[Citibank Credit Cards] Free Citi PayAll for All Payments Set Up from 1st April to 31st Oct 2021 (Normally 2%)

1680

Received in email. Maybe targeted.

Free points on your rents, and any other fees that normally don’t accept credit cards without a fee.

Email excerpt below:

We are writing to advise you of an update we are making to the Citi PayAll product feature available on your Citi Rewards Card.

For all Citi PayAll payments set up between 1 April 2021 to 31 October 2021 (the Period), the Citi PayAll fee will be reduced to 0%:

• Any recurring Citi PayAll payments set up during the Period will not incur the Citi PayAll fee for the duration in which those payments are scheduled to occur.

• Any Citi PayAll payments set up after the Period ends will be charged the standard Citi PayAll fee of 2% of the amount of the Citi PayAll payment.

• Any recurring Citi PayAll payments set up prior and after the Period will be charged the standard Citi PayAll fee of 2% of the amount of the Citi PayAll payment. This fee will apply to all recurring payments made for the duration in which those payments are scheduled to occur.

For more information on Citi PayAll, please refer to the Credit Card Terms and Conditions and Other Important Information and if you are enrolled in a Citi Rewards program, please refer to the Terms and Conditions of the Rewards program you are enrolled in.

https://www1.citibank.com.au/offers-benefits/PayAll1

This is a good guide:
https://www.pointhacks.com.au/citibank/payall/

Related Stores

Citibank Australia
Citibank Australia

Comments

  • +23 votes

    I got this too but I have no idea what "Citi PayAll" is.

    • +2 votes

      Me too. Got this email but have no idea what citi payall is so just deleted it.

      •  

        I got this email the other day, the title said citi payall but i have no idea what it was.

        • +6 votes

          I also got this, but instead of immediately deleting the email, I googled it, and now I know what Citi Payall is.

          • +1 vote

            @stephendt: Top 25 percentile of Ozbargainer IQ confirmed.

    • +10 votes

      It basically allows you to pay a bsb / account number using your Citibank credit card (and earn rewards points), normally Citi charges a 2% fee for this service.

      Presumably we get the standard interest free period too but can’t confirm as haven’t tried personally.

      • +3 votes

        Almost too good to be true if you still get the interest free period, you could simply pay the funds into a saving account and earn interest during the period (albeit in this day & age that's chicken feed…)

        • +3 votes

          If that were the case you could transfer the maximum ($35000) per month to yourself. Pity coz I recently reduced my limit from $30k to now $6k only in December because I never went anywhere near that amount.

          •  

            @tqf8h: You can pay yourself 5 times in a month. $6k times 5 equals $30k.

            •  

              @capslock: my limit is only 6k now, so i have to pay it back multiple times, but could be worth it to earn the reward points though

        •  

          It does seem too good to be true but if they are offering then why not.

          • +3 votes
            • +1 vote

              @Team Ozgiftcards: Interesting - and here are the full Citi T&Cs - https://www1.citibank.com.au/offers-benefits/PayAll1

              There's no mention anywhere of changes to the interest free payment period… so it looks like you can simply pay $35k (or up to your credit limit) to your own bank account and then put the funds into your saving account and pocket the interest courtesy of Citibank…

              $35,000 @ say 1% that's $350/year or $29/month - perhaps not worth bothering considering the size of the transaction but then again it's free money

              •  

                @bauser99: You can not put it to your own bank account, against t&c's

                • +6 votes

                  @Turd: Put it in your wifes account??

                • +1 vote

                  @Turd: Edit: - snip-

                •  

                  @Turd: Which terms, specifically?

                  •  

                    @YesPleaseThankYou:

                    Can I use Citi PayAll to pay my mortgage or other debts/loan repayments?

                    This product should not be extended to repaying other debt held, for business purposes, for the purpose of gambling, or in connection with unlawful activities, to invest in shares or other financial products or for cryptocurrency related transactions.

              • +5 votes

                @bauser99: Do it for the free points :) not interest.

      • +6 votes

        I have tried PayAll before when they had the $50 gift card promotion. Can confirm it shows up like a regular purchase and still qualifies for the interest free period. The payment has to be booked at least 7 days in advance and you can transfer to your own account.

      •  

        Wondering if you can payall to your mortgage offset account at another bank. :Think:

    • -2 votes

      Got this also, but I don't see the point of it, I never pay to transfer anyway with Citibank, just a different way of doing it but with fees (normally).

      All looked too hard so I deleted the email.

  • +6 votes

    Received email too. Auto deleted it lol

  • +1 vote

    Good deal

  • +2 votes

    Got it too. Was too confused with what they were going on about so deleted

  • +1 vote

    Me too deleted just now.

  •  

    Any limit in overall credit balance ? Looks interesting..

  •  

    2 questions:

    • Is this targetted?
    • There doesn't seem to be a verification process? … which means I could pay myself in a different bank account and get free points?
    • +2 votes

      Geez I was thinking it was a way to earn points on tax payments. Clearly I wasn't thinking large enough

      • +1 vote

        If you're a business, payment aggregators such as B2BPay or PaymentLogic allow you to earn points (fees apply).

      • +1 vote

        was thinking it was a way to earn points on tax payments

        If you want a discount on your tax, it's much better value to wait until itunes cards go on sale and buying in bulk.

  •  

    I was going to post this. Beat me to it :)

  •  

    My reading of the email is that anything setup during the 6 month window will be fee free for as long as those recurrences are uninterrupted I.e. until you stop them or they change the rules.

    • +1 vote

      Yep, could setup a recurring payment. Even payments after the promo period would be at 0% as they were setup within the promo period.

      • +2 votes

        Hmm the way I read, only free during promo period. If payment happen outside, fee applies

        •  

          It says if you set up during the period, it’s always 0%

          If you set up prior of after, it’s 2% even if it’s scheduled during the period

          It’s all based on when you set it up, not when scheduled
          If set up during the period then will always be free

          •  

            @NotBritishorUK: ok sounds too good to be true, if me i will double triple checks with citi

    • +1 vote

      Note the below, which I found in the website FAQs for Citi PayAll:

      Can I schedule a payment?

      Yes. When setting up your payment simply select the specific date of transfer as long as it is at least 7 business days away. For rent, education expenses and property management fees and miscellaneous, you also have the option to make this a weekly, fortnightly or monthly regular payments for the next 24 months.

      So it looks like recurring payments can only be set up for 2 years.

  • +4 votes

    Very nice. I'm going to hit Citi for the full $35,000 worth of transfers each month.

    • +12 votes

      Nice! I wonder how that will work with Austrac

      • +3 votes

        Yup. We'll probably get on a money laundering watchlist and be spied on for years.

      •  

        Lol, someone negged me for actually being helpful.

      •  

        Can't you simply pay into your own bank account and then put the money into a term deposit in your own name or even better your mortgage offset account? If you can indeed set this up as a recurring payment forever and ever that's quite a compelling deal :)

    •  

      Same ;)

  •  

    Presumably you still have to pay this back within the interest free period, or be hit with interest?

  •  

    Time to request a credit limit increase!
    Does anyone know how long it takes?

    • +1 vote

      just tried and automatically got a rejection email 5 minutes later. My original limit 7 years ago was 27K with the premier/signature card, asked to reduce it to 15K and now can't get back up. Called citibank and they said it was because i recently got approved for the rewards card with a 6K limit, so might try again in 3 months after i close the rewards card. But from my convo earlier with them, if you dont have an instant rejection it will take 5-7 business days for the outcome of your credit increase request

      •  

        How did you apply? The only option I can see in internet banking is request credit limit decrease

        •  

          Called them up

      • +2 votes

        From Jan 2020 the rules have changed for the credit card serviceability criteria. Banks have to assume that your combined credit limit could be paid off in two years' time assuming an interest rate of 20%.

        Previously the banks would require you to pay a minimum of 2% each month forever (which just pays the interest). Thus they could issue huge limits (100K limit will require only 2K per month serving capacity).

        So 40K combined credit card limit is roughly equivalent to paying off 56K in two years time frame. Which will require a repayment of around 2.3K per month.

        People will struggle to get high limit credit cards from now on.

        •  

          Is this an accurate insider info?
          Wow… No wonder long ago I could get total credit limit of $90k from 5 credit cards…

          • +1 vote

            @ChiMot: Changes to the Code
            An updated version of the Australian Banking Association's (ABA's) Banking Code of Practice has been approved by banking industry regulators. Several of the most recent Code reforms relate specifically to credit cards.

            From 1 July 2019 these changes to the Code will better protect consumers and help prevent people from getting too far into debt with credit cards.

            ASIC found that an astounding one in six customers struggle with credit card debt. ASIC also found that credit providers could do a lot more to address this potential debt trap. So how will more responsible lending affect you?

            Changes to how your credit card application is assessed
            As of 1st January 2019, credit card applications have been assessed differently than they were previously.

            Now credit card issuers must only approve you for a balance that you can afford to repay within three years.

            So the card issuer assumes that the customer (you) will run their card to the limit, then measure if you have adequate available income to repay the balance within three years.

            Fees on credit cards will also be taken into account, as will the existing limits and rates charged on other credit cards held by other providers.

            Customers will still have the option to keep paying the minimum repayments on their credit cards but you won’t be able to get approved for more than what you can repay within three years, not the minimum required repayment.

            Balance transfer rule changes could bite $621 million
            That is how much ASIC estimated could be saved (in total, not by you on your own) by Australians in just one year if they had a better suited credit card, with a lower rate or a more realistic credit limit.

            When you are looking around and applying for a new credit card, perhaps to pay off and replace your old card, again you will be assessed on what amount you could afford to pay off over three years.

            This may lead to more restrictive balance transfers, due to the potentially lower credit limits offered. And this applies, even if you are looking at transferring debt from a high rate credit card to one that offers a 0% introductory rate

            So, if you’re looking to transfer a balance from one card to another, don’t automatically expect that the new card will have a limit which will cover the balance of the old one.

            If you aren’t offered a sufficient limit to cover a debt, instead of trying to pay off the balance of two credit cards, it may be a wiser approach to either take out a personal loan to cover the debt as these typically have lower rates than cards.

            Even better yet, pay down the difference between your debt and the limit offered on the new card, until you are able to transfer all of the debt to a lower rate and not be caught making costly repayments to two different cards.

            https://www.infochoice.com.au/news/credit-cards-compare-info...

            I read another place 2 years, this article says 3 years. Need to check actual guidelines to know the truth.

            • +2 votes

              @AUsedname: Close enough, thanks. I thought you are working for RBA or ASIC haha
              But now I wonder how come things like afterpay can be so booming. It's worst than credit cards. Less strict, target young people. Yes small amount but multiple by 100 purchases ?

        •  

          So if you have $100k sitting in an offset account, declare it as savings when you apply, then you can have at least a $100k credit limit, no issue?

  •  

    It says pay bills, but does it matter what BSB and account it is?

  •  

    This is pretty appealing.

    Both my partner and I have over $35k limit so would to good to get interest free money for 7 months

  •  

    So based on what tqf8h said, if the limit is $30k then that is 30000 points per month. Using pay with points (which may be terrible value) that is $120 free per month, plus interest free 30k.

    A free $1440 per year ongoing does seem to good to be true.

    I closed my card yesterday. :(

    •  

      How is it interest free? You have to pay it back each month, right? Or pay interest on it.

      • +1 vote

        interest free for the month each month.

    •  

      I remember reading you have a window of 90 days to reopen your card and receive all the same benefits as before? (Some used to do this when applying for home loans etc).

  •  

    Hmm to apply for credit limit increase or not. Only keep the 6k limit as a backup, but if this is as my email (and this post) reads, the long term benefit is insane.

    Flipping a CC balance multiple times a month for points @ no cost for aslong as you set during the promo window? (Side note is there a cap on how long you can setup payments, or can it be open-ended?)

    Obviously sounds to good to be true, but sometimes the big guys dont think things through.

    • +1 vote

      24 months max recurring.

      Can I schedule a payment?

      Yes. When setting up your payment simply select the specific date of transfer as long as it is at least 7 business days away. For rent, education expenses and property management fees and miscellaneous, you also have the option to make this a weekly, fortnightly or monthly regular payments for the next 24 months.

      Please note that a fee is charged per Citi PayAll transaction. This means that each transaction in a regular payment schedule will incur a fee.

  •  

    Wonder how this goes if you also have their previous offers of Fixed Payment Option?

    Can the PayAll debt get paid off first by the statement due date to avoid getting slapped interest? As you have multiple debts under the one account and you want to not pay off the FPO as you are awaiting the free gift card.

  •  

    This seems to good to be true. Surely it's restricted to payments to business bank accounts?

    •  

      I guess a claim could be made that people pay rent to a personal account (and the recipient appropriately reports it all)

      No doubt other transactions to personal accounts that could fall under the terms too.

  •  

    Can this really be exploited for free points? Just pay the money in circles right? A combination of bank interest during the interest free period plus points accrued could make it worthwhile.

    •  

      Yes, it could indeed.

      PayAll payments earn points, if your card has them.

      Unfortunately, my Simplicity card doesn't accrue points.

  •  

    I got this too. PayAll is actually an interesting feature only to be killed by the 2%.

    Thus this is a very good deal albeit will last until October 2021. However if you manage to set it up on 31 October 2021, you are effectively getting up to another 55 days interest free.

    I can picture this would work for rental, ATO tax, or stuff requiring payment to bsb and bank account.

    It is limited to your credit card limit.

    •  

      I read it as payments setup within that window incur no charge (just as payments already existing will still be charged).

      So my interpretation is that it would be ongoing after October.

      • -1 vote

        The setup must be by 31 October 2021 however for recurring payments, subsequent payments after 31 October 2021 will get stung 2%

        • +4 votes

          For all Citi PayAll payments set up between 1 April 2021 to 31 October 2021 (the Period), the Citi PayAll fee will be reduced to 0%:

          • Any recurring Citi PayAll payments set up during the Period will not incur the Citi PayAll fee for the duration in which those payments are scheduled to occur

          Doesn't that mean:
          If the payment is setup in the window it will not incur any fees for when they are scheduled, irrespective of when.

          •  

            @jashst: How long can you do PayAll I suppose.

            My reading is that scheduled payments within the promo period won't incur fees. The key word is "in which"

            But hey, my eNgLiSh is ESL so I could be wrong.

  •  

    Let's say you transferred $35k into your bank account earning 1% per year and kept the funds in the account accruing interest for 1 month each time, you could net yourself $29 free plus 35000 points

    • +1 vote

      Well, it gets even better.

      You could simply pay off the PayAll within a few days, then rinse and repeat.

      •  

        But you won't earn bank interest that way. My approach above only works of you have at least $35k credit limit though

        • +4 votes

          But you get the points though!

      • +1 vote

        But isn’t there a $35k limit per month? Once you hit that number don’t you have to wait till the next month?

        • -1 vote

          No, because you repay it then earn more points.

          • +2 votes

            @YesPleaseThankYou: Credit limit and pay all limit are separate things

            Your limit could be 70k, but you can still only make 1x 35k payall transaction because that's the monthly limit. Therefore you can't just repay then repeat. It's Max 35k per month

      •  

        Not advisable if you have FPO. Paying it off within a few days would pay off the FPO first which means no gift card.

  • +2 votes

    Citi can't be that stupid.

    Probably a marketing trick. Imagine how many people are onto this. Enjoy it before rules change.

    • +2 votes

      The rules are there for all to see.

      Citi knows what it is doing.

      Many of us have benefitted from crazy Citi promotions - just search back through the threads!

      • +3 votes

        Yep, free for life signature card with 2 lounge visits.

        •  

          +1 :)

      •  

        Yes… Free rewards platinum card for life and 'Cheque to self' feature.

      •  

        Rules subject to change.

        Only thing they couldn't change was fee free for life. I guess they ended that screw up.

    • +8 votes

      You know what, we all can b__tch about how s__tty Citibank customer service and its horrible online banking but one thing I will concede, they have the most creative (and probably best) credit card offering compared to others.

      Who wouldn't forget about their Fee Free For Life offer that was so famous in Ozbargain?