Unlimited Rewards Points Using a Myki - Has Anyone Tried This?

If you have a Myki with a balance you can return it to a PTV Hub and have the balance refunded (or do it online).

Let's for example say you have an Amex with a $25,000 limit.

On the first day of your statement cycle you top up your Myki with $25,000. You just earned some amount of points. You won't have to pay this amount off for 55 days.

Next, you have your Myki with a balance of $25,000 refunded. The money will be paid into your bank account. You now have a float of $25,000 thanks to the Victorian Government.

You did lose $3 having to buy a concession Myki which you have to hand in when you request the refund (You aren't actually using the Myki so buying a concession version only costs you $3 instead of $6).

You can do this again and again… As soon as the money is received you could pay off your Amex and you're back to square one.

This is even more lucrative if you're a store owner, then you're getting the commission from selling the Myki top up as well as the points.

This seems too good to be true, you're literally printing money. Why doesn't it work?

Alternatively, you can do it with the 2% cashback debit cards like HSBC although that's capped at $50/month.

Has someone already figured this out and this is really why Myki is costing us billions? lol

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Comments

  • +8

    Maximum balance is $1000, Max top up per transaction is $250. Probably going to get complicated getting multiple refunds to make it worth your time.

    At $1000 at 2% cashback, that's $20. How long would it take you to top up via Amex/HSBC (can't use either online) and then go to the hub and get a refund? How much is your time worth?

  • Ah, thank you, the $1,000 max balance is the fail safe. Agreed, not worth the time.

    • *Fail secure.

  • +6

    Ignoring the points benefits, you risk myki freezing your account due to fraud suspicious then make your life hell to get it back.

  • +3

    Decryption did a similar thing but had a card that offered him points per transaction and ended up doing loads of 1c transactions to top up his Citilink pass. Ended up earning 1 million points but NAB caught wind of it.

  • +1

    Transactions greater than $10 000 would need to be reported by the bank, and may be investigated as possibly illegal (money laundering?). Accounts would get frozen quickly I think.

  • You'd get investigated for money laundering.

  • +1

    It has already taken me at least 2 weeks to get Myki to return $11.20 and still not refund. Do you really want to give the government $25k just to get some bonus points. Which reminds me I have to call them up again. I don't think its worth it for even $1k. Who has $1k credit just to give away and try to make sure you get it before credit pahyment due.

  • If you want to manufacture a points return, just accidentally overpay your electricity bill and have the refund processed to a different account. This has been reported as possible at Aus Freq Flyer.

  • Not worth the hassle

  • Myki does not accept American Express in the first place, unlike Opal which does.

    • Can't you top up myki at 7-Eleven, which accepts Amex?

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