Car dealer accepts debit card payment with a 0.7% surcharge
Car is worth $16k.
Surcharge translates to ~$118.00.
What's the best way to get the most points out of it?
Currently have Velocity Global wallet but its crap at 1 point = 3 dollars (5333 velocity points)
Buy the car on your card; receive points.
Return car within the cooling off period.
Ask for refund of purchase price from dealer via cheque.
Use cheque to pay off card balance.
Cooling off costs $400 or 2% of the purchase price.
balance transfer 18 months or more
You have asked for the best way to earn points, but i’m assuming you only want to use debit options. If so, the Velocity Global Wallet is your best way to earn Velocity points. As JimmyF said above, are you willing to pay $118 for 5333 Velocity Points?
Not really.
2000Flybuy = 10$
2000Fly = 780 Velocity
so 5333 Velocity = 68$
$118 for 5,333 points is really not worth it. That's 2.2c / point you're paying.
You can buy Velocity points off ozbargainers at 1-1.3c / point.
Can you use a credit card ?
How much does the dealer charge for using a Amex (say)
They havent mentioned AMEX, but MC and VISA only.
Im thinking of getting the Coles CC to make the purchase, pretty sure those add flybuy points too (right?)
If you get the No Annual Fee Coles Mastercard (Assuming you don't want a card which has an annual fee), you will get 1 flybuys point per $2 you spend.
So, a $16000 transaction will get you 8000 flybuys points
8000 Flybuys = 3480 Velocity Points (3.34 cents per point).
If you hold out for a 15% or 20% bonus transfer to Velocity promotion, the amount could go up to 4000 or 4176 points, still at least 1200 less than using the Velocity Global Wallet. :(
If you get the Rewards Coles Mastercard, you will get 2 flybuys points per $1 you spend, but you have to pay a $99 Annual Fee.
Using this card, a $16000 transaction will get you 32000 flybuys points.
32000 Flybuys = 13920 Velocity Points, plus potential bonus points (see above).
If you do get the Rewards Coles Mastercard, this would mean paying $217 for at least 13920 Velocity Points (1.56 cents per point), or if another 20% bonus comes around, you could get up to 16704 points (1.30 cents per point)
If 5333 points are not worth paying the $118 credit card fees, then save yourself $118 and pay another way ;)