RewardPay Alternatives

[amaroo]

Payment Logic sent an update about their reduced rates today. 1.99-2.15% (ex. GST) on payments up to $499k. Even less if you want to pay $2m (I dont know anyone that can pay $2m on their charge card, not even Centurion holders)

Doable with a plat.... just need to pre-load.

1.99% - they're dreaming...

 

[mrtupperware]

Doable with a plat.... just need to pre-load.

1.99% - they're dreaming...

Off topic - can you load cash into the charge card? I know its a big no no on the credit cards?

 

[amaroo]

Off topic - can you load cash into the charge card? I know its a big no no on the credit cards?

No issue... because it is not a credit card.

 

[amaroo]

It's only when you link it to Ascent or Ascent Prem that it turns into 2 Airline miles per dollar - you were never officially supposed to be able to do this....

For those of us earning 2ppd into Ascent P - it's been a truly beautiful thing!

 

[Saltywings]

Payment Logic sent an update about their reduced rates today. 1.99-2.15% (ex. GST) on payments up to $499k. Even less if you want to pay $2m (I dont know anyone that can pay $2m on their charge card, not even Centurion holders)

Dunno about that... https://nypost.com/2015/11/18/billionaire-bought-170m-painting-with-his-amex-for-the-points/

But that aside, still doesn't beat Ferni's method...without minimum spend reqs

 

[albyd]

Discount on payments >$2m is like offering a discount when you’re not offering one. Got a feeling we might be disappointed with how much fee relief we get from these services from next week.

I’ve been using @ferni’s service works very well and more Cost effective. Hope he can continue with it. May still be a reduced market for business people that just need access to the line of credit and will wear the fee as a cost of doing business.

PayPal transactions usually take 2 days to clear and post on my Explorer. I’ve noticed another biller is taking longer than usual to clear. I know I have 3 more business days for them to clear but would hate for some transactions I’ve brought forward to credit under the new regime.

Is anyone experiencing the same?

 

[daft009]

been waiting 3 days for some too, transaction was on Sunday and still pending as off right now

 

[albyd]

Amex must be getting smashed with last minute transactions. Hopefully I've allowed sufficient time - bit of spend.

 

[daft009]

I got a few more tomorrow too

 

[albyd]

I think I’m going to stop here. Hoping they clear overnight. Have already changed over my Explorer to charge card on PayPal. End of an era.

 

[amaroo]

I ticked up $50K late Friday - they all cleared overnight (this morning). I'm ready to go again.... FWIW AMEX credit department confirmed with me pending charges prior to the 15th will earn at the current rate. I'm lucky as I don't need to transfer.

 

[albyd]

I’ve been told differently. I hope I don’t need to find out

Will know in next few days. Eagerly awaiting my check in tomorrow morning.

 

[amaroo]

I’ve been told differently. I hope I don’t need to find out

Will know in next few days. Eagerly awaiting my check in tomorrow morning.

I spent quite a bit of time on the phone with the Sydney credit department this morning and have names / number for any future issues. I'm happy to go with the pending advice if my next round of $50k I just ticked up clears in time. Such a pity I couldn't convince them to increase my limit by a couple of hundred thousand.

I reckon there's a good chance I can clock up another 100,000 points on Friday.

 

[ninja-tim]

I ticked up $50K late Friday - they all cleared overnight (this morning). I'm ready to go again.... FWIW AMEX credit department confirmed with me pending charges prior to the 15th will earn at the current rate. I'm lucky as I don't need to transfer.

Isn't the issue the transfer rate (being halved) rather than earn rate changing on 15th of April?

 

[lovetravellingoz]

Isn't the issue the transfer rate (being halved) rather than earn rate changing on 15th of April?

Amarro though gets his points doubled though on the 15th. So any points bought by then still effectively gain todays transfer rate.

 

[albyd]

Phew! Just logged in and all my chunky transactions have posted overnight. I do feel like a pipsqueak compared to @amaroo's plans

 

[amaroo]

Isn't the issue the transfer rate (being halved) rather than earn rate changing on 15th of April?

All my cards are linked to the plat card and pool into Ascent P. Therefore, I don’t need to transfer as they will double.

Anything on the explorer after the 14th is cactus.

 

[amaroo]

With the explorer/ Amex AP / RP combo I've been earning points (after tax) at a cost of .85 of a cent each. Post April 14th I can't see anyone coming close to matching this cost.

If my numbers are correct even if RP or other providers lower the fee to 1.5% the revised cost per point will be .95 of a cent pp or at 1.95% 1.07 cents pp.

Anything over 1 cent per point will most probably see me head for the exit sign.

 

[Bell21]

I'm talking airline miles per dollar. Officially Explorer earns 1.5 Airline miles per dollar. It's only when you link it to Ascent or Ascent Prem that it turns into 2 Airline miles per dollar - you were never officially supposed to be able to do this....

Sorry very late to the party on this --- when I started doing this about 12 months ago, I asked AMEX how long this approach had been permitted and they said at least a few years and that it was above board and they were happy to do it, but as another poster said, the % of AMEX customers who were aware of this quirk is probably very small (probably why they've supported it). I'm sorry to see this quirk this disappear, but I have made merry from it, as have others here --- it's been instrumental for me. I actually took it a slight step further in that I never auto linked my accounts, b/c I didn't want to lose the 50,000 annual points I receive on the BE - thankfully, RP helped me just reach the threshhold before D-Day

 

[Bell21]

With the explorer/ Amex AP / RP combo I've been earning points (after tax) at a cost of .85 of a cent each. Post April 14th I can't see anyone coming close to matching this cost.

If my numbers are correct even if RP or other providers lower the fee to 1.5% the revised cost per point will be .95 of a cent pp or at 1.95% 1.07 cents pp.

Anything over 1 cent per point will most probably see me head for the exit sign.

Yep, I see it the same way, so stopped RP today and I've started with EBP via ANZ card --- waiting for StG cards to arrive in the mail, and then this will be my new approach to points going forwards (as well as being more choosy where I use AMEX due to surchages)