How Does Citibank PayAll Work?

LIwillhelpyou on 12/04/2023 - 23:08

So I keep reading about how you can game the citibank spend requirements to get a bonus by using the payall feature. Basically just transfer money into your own bank account and boom easy. But surely this doesn't work right? Surely they would know it's your bank account, after all it has your name on it. In addition, this is effectively a cash advance right? You've turned your credit into cash, interest free while also potentially earning points.

Does this actually work? It just doesn't make sense to me.

Financial

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Comments

  • Bargainitis on 12/04/2023 - 23:12
    +2

    The less this is posted the better for everyone who has payall running.

    • Iwillhelpyou on 12/04/2023 - 23:43
      -6

      Explain quickly and I'll delete it

      • MS Paint on 12/04/2023 - 23:45
        +1

        Did you read this?

        • Iwillhelpyou on 13/04/2023 - 10:53
          -1

          All the comments seem to contradict the comments under the credit card deals.

  • lloydXC on 02/05/2023 - 16:38

    It works. Ofc just dont let them catch you.
    I have recurring rent payment using Payall for almost 2 years now with no fee and have been collecting sweet points to convert to giftcards. Apparently I’ve been paying to the agent’s bsb and account number and one day thought why shouldn’t I pay the rest of the monthly limit (20k) to myself and deposit it to get some savings interest. Went to Ozb and saw bunch doing the same. So I’ve been doing that for a few months now without issue.

    Just have 1 today: landlord changed to new agent so I got a new payment ref. I cancelled the current recurring payment and initiated a new one. Citi didn’t let me. I suspect the cancelled payall transactions also are counted towards the 20k limit.
    Can someone know of the issue and can confirm?

    • krazek on 03/05/2023 - 15:06
      +2

      Wait a couple days and you should be able to setup another recurring payment up to the 20k limit

      • lloydXC on 04/05/2023 - 21:22

        thanks. Can confirm it works!

    • ZeroRefrain on 19/05/2023 - 10:29

      If you regularly transfer large amounts of money to a personal BSB/Acc wouldn't that flag as suspicious transactions/income by ATO? Or how would they know it isn't your income?

      • dein_gesicht on 19/05/2023 - 15:08

        No. You have an electronic account showing money from another account as proof

    • suurrrffff on 08/06/2023 - 20:44

      I am just wondering if ATO will deem the money you received as taxable income? After all the payments came with "rent" comment.

  • scanuck on 29/06/2023 - 08:34

    There is no fees on it yet - but I’m sure they will come back

  • proudwanderer on 16/07/2023 - 11:06

    When does the free payall end?

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