How to pay Homeloan and get rewards points?

[whole-lotta-moxie]

Is there any way that i can pay off a home loan and earn Credit card points? Can my cash into a credit card (that has points linked) and then use that to pay my hl? I have tried but i can't seem to make it work. I think i need an account number for my Credit card for the home loan to be withdrawn from rather than a Credit card number. Are there any work arounds?

 

[Scr77]

You can use payment platforms like reward pay or easy bill pay, but it will not be free. If you are in the market to refinance, Qudos bank (formally Qantas credit union) has home loans with monthly points based on the loan balance. They are great to deal with. Other banks like Macquarie also offer points on home loans.

 

[Mattg]

Yak Pay (for Visa payments) or Sniip (for Amex) may also suit your needs. There are payment surcharges but these services seem to be among the lowest.

 

[whole-lotta-moxie]

Thanks Scr77 and Mattg. I have not heard of these services. I will look into it

 

[zainman]

Yak Pay (for Visa payments) or Sniip (for Amex) may also suit your needs. There are payment surcharges but these services seem to be among the lowest.

Yakpay specifically prohibits mortgage payments...

Post automatically merged: Jan 29, 2021

Yak Pay (for Visa payments) or Sniip (for Amex) may also suit your needs. There are payment surcharges but these services seem to be among the lowest.

Yakpay specifically prohibits mortgage payments...

 

[Jacques Vert]

CreditRewards also doesn't allow mortgage payments. This is most likely the case with most/all payment services, as they don't allow you to pay debt (such as a credit card) with debt (another or the same credit card).

Or should that be: they don't allow you to pay off credit, with new/more credit.

 

[Scr77]

CreditRewards also doesn't allow mortgage payments. This is most likely the case with most/all payment services, as they don't allow you to pay debt (such as a credit card) with debt (another or the same credit card).

You are probably correct here. Before Easy Bill Pay introduced a credit card fee, I manufactured millions of points for free in such a way.

 

[Mattg]

Oh - good to know! Didn't realise there was an issue with making mortgage repayments via these services, but makes sense.

 

[daft009]

So I asked my R.M at ANZ..
Here are the reasons they gave me...

Our system does not have the capability to withdraw from a credit card as cards have their own systems. ANZ (retail) cannot access & cannot check credit card balance to ensure there is sufficient funds in the credit card to make the payment

The other issue is, if we could do it the transaction would be seen as a cash advance and therefore cash advance fees would be payable.

 

[whole-lotta-moxie]

But if you put money onto your credit card so it is never a cash advance (it's your own money) would you get charged a cash advance?

How would Yak pay know that it is a home loan payment? I would just use the the BSB number and account number, would i have to tell them that it is a Home loan? Or am i missing something?

 

[ChrisFlyer]

Yak Pay (for Visa payments) or Sniip (for Amex) may also suit your needs. There are payment surcharges but these services seem to be among the lowest.

Sniip doesn't work for (most?) HL because you can only pay BPAY billers, not EFT accounts, and to pay a HL, you normally send an EFT to the loan account BSB and account number. Might be lucky if your loan can be paid by BPAY but they may have also blocked the biller code.

 

[albyd]

That’s my experience. Anything that isn’t permitted like lending institutions (makes sense they don’t want us using credit to pay other loans) is blocked so it will tell you it can’t proceed. Matter of trying your luck to see if it gets through.

I find that with all providers.

 

[coolstepslg]

you could do a YAK bpay to a ANZ or Nab credit card then transfer credit balance to your savings account online then to your homeloan as those two banks dont charge a cash advance fee if card balance is in credit. best wait 24rhs after funds hit Anz to withdraw as their systems process withdrawals first over deposits. but with yak pay you have to pay a 0.66% fee . citibank payall is free until october 2021 a much better deal imo. also other option that doesnt earn points is if you have a 0% balance transfer offer . I.e anz 0% BT but has a 3% fee . anyone know of any other existing credit card promo codes for any banks?