, I implemented a proper set-and-forget set of reocurring transactions to process 4 x $5k Payall transactions each month, which I extended out to the end of 2028 (prior to the 0% fee promotion ending in October 2023).

Save for a couple of stuff-ups where transactions were declined due to the card balance, I got 31 months of Payall at the full $20k p/m utilisation. That worked out to ~310k in QFF points over the period, or ~120k QFF points per year at a cost of $175 p/yr. Not bad for something that required next-to-no effort on my part once it was all set up!

Of course, I am very sad to see it go, but I am stunned that NAB let Payall run as long as they did. I appreciate that integrating the Citi consumer business would not have been a simple task. But the transaction closed on 1 June 2022, and given how much public discussion there was on AFF/OzB/Reddit about Payall, you have to imagine the vast majority of the transactions were obviously suspect. Given how high (relatively) the cash rate has been in that period, the funding costs that NAB would have paid to keep running Payall must have been extraordinary. I would have thought that cost alone would have moved it up the priority list a few pegs.

 

[Chicken]

have you checked the Citi app, 'convert to installments' tab at the bottom? I've had that offer there for months just never used it as my bi-monthly payall setup was fully using the available limit.

I have only ever paid attention to all the spam sent to me by Citi, and they all had a % fee. I just followed your instructions and all I got was "No eligible transactions".

 

[playbargain]

Received my last $20k PayAll today and cancellation email followed not long after for future scheduled payments. End of an era...

 

[yojohnny]

Has anyone been successful in getting the yearly fee reduced in the last few months?

 

[Chicken]

Has anyone been successful in getting the yearly fee reduced in the last few months?

I am not sure if asking for annual fee refund, after earning so many free points, is acting on good faith, or, a good idea to move forward. This may just result in burning your own bridge, if, and this is only a theory, NAB actually makes a record of who is not worth having as a credit card customer, which would result in your inability to churn NAB cards in future. We think some banks do this, we don't know if NAB does this, or if NAB would do this in future.

 

[wohoo]

I am not sure if asking for annual fee refund, after earning so many free points, is acting on good faith, or, a good idea to move forward. This may just result in burning your own bridge, if, and this is only a theory, NAB actually makes a record of who is not worth having as a credit card customer, which would result in your inability to churn NAB cards in future. We think some banks do this, we don't know if NAB does this, or if NAB would do this in future.

Interesting, would it matter if you, say, own 1000 shares of NAB and churn their cards?

 

[Chicken]

Interesting, would it matter if you, say, own 1000 shares of NAB and churn their cards?

Who knows? I mean, if you want to test it, sure, go for it.

However, I have learnt these in life:
- when something is going well, stay below the radar. Some people try to push their luck further, but all it does is attracting unwanted attention, and either it will be taken away from you, or other people would follow you which results in an avalanche and ruining it for everyone including yourself.
- Don't ask questions without thinking what sorts of answers will they give you. For example: your credit card says no points for ATO transactions, but you notice that it does give you points when you pay ATO. What do you think would happen if you were to ask the bank about this discrepancy? They will either say "Don't know"; or "Yes, you are correct, let us fix it up" which means stops giving you the points per the rule. So why ask? You have just ruined it for yourself.
- Nothing ever good happens when people chase the small petty advantages. Example: You go to the casino once a month, play table games, and you win $1000 +- every time. $1000 is nothing to Star City or Crown. The casino used to give everyone free drinks at the table as well. But, casinos have now stopped giving out free drinks (because they have become public enemy). Instead of saying nothing, playing dumb, you now demand to see a manager, demanding a free beer, because you used to get free beer. You file a complain. The big crocs in the casino see you making a complain on CCTV. What do you think they are going to do? They are going to biometric ID you, and make sure that you will be 'well looked after' into the future. You have just lost your monthly $1000 win, over a stupid $8 schooner.

In my opinion, for someone to be asking Citi for an annual fee refund, or to keep trying to be a smart cookie about it, after they have won tens of thousands of points, is the same as the 3rd scenario above.

I know I have won the jackpot already, so I am leaving the casino quietly among the crowd. And if I do come back next month, I'm just going to come in among the crowd, like a nobody, play a few rounds, try to win my $1000 again, then leave quietly among the crowd. I'm not going to start looking for holes in the house rules.