Yearly Myki Pass Payment Plan Installments / Afterpay

luminousfox on 24/09/2018 - 16:11
Last edited 24/09/2018 - 19:06

I've done the math on a Yearly Myki pass for my work travels and it ends up being a better deal. While it would save me a little in the long run, the $1683.50 full fair hit to the wallet is putting me off. I know it kinda defeats the purpose of it being cheaper, but is there any way to pay it off in installments either through PTV themselves, or some kinda service like after pay or zip pay or something. Has anyone ever done something like this before?

Edit: I work 3 days a week with alternating sat/sun every fortnight so none of the other passes other than 365 day would work out to be worth it

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Comments

  • Gronk on 24/09/2018 - 16:32

    Well let's run the numbers -

    A 28 day pass costs $145.04 (full fare, zone 1 & 2), so on an annual scale that's $56.98 more expensive than the amount you've quoted.

    So when you consider that Zip Pay charge you $6 for each month your account balance is >$0, you'd need to pay it off in under 10 months to come out in front. I'm also not sure if they charge any setup fees, but that would only make it an even worse deal for the consumer.

    • [Deactivated] on 24/09/2018 - 16:41

      Then you need to consider if the extra $5 savingh a month is worth being $1600 short, will you end up using credit to cope with the deficit, negating the savings?

      • Gronk on 24/09/2018 - 17:17
        +1

        Yeah personally I'd stick to Monthly because a lot can change in the course of a year, for instance you might change employers and no longer be able to take PT to work.

    • luminousfox on 24/09/2018 - 17:40

      I'm only working 6 weekdays a fortnite and every second weekends so it came out to be about 10 dollars more for the yearly , but often I'm called in for work on days off so it would correct itself quickly and I'd get free travel any other day. Altho another comment made me realize I didn't consider holidays at all.weeklys are cheaper but because of the days,I'd have to buy it every second week which would be a bit more annoying.

      • Godric on 24/09/2018 - 22:40
        +6

        fortnite

        oh god

  • JimmyF on 24/09/2018 - 16:33

    but is there any way to pay it off in installments

    Yes its called saving….

    So rather than afterpay it, why don't you just do that yourself and put the money aside each pay, instead of having afterpay take it out.

    Then once you have GASP saved up the $1683.50 via your DIY afterpay, you go out and buy the yearly pass.

    • [Deactivated] on 24/09/2018 - 16:43
      +1

      If he saved his daily fares for a year, then he would be able to afford a yearly pass and enjoy the savings, unfortunately he probably will not have a job anymore after not going for a year to save the fare.

      • JimmyF on 24/09/2018 - 18:04
        +4

        grow up. If the OP can afford 'afterpay' this amount, they can afford to be an adult and save up for it like every other human on this earth before afterpay become a thing.

        Afterpay you pay the purchase back over four equal installments, due every two weeks. So GASP, just save up. Its not that hard.

        OP needs to put $420.88 out of each fortnights pay for the next 4 pays and then goes out and buys the yearly ticket.

    • outlander on 24/09/2018 - 23:18

      What are you talking about? This is literally the only fiscally good type of reason for borrowing money
      (provided the potential savings justify the interest charges on the loan)

  • Cheaplikethebird on 24/09/2018 - 16:37
    +12

    Have you checked to see if your employer is a member of 'Commuter Club'? It's a program that lets organisations purchase annual tickets for their staff at a 10% discount (Zone 1 & 2 goes for $1515.15). I'm not sure how it works across different organisations but at my workplace once you sign up the cost is then deducted from your pay cheque in equal payments over the next 12 months.

    https://www.ptv.vic.gov.au/tickets/fares/travel-benefits/myk…

    • luminousfox on 24/09/2018 - 17:42

      Huh that's great info, I'll ask when I'm at work next thanks!

  • altomic on 24/09/2018 - 17:13
    +1

    and if you go away for a lengthy holiday that falls between monthly recharges then you will not be paying for something you won't use. rather than annual pass - paying for something you not using.

    • luminousfox on 24/09/2018 - 17:35

      Huh I completely forgot about taking holidays, did not occur to me at all while calculating. Thanks!

  • bohn on 24/09/2018 - 17:53

    If you take the usual 4 weeks holiday per year, I think it is cheaper to just purchase the monthly tickets up to a friday, purchase again on Monday, and plan so that whenever there are public holidays you get a monthly up until the public holidays, and resume afterwards etc. I think this works out the cheapest.

    The point made above about getting a discount if your company is part of a program is interesting.

    • Shadowsfury on 24/09/2018 - 18:44
      +1

      I was just about to point this out.

      Assuming no public holidays at start or end, the best value is a 33 day pass - start on a Monday and end on a Friday. Adjust as necessary for days off/public holidays at beginning and end.

    • luminousfox on 24/09/2018 - 19:01

      I actually do alternating weekends so every fortnight i only work sat/sun, then 6 days for the rest of the week. Every pass deal is worse aside from the yearly because they give you a bunch free, and even then its 10 dollars more a year assuming i never miss a day of work. but i often get called in for extra shifts on different days and it would be nice to not worry about tram fairs if i travel to work in in free time on my off days. I've realized tho that i didn't include holidays and that would ruin any savings i get anyways. That company discount would save it tho, i hope i can get it!

    • Ninja9 on 24/09/2018 - 23:12

      Yes I’ve got the commuter club discount and I think the deduction is before tax as well.

  • Diji1 on 24/09/2018 - 20:09
    -3

    Hasn't privatising public transport worked out well.

    Crazy high fares for everyone, just as you'd expect based on logic and history, but fools voted for Liberal and Labour regardless - and here we are.

    • JIMB0 on 24/09/2018 - 21:29

      It's too cheap. Just look at how popular and crowded the trains get these days. They should jack the fares up and use the money to improve the system.

  • vicoz on 24/09/2018 - 20:13
    +3

    Or join this https://www.ptua.org.au/members/offers/ and it costs only $1,590/year zone 1+2

    • burningrage on 24/09/2018 - 20:46
      -1

      Don't forget the CC Surcharge!

      Extra $18.

    • bremo on 25/09/2018 - 08:53

      Looks good:)

  • bremo on 25/09/2018 - 08:47
    -1

    Look into buying 33 day myki passes and validate them on a Monday. Probably better value than a yearly pass. Money hacks.

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