• long running

Direct Deposit Personal Transaction Fees: 0.65% Debit Cards, 1.29% AmEx Personal, 1.5% Visa/Mastercard/Citibank @ Sniip

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Direct Deposit Personal Transaction Fees: 0.65% Debit Cards, 1.29% AmEx Personal, 1.5% Visa/Mastercard/Citibank @ Sniip
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Ldealstacker on 21/03/2024 - 16:18 sniip.com (1209 clicks)
Last edited 21/03/2024 - 18:41 by 2 other users

Not sure when Sniip started allowing you to pay directly into BSBs and account numbers, but I thought this would interest anyone who wants to churn credit card signup bonuses by paying their rent for a 1.29-1.5% surcharge.

This is the only method I have found where you can pay directly into a BSB and account number via AMEX too, and at a relatively great rate of 1.29%.

You do have to jump through some hoops initially like getting the vendor verified manually, but I was able to set this up in about an hour.

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$10 off bill for both referrer and referee. Referee needs to download the App and have a mobile number ready for SMS verification.

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Comments

  • salette on 21/03/2024 - 16:46
    +11

    You can also do this with RentPay. I found it to be cheaper as their surcharge is 0.99% with a $2 monthly account fee.
    Not sure if they take Amex, though can’t find any mention of it being excluded?

    • dealstacker on 21/03/2024 - 16:48
      +1

      Just Visa and Mastercard. RentPay is a good option too, and actually what got me searching for an AMEX solution.

      • salette on 21/03/2024 - 16:58
        +1

        Oh thanks for clarifying! I looked into Sniip first and got them to add my landlord as a biller before I discovered RentPay which is currently cheaper for me.
        I’ll keep Sniip in mind when I churn to AMEX :)

    • starcub on 21/03/2024 - 17:50

      Is RentPay only for rent payment? Sounds like only Real Estate Agents are supported?

      Can I use RentPay if I rent through a private landlord?
      Currently RentPay is only available to tenants who rent through an agent but we are working to be able to offer it to tenants of private landlords in the future.

  • countmein on 21/03/2024 - 16:47
    +2

    Damn the %, the pts must be worth it

    • dealstacker on 21/03/2024 - 16:49
      +6

      My card gives 1.25 QFF points per dollar which roughly covers cost of the transaction but would only do this to churn signup bonuses

      • Bisky1 on 21/03/2024 - 19:55

        Which card is that?

        • foxes28 on 21/03/2024 - 20:16

          I'm guessing AMEX Qantas Ultimate

        • dealstacker on 21/03/2024 - 22:09

          Yeah Qantas Ultimate from AMEX

    • Iluvfreebies-freeDel on 21/03/2024 - 16:51

      I doubt it.

  • gviddy on 21/03/2024 - 16:52

    Is this legit? Cos I would get a crap load of points if I paid my rent with credit card.

    • gviddy on 21/03/2024 - 16:54
      +3

      Hmmm… that fee though..

    • djkelly69 on 21/03/2024 - 17:10
      +13

      Unless you are clearing bonus points, it is very unlikely the points earned would be worth more than the surcharge.

  • dumdum2 on 21/03/2024 - 16:56
    +2

    Ozbaradvertising

  • rickb on 21/03/2024 - 17:07
    +1

    Transaction fees should be capped. Why would the cost of processing an electronic transaction vary due to the amount being transferred from one party to another?

    • tabboy on 21/03/2024 - 17:09
      +4

      More numbers to transmit, higher cost per 1's and 0's lol

    • askbargain on 21/03/2024 - 17:12
      +2

      Because there’s always a risk to the transactions?

      Insuring a home worth $10 isn’t the same as $1mil

      • salmon123 on 21/03/2024 - 18:41
        +1

        Cos the banks can get away with it …

      • deme on 21/03/2024 - 21:35
        +1

        But the merchant is liable, not Amex

        • askbargain on 22/03/2024 - 09:38
          -1

          Think the bank that issues the card

    • dsar on 21/03/2024 - 19:28

      Pricing to transaction amount does exist

  • Bigboy97 on 21/03/2024 - 17:12
    +2

    Maybe a wild idea, but could you pay your credit card into your home loan offset acc, earn the points and “save on interest” until your next bill.

    I know you’d still likely lose out given the high fees, but it could help easily meeting spending criteria for churning, whilst mitigating the impact of the high fees. How much of an impact would largely depend on your home loan rate and credit card bill timings I imagine.

    • recession1 on 21/03/2024 - 17:14

      This is a good shout. It’ll offset almost half the fee.

    • T-man on 21/03/2024 - 17:17
      +1

      The moment you use your Amex card to make a payment into your offset account, Amex will immediately suspend your card for violating the terms and conditions related to making payments to yourself.

      • Temptation on 21/03/2024 - 17:22

        How would they find out, since its only bsb and account number only? and the name is a BANK NAME out us, well in my occasion that is…

      • Bigboy97 on 21/03/2024 - 17:22

        Can your card provider actually see where the funds are going, or do they just show as a payment to Sniip?

        If it’s the first one, then yes it could be problematic. That said, not sure how they’d validate that the account specified is your account and not your landlord though?

        • wangasm on 21/03/2024 - 17:37
          +5

          Your card provider cannot see what you are paying for, just that it's a Sniip transaction. This is the same for all payments on Sniip and the whole reason to use it. So that you can earn points on bills that normally don't give it.

          This is also why Sniip are checking invoices/agreements so that you aren't just sending money to yourself. (Another Citibank Payall lol)

          • mrhorse on 21/03/2024 - 18:21

            @wangasm: Haha, i wish it was an amex payall.
            Plat. Amex card earns 1.125% - 1.29% = -0.165% (net cost).

            Current ING saving rate: 5.5% pa, 0.458% pm, assume tax at 30%, then 0.321% pm earnings.

            0.321% - 0.165% = 0.156% net profit

            Assume you treat your amex plat card well, you can make a $100k transaction:

            Profit in dollars:
            $100k x 0.156% = $156 per month

            If put in an offset account (assume 6% interest rate):
            Profit in dollars:
            $100k x (0.06/12 - 0.165%) = $335 per month.

            • wangasm on 21/03/2024 - 18:35
              +4

              @mrhorse: User below has a better idea, just pay yourself with discounted MC prepaid gift cards and get instant profit.

            • zan5hin on 22/03/2024 - 11:25

              @mrhorse: What if you put through 20k per month and then receive 25,000 velocity points per month ..

              25,000 VFF is valued at 0.17 cents per mile = $425 per month…..

      • Tafe on 21/03/2024 - 18:11
        +3

        Laughs in Citibank PayAll

    • dealstacker on 21/03/2024 - 17:29
      +1

      You have to verify a vendor to pay into a BSB and account number e.g. rental agreement.

    • denserham on 21/03/2024 - 17:39

      You need a bsb account number and abn to do the payment I don't think sniip would let you do this tbh it took me a day to get my first payment to a company manually approved to put through.

      They then decided it was a business payment and charged me 2.29% for the amex.

    • SmiTTy on 21/03/2024 - 21:39

      Don't think they will allow you to pay another financial institution. Otherwise you could also pay credit card with another credit card

    • ozbargainsam on 22/03/2024 - 10:15

      If this even worked, this only 'saves on interest' for one statement period. After the first payment, the next payment is exactly one month later, which is how often your monthly rent would be anyway.

      The only ongoing benefit would be for the points, which you're buying with your surcharge.

  • epicttiimm on 21/03/2024 - 17:17

    Cashflow + interest earned + PPD on the Platinum Charge card makes it a break even for me. Might as well put more $$ through the card to increase the chances of getting the Centurion.

    • Munki Kundi on 21/03/2024 - 23:06

      Hey, how much is the annual fee for a centurion card? I've heard it's invite only. Is that correct?

      • ozbargainsam on 22/03/2024 - 10:20
        +1

        Invite only. There's a sign up fee of several thousand plus I think a $4500/year fee. The benefits aren't even that good apparently, just a status thing.

        • epicttiimm on 22/03/2024 - 16:58

          Yeah if you value points at 0.5c per point then:

          2.5 points per $1, which equals to 1.25c per $1

          To make back the annual fee of $4.5k alone, you’d need to put $360k on the card, then anything above that is free points.

          Of course, points can be worth more than 0.5c, this doesn’t take into consideration the other perks (free QC, status etc, Priority Pass, Accor, etc). If you used the card for business spend you’d be able to tax deduct a portion of the AF too.

    • ozbargainsam on 22/03/2024 - 10:19
      +1

      I know someone who puts through maybe a few to several hundred K through their Platinum card a year for a number of years, no invite as of yet.

  • R3AP on 21/03/2024 - 17:35

    Could you use visa/mastercard gift cards to pay yourself with this?

    • denserham on 21/03/2024 - 17:41

      Probably not. You need to provide an abn as well.

      • Twilight1234 on 21/03/2024 - 17:44

        but you can apply for one of those easy right

        • denserham on 21/03/2024 - 18:00

          Yeah it depends on what sniip is let through their approval process. It's worth a shot if you wanna jump through all the hoops. Let us know how it goes.

  • Yuppieshrink on 21/03/2024 - 18:51

    Good stuff

  • arctan on 21/03/2024 - 19:14

    When NAB axe the Citibank free PayAll, I'll be going to Sniip for rental payments on Amex cards.

    • BobLim on 22/03/2024 - 18:48

      Technically already axed, just that many people (myself included) have one already set up prior to the fees coming into effect

  • pandadude on 21/03/2024 - 19:38

    Referral don't work for me.

  • deanylev on 21/03/2024 - 19:40

    So could I just pay a relative $6k through this to hit the $6k threshold for bonus points on a credit card?

    • dealstacker on 21/03/2024 - 22:13

      Must be paying a vendor with an ABN i.e. rent or bills.

  • Flying Ace on 21/03/2024 - 19:41

    I don’t understand this “long running” tag - how can this be long running if it was only posted 3 hours ago?

    • RatedCforCool on 21/03/2024 - 20:14
      +3

      Long running means that the deal isn't a limited-time offer. This won't expire in the relevant future :)

  • reddot12 on 21/03/2024 - 19:47

    This is legit - I've been using this since Jan this year using my AMEX to get more velocity points. I was looking to use RentPay but they don't take Amex which would have been cheaper. ($3 difference for paying rent, for instance)

  • burningrage on 21/03/2024 - 21:33

    Stupid question but this looks like Citi Payall, doesn't it?

    • dealstacker on 21/03/2024 - 22:28
      +1

      Yeah but this can be used to churn any credit card sign up bonus.

      • burningrage on 21/03/2024 - 23:27

        Is that so? That's quite intriguing.

        • dealstacker on 22/03/2024 - 07:15
          +2

          Yep. So whether or not you are already a churner, you could for example open up an ANZ rewards black card (or other high rewards credit card) for $375, pay $3,000 in rent over 3 months for $45 in fees and receive 180k points (worth $720 cashback) and $150 cashback for a total profit of $450. Or open a Nab low rate card for free and profit $277.50 on $1,500 of rent.

  • fire23 on 21/03/2024 - 21:53

    how do they determine if it's a business transaction or a personal transaction? do you have to upload invoices or anything like that to pay into bank accounts?

    • dealstacker on 21/03/2024 - 22:28
      +2

      Yeah invoices with abn and bank details etc

  • viper8548 on 21/03/2024 - 21:58

    Curious why would anyone use debit cards for this service???

    • Slippery Otter on 22/03/2024 - 08:15

      Some of us have Crypto.com Visa Cards that earn up to 5% in CRO which is a debit card. Handy in these situations.

      • wangasm on 22/03/2024 - 10:57

        Crypto.com cards are actually prepaid cards which have a 0.85% fee. Sniip even specifically call out CDC cards (Which I find funny)

  • sh4hp on 21/03/2024 - 23:21

    So… can it be used to pay mortgage repayments? Asking for a third cousin thrice removed

    • dealstacker on 22/03/2024 - 00:04

      Nope, just for bills including rent.

      • sh4hp on 22/03/2024 - 15:09

        Dang. Okay thanks!

  • daft009 on 22/03/2024 - 08:00

    Tried using it for a sparky and handyman invoice. They classed both as a business expense so the higher surcharge for Amex.. gave up and haven't tried again

  • cerealsmok3r on 22/03/2024 - 10:27
    +1

    Just hoped onto this and found it really good for setting up bills and payments through Amex. Really userfriendly and takes a bit of getting used to but after awhile, youre golden.

    • ripprind on 25/04/2024 - 09:30

      "really user friendly but takes a bit of getting used to but after awhile…"? 🤔🤯

  • Gotham15 on 02/04/2024 - 16:55

    NAB are making Bpay payments not eligible for CC reward points this month - im guessing due to this with Sniip

    • dealstacker on 06/04/2024 - 14:30

      The bank doesn't see a Bpay payment, they see a purchase - the Bpay happens on Sniip's end.

  • SydChamp on 07/04/2024 - 09:38
    -1

    Can I use Sniip to pay 10% deposit of the unit purchase.. $150K

  • palmplex on 11/04/2024 - 22:07

    Just joined.

    Anyone know a way to pay NIB health insurance?

    NIB charge 4% extra for all types of payment EXCEPT direct debits. Its so annoying.

    They will not give a bank account number.
    They charge 4% extra for Bpay and credit & debit cards .

    (Sniip cant think of a way to pay them either. )

    Or should I say they charge 4% less for direct debits. Very crafty way to charge 4% on credit cards without technically charging 4% on credit cards.

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