Possible points/miles generator at 0 cost.....?

[alect]

I found this accidentally.

I have a tatts.com account. I deposit money into by BPaying from my Citi Signature Visa. This (like other Bpays) looks like it earns points in CitiRewards.

When the money hits my tatts account I typically use it. BUT the other day I had reason to withdraw some funds - and this is withdrawn via EFT to my nominated bank account.

So no cost, but the original BPay earns points, and funds end up as cash in bank.

Only proviso is that the T&Cs say that funds deposited suing a credit card cannot be withdrawn into a bank account. I have not found this to be restricted - maybe they mean deposited by using creditcard on tatts.com (different to BPay from credit card account)... I can't find maximum withdrawal limits specified anywhere.

Happy for others to try and validate.

 

[froggerADL]

Only proviso is that the T&Cs say that funds deposited suing a credit card cannot be withdrawn into a bank account.

It would appear that a BPay deposit, although from a credit card, is not a deposit using a credit card. It is a BPay deposit as if you did it from a normal bank account. That's a good thing!

The bad part may be that it might look like money laundering if you just deposit and withdraw without actually gambling.

 

[smit0847]

It would appear that a BPay deposit, although from a credit card, is not a deposit using a credit card. It is a BPay deposit as if you did it from a b\normal bank account. That's a good thing!

The bad part may be that it might look like money laundering if you just deposit and withdraw without actually gambling.

But does it earn points?

 

[smit0847]

Can you withdraw deposited funds though or does it have to be played and then only withdrawn as winnings?

 

[There'sOnlyOneJimmy]

But does it earn points?

I've tried briefly to check the t&c's for this card without success, so I can't say definitively, but often BPay payments don't accrue points...

 

[mooingchicken]

Can you withdraw deposited funds though or does it have to be played and then only withdrawn as winnings?

You can withdraw any money in your account, but if you do this without putting bets on and losing/winning more than a few times they will call you and even freeze your account.
To be able to withdraw in the first place you generally need to validate your account by a photo of your CC card or other ID. So it can be traced etc.

I think some cards pay points for bpay, others dont

 

[Isochronous]

What if we pay the ATO via bpay this way?

Can we also delete the references to the card in this thread. Don't want the bank concerned picking up on this and closing the loophole!