RewardPay question

[craven morehead]

Very interesting

 

[NJSteve]

$200k/month
so 2.4mil/yr.
2.1% of that is ~$50k

To be fair however, if your supplier doesn't accept Amex or charges an even higher fee then it's not bad compared to it's competitors. Personally I've been using Payment Logic for all of our suppliers as well as their sister company YP for VISA and it's been great but with these guys popping out of the blue it seems competition is really revving up.

What Ralph is saying... how will you use the points once you earn them?
then you can doing the same with $ vs points, what does that equate when its $ per point.

EG: Syd to Melb & back on Tiger might be $120 return and fine for you.
the same with points on Qantas/Virgin might need 30,000 points.
in this case, (120/30000) = 0.4c/point of value

then how much is rewardpay (or another payment processor) charging you in fees.
on the $200k/month how much fees will you be paying?
accordingly you can work out the cost of 1point.
you would hope the cost of earning a point is less than what you use it for
otherwise just stick to paying cash.

have a read here, Simple Point Value Calculator - Point Hacks

It's also worth mentioning to him that when you transfer your points into other formats they are often halved

$200k/month
so 2.4mil/yr.
2.1% of that is ~$50k

Also to further on my prior comment, you shouldn't look at it like it's simply 2.1% of your total expenditure. It's only 2.1% of your needed/ wanted expenditure. In some cases it's more worth for the individual to go direct to their recipient, in others paying via a platform can give you a better deal in regards to points or cost (eg. recipient charges 3% for Amex). If you're worried about fees it might be smart to look at utilising a VISA or MasterCard, as mentioned above a St G/ Yak Pay combo works a charm, but there are also a few other cards that have the same kind of worth

 

[greenie]

... but there are also a few other cards that have the same kind of worth

Which other cards are those?

 

[NJSteve]

Which other cards are those?

Again dependant on the individual and I'm not arguing against that the ST G combo is the best option however cards such as the HSBC plat, QANTAS PP, HSCB Plat Qantas...

 

[get me outta here]

If you don’t currently have status it doesn’t matter how many points you can manufacture it will be difficult to get F Qantas seats. So agree with the previous comment that it is probably better to at least in the first instance spend the 50k getting the flights you want to build status and then review.

 

[SteveL]

I've found Reward Pay only useful where there is a particular goal I am going for. I fly Virgin and have an AmEx card that gives 100 status credits on 50k spend. So I used Reward Pay to make sure I hit that goal and then stopped using it, I didn't find the points reward made economic sense for me.

 

[NJSteve]

Hey guys,

I have a quick question regarding RewardPay.

I recently got a AMEX Business Platinum Card and none of my suppliers use any credit card facilities.

I roughly spend around $200,000 on supplier bills and ATO bills per month and was wondering if using RewardPay is worth while using. I know there is a fee involved with transactions and that would be tax deductible, but I really wanted to know if the fee vs points is worth it for me or not.

Kind regards,

As previously mentioned, a VISA St G / YakPay combo is potentially much better value for money than using an Amex at 2%ish as Yak Pay is 1% +GST - Just depends on which card you'd like to utilise

 

[Letzblaze6432]

Thanks for everyone's help. I really appreciate it.

My AMEX card arrives this week so I might give it a crack for a few weeks and see how it turns out.

 

[TAK]

Hey guys,

I have a quick question regarding RewardPay.

I recently got a AMEX Business Platinum Card and none of my suppliers use any credit card facilities.

I roughly spend around $200,000 on supplier bills and ATO bills per month and was wondering if using RewardPay is worth while using. I know there is a fee involved with transactions and that would be tax deductible, but I really wanted to know if the fee vs points is worth it for me or not.

Kind regards,

No

 

[Letzblaze6432]

Well I did my first transfer -

$38,000 Reward Pay supplier bill cost me $940.39 in RP fee's and I got roughly 68,532 points.

 

[NJSteve]

Well I did my first transfer -

$38,000 Reward Pay supplier bill cost me $940.39 in RP fee's and I got roughly 68,532 points.

What's the rate you're on if you don't mind me asking

 

[Letzblaze6432]

What's the rate you're on if you don't mind me asking

Hey mate,

Pretty sure it was this below.

20k to < 100k

2.10%

1.47%