Yakpay Rewards Accelerator - Points Earn Boosted

[prozac]

The Yakpay platform enables you to process your payments via credit cards and/or bank transfers, and your supplier receives payment as a standard EFT or BPAY payment. I have been using Yakpay to pay everything that normally attracts a credit card fee from strata levies, supplier invoices, to ATO payments. In many cases I find it cheaper to pay via Yakpay than paying direct. I receive the usual credit card points along with bonus Qantas or Velocity points at a rate of 1 bonus point for each $10 for EFT payments or 1 bonus point for every $4 for bank transfer.

REWARDS ACCELERATOR
Yakpay have just introduced a neat way to boost the bonus points you can earn to your Qantas of Velocity account called the Rewards Accelerator. Mere mortals can boost the points earned by leveraging the earning potential of your card by paying a little more in the card fee. For example, a business class flight to London is typically $10,000 or 144,600 points. You can now earn 150,000 points for only $3,300 when paying $15,000 via the Rewards Accelerator on the Diamond tier - a saving of nearly $6,700.

Here's how it works.
The Rewards Accelerator offers you a range of selectable tiers, each with its own unique earn rate.

Tiers and Earn Rates:​

Rewards Accelerator Tier	Qantas Points Earned	Bonus Point Fee (ex GST)
Standard (Card Payments)	1 point for every $10	0%
Bronze (Card Payments) or Standard (Bank Transfer)	1 point for every $4	0.5%
Silver	1 point for every $2	1%
Gold	1 point for every $1	2%
Platinum	2 points for every $1	4%
Tungsten	4 points for every $1	8%
Black	8 points for every $1	16%
Diamond	10 points for every $1	20%

In short, this new feature would enable you to select exactly how many bonus Qantas (or Velocity) points that you want to earn on top of the full points from your Mastercard, Visa or Amex and the standard 1 bonus Qantas per $10 spent (for card payments) on every transaction. So if you opted in for the Accelerator on your transaction you would be getting 3 hits of points (Full Card, Standard Bonus and Rewards Accelerator Bonus).

Here is a link to the Yakpay support page - What is the Rewards Accelerator?

 

[Franko Costa]

So it would be 2c per 1 QFF? Seems expensive

 

[yuppieshrink]

So it would be 2c per 1 QFF? Seems expensive

And if the fee is tax deductible its 1c per 1 QFF

Post automatically merged: Nov 15, 2023

So it would be 2c per 1 QFF? Seems expensive

And if the fee is tax deductible its 1c per 1 QFF

So it would be 2c per 1 QFF? Seems expensive

So it would be 2c per 1 QFF? Seems expensive

 

[33kft]

And if the fee is tax deductible its 1c per 1 QFF

Hmm? That might be true if you are assuming top income tax bracket but my understanding is that only debit card fees are claimable for individuals. For businesses, credit card payments are claimable but that isn't going to result in a 50% cost offset?

Cost of managing tax affairs | Australian Taxation Office

Deduction for expenses to manage your tax affairs, such as lodging with a registered agent.

www.ato.gov.au

 

[prozac]

Hmm? That might be true if you are assuming top income tax bracket but my understanding is that only debit card fees are claimable for individuals. For businesses, credit card payments are claimable but that isn't going to result in a 50% cost offset?

Cost of managing tax affairs | Australian Taxation Office

Deduction for expenses to manage your tax affairs, such as lodging with a registered agent.

www.ato.gov.au

I claim all my personal investment related credit card fees and gst. Have done for decades. It is all above board and correct.

 

[33kft]

Sure, it's subjective. I agree with the OPs statement (if it is claimable, it could be 50% of the cost) and clearly there are cases where it is, but a few more caveats would be that it would be 1cpp if it were claimable against income tax for someone in the highest bracket.

 

[Mark3000]

very interesting, if tax deductible it makes 1c per point very reasonable

 

[nthd_nthd]

W

The Yakpay platform enables you to process your payments via credit cards and/or bank transfers, and your supplier receives payment as a standard EFT or BPAY payment. I have been using Yakpay to pay everything that normally attracts a credit card fee from strata levies, supplier invoices, to ATO payments. In many cases I find it cheaper to pay via Yakpay than paying direct. I receive the usual credit card points along with bonus Qantas or Velocity points at a rate of 1 bonus point for each $10 for EFT payments or 1 bonus point for every $4 for bank transfer.

REWARDS ACCELERATOR
Yakpay have just introduced a neat way to boost the bonus points you can earn to your Qantas of Velocity account called the Rewards Accelerator. Mere mortals can boost the points earned by leveraging the earning potential of your card by paying a little more in the card fee. For example, a business class flight to London is typically $10,000 or 144,600 points. You can now earn 150,000 points for only $3,300 when paying $15,000 via the Rewards Accelerator on the Diamond tier - a saving of nearly $6,700.

Here's how it works.
The Rewards Accelerator offers you a range of selectable tiers, each with its own unique earn rate.

Tiers and Earn Rates:​

Rewards Accelerator Tier	Qantas Points Earned	Bonus Point Fee (ex GST)
Standard (Card Payments)	1 point for every $10	0%
Bronze (Card Payments) or Standard (Bank Transfer)	1 point for every $4	0.5%
Silver	1 point for every $2	1%
Gold	1 point for every $1	2%
Platinum	2 points for every $1	4%
Tungsten	4 points for every $1	8%
Black	8 points for every $1	16%
Diamond	10 points for every $1	20%

In short, this new feature would enable you to select exactly how many bonus Qantas (or Velocity) points that you want to earn on top of the full points from your Mastercard, Visa or Amex and the standard 1 bonus Qantas per $10 spent (for card payments) on every transaction. So if you opted in for the Accelerator on your transaction you would be getting 3 hits of points (Full Card, Standard Bonus and Rewards Accelerator Bonus).

Here is a link to the Yakpay support page - What is the Rewards Accelerator?

What are your thoughts against snip or pay.com.au? I looked at fee for yak and it seemed more expensive compared against snip/pay.com.au

Intrigued on hearing everyone's comparison.