Morning,
Unfortunately I have 5k owing to the ATO this year.
I also have a AMEX platinum velocity credit card.
In order to maximum points received for paying this bill is it possible to use the credit card to buy a prepaid card in order to maximize points per $ to pay the ATO.
Off the top of my head ATO payments only receive 0.5 points for $1 instead of 1.
https://cards.woolworths.com.au/pre-paid-cards/mastercard-pr…
OR
http://auspost.com.au/money-insurance/load-and-go-reloadable…
Cheers.
I've recently discovered i can pay my rates with paypal using my credit card. I get the points and there is no surcharge. If I pay my rates using my credit card direct there is 1.5 percent surcharge
How? I've logged in ato account. There are 3 payment options: credit cards (+surcharge), BPAY or direct transfer. I can't see the option through paypal.
Look up the BPay biller code and see if they accept credit card. If they do it should not be treated as a cash advance.
Request a payment plan to make each payment $99. Use you ING card to make 51 payments before 30 Sept at the post office. Now your $5000 tax bill is effective $4900.
Payment plans are usually maximum 2 years duration. This wouldn't be approved in this case, too many payments would be required to reach $5k.
From within the calculator it says "Self-service system cannot process payment arrangements in excess of two years"
ING do cash back or something? Because that's pretty good.
LOL. All that work to save $100. If you spent that time actually working or with an accountant you might find you would earn far more than $100.
Remember that pre paid credit cards usually have a cost associated with the card, sometimes $5-$6 unless you get a deal that waives that fee.
I think the prepaid credit card purchase transaction might count as a "cash equivalent" in the velocity card T&Cs and therefore get you no points.
bpay? Or have all the credit cards providers removed the option to get points from tax?
Auspost will only accept Cash or EFTPOS to top up their prepaid card, no credit card allowed.
Most likely the same with the Woolworths card.
You can never "pay" one credit card with another. It'll either get rejected or treated as a cash advance.
Otherwise you could just move money back and forth between 2 cards and get unlimited points.
Flybuys now has this targetted father's day offer that allows multiple purchases of $100 Coles prepaid mastercard, and reimburse your $5 purchase fee by crediting back 1000 points. However qualified Ozbargainers should've already hoarded enough discounted eftpos gift cards for uses like this.
I paid rego with those eftpos cards. Split payment over 7 cards.
If you can buy the $100 Coles prepaid mastercard with a 5% discounted Coles egiftcard then you can use it anywhere.
It is like having 5% discount on everything.
And the offer does not mention limits, only "maximum 10 cards per transaction".
The staff have to authorise the transaction and in my experience they will not allow you to pay with for these MasterCards with an egift card.
Best bet is to buy on Amex with 2 or 3x points per dollar at supermarkets.
You could get 2500 FlyBuys Points (worth $12.50) using the Coles Prepaid Mastercard though it would cost $21 worth of fees to pay it that way, in other words this option is not worth it. You also can't load it via credit card either so that option is out.
I paid mine with itunes cards this year. Maybe use your credit cards to buy iTunes cards and them use that to pay the bill.
If I'm not mistaken the ATO charge a fee to pay by credit card. When I recently checked via Government EasyPay it was 0.42% for Visa or Mastercard, 1.45% for AMEX.
This might change your workings on the cost/benefit of using credit vs gaining points.