BPay with Credit card on Tatts to earn Interest from bank

cheatGPT on 17/04/2017 - 01:52
Last edited 17/04/2017 - 01:52

I come up with an idea:

  1. Using credit card BPay to put money into Tatts account
  2. Withdraw cash from Tatts account
  3. Put money into maximum saver account.
  4. Pay the credit card bill.
  5. Go back to step 1.

P.S.

I tried with different BPAY billers,

Some would show:
The Biller you're trying to pay doesn’t accept credit payments.

Your bill can still proceed as a cash transaction, but this will mean you'll be paying interest at the cash advance rate and the cash advance fee will apply (refer to your Financial Table for more information).

=======================
But it doesn't happen on Tatts.

Does it means that I can BPay to Tatts without charging cash advance rate?!

Financial

Comments

  • RockyRaccoon on 17/04/2017 - 05:58
    +2

    Bank interest rate at best 3%

    Say 5K float PA = $150

    = 42c a day

    In 50 years we'll have a new name in the world financial circles

    Warren E OWEN

    Just dont miss a payment!!

  • JIMB0 on 17/04/2017 - 08:59

    Your tatts account will get locked if you try to put money through it like that.

  • boxoid on 17/04/2017 - 10:11

    Wouldn't this be considered money laundering and raise the ire of ASIC and the ACC?

    • Diji1 on 17/04/2017 - 10:22
      -2

      Er … no?

      • djkelly69 on 18/04/2017 - 00:42
        +1

        Well Tatts (and other gambling companies/sites) will flag your account very quickly if you are just depositing money and withdrawing without betting/gambling. While perhaps not technically money laundering, they are not there to facilitate your banking needs and will shut the account down.

  • buckster on 17/04/2017 - 10:42
    +2

    It'll likely be picked up as a cash advance anyway

    • ronnknee on 17/04/2017 - 10:53
      +2

      This. Wouldn't risk 20% cash advance interest for 3% bank interest.

  • johninmelb on 17/04/2017 - 13:11
    +2

    Payments by credit card to Tatts are regarded as Cash Advance, as it is regarded as gambling.

    How does using a CC via Bpay change that? Have I missed something here?

    I transfer money to my Tatts account now via my debit card to avoid the fees.

  • Samsungnote10 on 17/04/2017 - 22:02

    It won't work unfortunately but at least you're thinking creatively!!

    Keep at it

    I've thought I of a very similar thing when I was a bit younger

  • LemonShapedRock on 18/04/2017 - 21:47
    -1

    The only way you'd be able to withdraw freshly deposited money from your Tatts account would be to wager it.

    EG. Bet $1,000 and win it back, then it'll be available for withdrawal.

    And as the above comments stated it would be classified as a cash advance, if it's even accepted at all.

    Typically merchants like Tatts get to choose hat payment methods they accept via BPAY.

    EG. You can't BPAY your Personal Loan from your credit card etc.

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