hi guys,
my credit card limit is $20,000. I want to pay a bill worth $80,000.
Am I able to overpay my credit card by $60,000 and then pay the balance this way?
The main reason is I want to get the frequent flyer points for my purchase.
The next question is, would I gain points above my spend over the creditlimit of $20,000?
(card is Bankwest Qantas Rewards platinum)
Edit:
I'm gonna call up Bankwest and ask them. will post answer for anyone interested
thanks. my card cap is 200,000 i think.
Just not sure about whether the $60,000 (on top of my limit) will accrue points
Pay in four transactions? Top up our CC in between.
yeh can do that lol. lot of net banking fiddling around on the day i spose
you probably wont be able to do it in all one day.
there will be payment processing time on the credit card before the funds appear.
It's instant from CBA account to CBA credit card.
Yes, good idea to call them. BW does a good on line chat that you can keep a copy of. AND, let us know plse. You'll get .75 point per $.
Its not an ATO bill is it?
na, i know i dont get points for ATO bill
I don't think the cc processing will let it through since you will overdraw your limit.
In case I am wrong, make sure it is 'payment' type bill, not 'cash transfer' type since you will get charged with fee more than the points worth and make sure there is no x% credit card processing fee.
Some cards also do not cover all types of transactions (Westpac black) such as power/gas bills.
Yes you can overpay as per your example. Check your credit card product disclosure statement as a lot of cards have a cap on how many points you can earn per month or annum.