If you have a Myki with a balance you can return it to a PTV Hub and have the balance refunded (or do it online).
Let's for example say you have an Amex with a $25,000 limit.
On the first day of your statement cycle you top up your Myki with $25,000. You just earned some amount of points. You won't have to pay this amount off for 55 days.
Next, you have your Myki with a balance of $25,000 refunded. The money will be paid into your bank account. You now have a float of $25,000 thanks to the Victorian Government.
You did lose $3 having to buy a concession Myki which you have to hand in when you request the refund (You aren't actually using the Myki so buying a concession version only costs you $3 instead of $6).
You can do this again and again… As soon as the money is received you could pay off your Amex and you're back to square one.
This is even more lucrative if you're a store owner, then you're getting the commission from selling the Myki top up as well as the points.
This seems too good to be true, you're literally printing money. Why doesn't it work?
Alternatively, you can do it with the 2% cashback debit cards like HSBC although that's capped at $50/month.
Has someone already figured this out and this is really why Myki is costing us billions? lol
Maximum balance is $1000, Max top up per transaction is $250. Probably going to get complicated getting multiple refunds to make it worth your time.
At $1000 at 2% cashback, that's $20. How long would it take you to top up via Amex/HSBC (can't use either online) and then go to the hub and get a refund? How much is your time worth?