Paying into a Bank Account Using Credit Card Cash Advance

ajrat on 27/09/2018 - 12:48

I'd to pay an invoice of about $2K to a building designer using an ANZ FF black card from this deal to hit the 3 month spending threshold and recoup the bonus FF points. I spoke to his office and they don't have any CC facilities, accepting only bank transfer, cheque or cash. Is it possible to use a cash advance into his account using the CC (and then pay the CC balance immediately) without attracting fees?

Any advice would be greatly appreciated.

Financial

Comments

  • John Kimble on 27/09/2018 - 12:56
    +8

    No. Read the terms and conditions.

    Your application must be approved and you must activate the card and make $2,500 worth of eligible purchases (purchases which are not eligible to earn Points are described in the ANZ Frequent Flyer Reward Terms and Conditions (PDF 1.67MB), for example fees, cash, cash equivalent transactions, balance transfers and transactions for gambling or gaming purposes will not earn Points) within three months of approval to receive the bonus Qantas Points.

  • [Deactivated] on 27/09/2018 - 12:57
    +2

    A transfer to a bank account from any CC will incur cash advance fees.
    Further, these payments will not count towards your spending threshold.
    Perhaps you could look into purchasing gift cards for retailers you regularly shop at?
    Or paying more than what is required on some of your bills?

  • leiiv on 27/09/2018 - 12:58
    +3

    How about using PayPal F&F to your parter/family account? I think PayPal charges you about 3% fees, perhaps better than cash advance fees?

    • hashtagbargain on 27/09/2018 - 13:18

      This is the only possible solution to the situation.

  • enigma48 on 27/09/2018 - 13:00
    +2

    Cash advances don't collect points, so won't help with the spend threshold - and many banks charge a fee for using cash advance (1-2% on amount, plus 20% immediate interest). Doesn't look good.

    Looks like it's about 2% - open https://www.anz.com.au/content/dam/anzcomau/documents/pdf/pe… and search for "Cash Advance fee"

  • ajrat on 27/09/2018 - 14:04

    Thanks very much for the responses. I have some rates notices coming up, does anyone know if these qualify as eligible purchases?

    • [Deactivated] on 27/09/2018 - 14:06
      +2

      If you're able to pay using your CC, any amount paid should be counted towards your qualifying spend.

      At least it worked for me as an ANZ customer.

      Also keep in mind that the purchase needs to be posted to your CC account by the specified timeframe.
      So if you spend today, it may not be posted to your account as a 'purchase' until Tuesday or Wednesday (given the PH days coming up).

    • thatonethere on 27/09/2018 - 14:32
      +1

      One trick with rates notices - some payment gateways let you specific an arbitrary amount to pay - so you can actually over pay your rates (then you will be in credit next bill).

      • ajrat on 27/09/2018 - 16:45

        Great!, I checked and I can just pay a bit extra to hit the threshold. I have a couple of weeks until the threshold period ends so fingers crossed should all be good.

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