Paying into Super using Credit Card

[Chimp]

I pay into my own Super as a sole trader.
Does anyone know of any fund which accepts credit card payments, or another way of doing it, and earn FF miles?

I suspect there isn't, if if there is, it probably wont earn miles :/

Cheers
chimp

 

[Duffa]

Tried and failed. Hope you have more luck

 

[ric_melb]

You may find a fund that accepts credit card payments but I think it highly unlikely. The fund exists for the benefit of all members. If it were to accept a credit card payment from one member it would have to pay a merchant fee. Whilst this would benefit one member, in effect the fee would be paid by all the other members. This would be against the principles of said superannuation fund, so therefore credit card contributions are highly unlikely.

 

[medhead]

You may find a fund that accepts credit card payments but I think it highly unlikely. The fund exists for the benefit of all members. If it were to accept a credit card payment from one member it would have to pay a merchant fee. Whilst this would benefit one member, in effect the fee would be paid by all the other members. This would be against the principles of said superannuation fund, so therefore credit card contributions are highly unlikely.

Except having credit card payment facilities available does benefit all members who then have a choice of the convenience of using that payment option.

 

[Deleted member]

You may find a fund that accepts credit card payments but I think it highly unlikely. The fund exists for the benefit of all members. If it were to accept a credit card payment from one member it would have to pay a merchant fee. Whilst this would benefit one member, in effect the fee would be paid by all the other members. This would be against the principles of said superannuation fund, so therefore credit card contributions are highly unlikely.

You're assuming it's an industry fund?
Retail (individual member) funds are not predicated on the same principle.
That said the industry funds aren't as principled as you might imagine. There are a range of benefits that should be available to all industry funds, and all members, that aren't. Eg anti detriment payments .
That said, if you're self employed and have your (super) term life / TPD as a stand alone option separate from your accumulation phase super account, you can pay that by CC ( and your IP) but I suspect you already know that.

 

[yohy?!]

my fund accepts bpay for contributions, not sure if there are any cards present that pay points for bpay transactions

Edit: tried it now and cannot with a credit card sadly

 

[Isochronous]

The industry funds are just a front for organized crime that pays money to gangsters and union bosses

 

[Jeffrey O'Neill]

The industry funds are just a front for organized crime that pays money to gangsters and union bosses

I hope that was said in jest, especially considering the financial scandals from pretty much the entire banking system in the country, and around the world.

 

[dalereardon]

The only way around it that I can see is starting your own self managed super fund and either getting a merchant account facility or using a facility like Stripe or Paypal to accept payments.

There are some American services that let you purchase a cheque to send to anyone with a credit card and charge a surcharge for the privilege but don't know of any Aussie equivalents.

Macquarie Visa Platinum lets you pay Bpay and earn points (I do it with my card) but maybe certain Bpay recipients can block credit cards.

Dale.

 

[Buzzard]

I previously paid 2 or 3 funds with a credit card via Bpay but did not receive any points.

 

[Chimp]

Ah well, thanks for the replies!
Yes income protection / TPD paid separate of super.

 

[Deleted member]

I hope that was said in jest, especially considering the financial scandals from pretty much the entire banking system in the country, and around the world.

I suspect it's partially accurate

 

[drron]

I hope that was said in jest, especially considering the financial scandals from pretty much the entire banking system in the country, and around the world.

That may be but you really should read the proceedings of the Royal Commission into Unions.

 

[medhead]

That may be but you really should read the proceedings of the Royal Commission into Unions.

True. Wouldn't want that taxpayer money going to waste. Still considering the royal commission found nothing, it would be a waste for time to read it.

 

[ninja-tim]

It should say on their site whether their Bpay allows credit cards, or if it's just Bpay from Savings/Cheque accounts. I think I did read on this forum somewhere that there is one that accepts credit card payments. Someone might have to do a search.

 

[drron]

True. Wouldn't want that taxpayer money going to waste. Still considering the royal commission found nothing, it would be a waste for time to read it.

Well it is still ongoing and if you did bother to read it is certainly not nothing they have found.

 

[Babesofy]

Just reviving this thread .

What options are available to use credit card to make super contributions to a retail/industry fund (ie not SMSF)?

- Credit card BPAY (if your fund allows its)
- 3rd party payment like B2B or RewardPay (if you're a business owner).

Any others?

 

[daft009]

i use rewardpay to pay employee super (to a clearing house). not into my own SMSF.
think there was a thread in the amex section where someone got their amex card cancelled for paying into their own SMSF

 

[albyd]

MLC MasterKey allows CC payments - MC and Visa from memory. If you're considering switching just for this feature, make sure you read the T&Cs and decide whether it's suitable for you before making any financial decisions. Don't consider this as financial advice.

Credit Card