I have to make a Uni fee payment of $19,000 today to pay back my HELP loan. I was thinking of doing it with my Commonwealth Bank Awards card where I get 1 point per $1 spent, which amounts to about $100 worth of awards.
Should I look into any other types of cards before I make the payment?
Let alone a surcharge, most CCs don't allow points to be earned on ATO transactions.
CommBank allowed, but not sure about how much the fee is,
https://www.ato.gov.au/individuals/payments-to-ato/how-to-pa…
although it is tax deducible.
It would be very expensive exercise if CC charge you as Cash Adv Withdrawal rather than Credit Purchase.
Why not google, I have fund this, for ANZ;
http://www.ausbt.com.au/how-to-earn-frequent-flyer-points-wh…
-edit
KaptnKaos is correct, most bank don't allowed CC payment for point gain, just found out Combank has terminated since 2/11/2015 :(
agh.
Ok just found out matercard fee is .42% of the full amount.
$80 fee to get $100 gift card?
Why wouldn't you do it? $20 you had that you didn't have beforehand.
Only if you use the gift card. It's not like it's $20 cash back.
If the gift card expires or the business goes belly up you have lost $80.
Colesworths cards (groceries or fuel or grog) are easy enough to convert to cash - use the giftcard instead of cash and its equivalent.
Prior to bankwest changing the value of points slightly, I used to get direct cash back as it required less points than a gift card.
Is there a maximum amount of awards they payout per month?
I thought ATO charge you fee for CC payments of HELP Loan?