Sniip v pay.com.au

[timik]

Hello all,

has anyone done the calculations which is better value for points?
Seems that pay.com.au provides you points on top of the points given by the credit card.
Have about 150k ato bill to pay and debating which would be better.
I usually use KrisFlyer btw

Cheers

 

[serfty]

Hello all,

has anyone done the calculations which is better value for points?
Seems that pay.com.au provides you points on top of the points given by the credit card.
Have about 150k ato bill to pay and debating which would be better.
I usually use KrisFlyer btw

Cheers

Welcome to AFF @timik

Pay.com.au requires an ABN

They are somewhat different products/services.

https://pay.com.au/faq/

https://pay.com.au/pricing/

 

[BPNS]

Sniip as of 1 August 2024 have dropped the Amex fee to 1.93% + GST making this cheaper than the other alternatives. In addition to this, they can now process bank EFT payments as well. Previously they only processed BPay transactions.

In additioan they provide bonus points for Velocity or QBR. This is now easily the best value solution for business owners to pay their expenses by Amex

 

[Mattg]

Sniip as of 1 August 2024 have dropped the Amex fee to 1.93% + GST making this cheaper than the other alternatives. In addition to this, they can now process bank EFT payments as well. Previously they only processed BPay transactions.

In additioan they provide bonus points for Velocity or QBR. This is now easily the best value solution for business owners to pay their expenses by Amex

The Sniip website says it's 1.99% + GST for amounts under $100,000 and 1.95% + GST for $100-300K.

Amex credit card fees - Sniip

Our Amex credit card fees for bill payments. Pay your bills with your American Express through Sniip. Earn full points on payments.

sniip.com

 

[georgie23]

Sniip as of 1 August 2024 have dropped the Amex fee to 1.93% + GST making this cheaper than the other alternatives. In addition to this, they can now process bank EFT payments as well. Previously they only processed BPay transactions.

In additioan they provide bonus points for Velocity or QBR. This is now easily the best value solution for business owners to pay their expenses by Amex

Do you know where this info came from - I went to do a payment this morning and it seemed to still be at 1.99 + GST

 

[306]

Is anyone actually using pay.com.au, and paying the additional fee for the PayRewards ?

 

[Happy Dude]

Is anyone actually using pay.com.au, and paying the additional fee for the PayRewards ?

You'll need to do the sums to see if it's value to you. There's a calculator on the website that will help. It's not bad value but only because of the current sign up offers, of which there are several types. Without the sign up offers, I can't see the value but I'm not running a business so no tax deductions.

 

[306]

I get that, I'm checking if anyone has actually rationalised the optional PayRewards scheme they run.

Additional 1% or 1.8% sorta makes sense if you can get tax deductions, and redeem on the gift cards. Since you're paying with pre tax dollars.

 

[random111]

I get that, I'm checking if anyone has actually rationalised the optional PayRewards scheme they run.

Additional 1% or 1.8% sorta makes sense if you can get tax deductions, and redeem on the gift cards. Since you're paying with pre tax dollars.

I posted a few bills through the payrewards 1.8% option, got the bonus rewards

It's borderline valuable for me but not terrible e.g. I think one transaction cost $600 post tax and the points I acquired are worth around $660 or so in vouchers...so in positive territory in the worst use case option...

 

[georgie23]

I posted a few bills through the payrewards 1.8% option, got the bonus rewards

It's borderline valuable for me but not terrible e.g. I think one transaction cost $600 post tax and the points I acquired are worth around $660 or so in vouchers...so in positive territory in the worst use case option...

Agree - I used it while I was on promotion to get access to higher plan for free - marginally seems ok - come out ahead a little bit - but I dont chase it

 

[drunkenrooster]

I have been researching about these two options and here is some of the info I have gathered.

The cost per point from pay.com.au would be at 3.8 cents. So a J class redemption that typically costs me 90k points would come out at $3420.00.

Am I doing the math wrong? I struggle to understand the value of money with redemption when it's 3.8 cents per point...

 

[georgie23]

depends on card and program you send to

Platinum Amex is 2.25 ppd and transfer to KF is 3:1
90K points equals $120K spend at 2.10% fee is $2520 - if the fee is tax deductible even less

For other cards and programs it will be different
need to see if it works for you

 

[random111]

exactly as georgie23 said

If you have a NAB qantas signature thats 0.66points per dollar, 90k QFF points = $135,000k spend, which at Visa rates of 1.2% = $1,620 or 1.8c per point pre-tax

My business spend is such that spending the $165 inc gst per month is worth the 0.2% discount across the major card types, so makes it marginally better overall

 

[georgie23]

is worth the 0.2% discount across the major card types, so makes it marginally better overall

what did you mean by discount across major card types here?

Post automatically merged: Aug 22, 2024

exactly as georgie23 said

If you have a NAB qantas signature thats 0.66points per dollar, 90k QFF points = $135,000k spend, which at Visa rates of 1.2% = $1,620 or 1.8c per point pre-tax

My business spend is such that spending the $165 inc gst per month is worth the 0.2% discount across the major card types, so makes it marginally better overall

Yakpay do 1.1% for visa - just have to ask them and they give you "negotiated rate" of 1.1% with no bonus points

 

[random111]

what did you mean by discount across major card types here?

Post automatically merged: Aug 22, 2024

Yakpay do 1.1% for visa - just have to ask them and they give you "negotiated rate" of 1.1% with no bonus points

oh i meant the standard free account vs the paid premium account
the 1.2% visa fee drops to 1%

to breakeven on the ex GST $150 (assuming you get no other value from the other services included) based on a 0.2% reduction = $75k in monthly spend processed through pay.com.au

I'm looking at around $200k per month, so made sense for me

 

[georgie23]

thanks I see - understand now

 

[Atleastonce]

I have a $185K personal ATO bill to pay and have an Amex platinum card. At around 425K reward points and $4K fee this doesn’t sound too bad when that roughly equates to a J return trip from Australia to USA. Now just to convince Mrs Atleastonce it is a good idea and to find available flights. I am sitting on 1.7 million velocity points and 600k Amex reward points I know she will say we don’t need any more points. Perhaps SQ suites to Singapore for a long weekend might change her mind.