I'm looking to make a purchase on my NAB Qantas Signature credit card that is in excess of my credit limit. I don't want to go to to the trouble of increasing my limit just to make the purchase.
NAB told me I can just overpay the credit card to put it in credit, then I can make the purchase. What I want to know is if I'd still earn Qantas points for the amount over the credit limit. It's a bit unclear.
Has anyone had this experience?
Thanks. That was my thinking too but I just saw this in their terms:
We may reduce your Qantas Points balance to the extent an eligible transaction results in the credit limit on the NAB Qantas Card Account being exceeded or is debited against credit funds in the NAB Qantas Card Account. When this happens the Qantas Points balance will be reduced by the Qantas Points value of the debited amount to the extent it exceeds the credit limit or is debited against credit funds. This will be done progressively by not crediting Qantas Points earned in subsequent periods until the value of the Qantas Points that should not have been credited to the Qantas Frequent Flyer Membership Account have been recouped. The value of the Qantas Points reduced will be calculated using the rate at which Qantas Points are allocated for transactions to your NAB Qantas Card Account at the time the credit amount or adjustment was processed by us.
Hmmm….that sure is a catch. I need to check my cc for a similar clause….
Is it possible to spread the payment using Afterpay so that you don't have to put your credit card account in "credit"?
Otherwise hope somebody else can share more experience.
I think I'll see if the business I'm paying can accept the payment over 2-3 transactions. I could make the first, then top up my account to bring it back to the full credit limit before paying again.
Would most likely need to do it over a couple of days, as payments to visa / mastercard take a day or so to clear. Test it beforehand, transfer in a couple of dollars and see how long it takes to clear.
within the same bank or from one bank to another using Osko it's immediate
I assume you're already close to the limit right? So just spend $100 more and see if you get points.
I'd just try it
Generally yes,
Ask them the Bpay payment method.
Pay money in that account.
Your Available credit should jump up. (and you should technically be able to spend upto your maximum Available Credit limit).
For the first part, overpaying, yes this works. Accidentally double paid one of my CC bills in the past due to confusion regarding the direct debit set ups which resulted in my CC having a massive surplus.
As for the points…unsure. Looks like the signature card will earn Qantas points up to $20k spend per statement period so technically it should?
Thanks for all the help and replies. Ended up splitting the transaction and will top up the account to the limit but not put it into credit.
I've been doing this for years on my Business NAB Qantas card. Limit is $15k but drug bill was regularly $20k+ - just pay $20k onto card and then charge card for $20k.
Bought an Ultrasound in June and just checked my QFF acct and 19k points transferred to QFF so it's still working fine.
Not specifically with NAB but generally you earn points on what you spend with the credit card. It is irrelevant whether the amount comes from the the credit that has been extended to you, or an amount you have "overpaid" by. You will still earn points on what you spend according to the terms and conditions of the bank.