RewardPay Alternatives

[daft009]

Wouldn't the Black be considered a premium card though?

* Standard Mastercard cards - 0.8% +GST
Premium Mastercard cards - 1.2% +GST

yep, my bad you're right.

think I'll just stick to my Visa then

 

[coriander]

HSBC make it hard to sign up for their MasterCard. You can't sign up online, leave your details and we'll call you - and they don't. You ring them, yes we'll transfer you...... after 15 minutes on hold, the call drops out.

 

[Mattg]

Wouldn't the Black be considered a premium card though?

* Standard Mastercard cards - 0.8% +GST
Premium Mastercard cards - 1.2% +GST

Yak Pay defines Premium Mastercard cards as:

Payments made utilising a "Mastercard Business Exec" card (including Westpac business cards)

 

[coriander]

Just been trying to work out "value for money" for this quarter's BAS (looking for KF miles).
So correct me if I'm wrong. For simplicity - GST inclusive and $10k.

Yakpay: $10,000 on the Dragon Visa -> $132 admin fee -> 8,358 KF miles (10132*1.5*0.825) = 63.3 KF miles per $ admin fee
Sniip: $10,000 on Amex Explorer -> $150 admin fee -> 10,150 KF miles = 67.7 KF miles per $ admin fee
Or looking ar it another way, pay an extra $18 fee for an extra 1,792 KF miles.

So IMHO sniip is better "value for money" but is limited to BSB/Account # only, not BPAY. At least the fiscal fiend accepts BSB transfers as well as BPay.

 

[albyd]

I thought Sniip was BPay only. Have I missed something?

 

[daft009]

Just been trying to work out "value for money" for this quarter's BAS (looking for KF miles).
So correct me if I'm wrong. For simplicity - GST inclusive and $10k.

Yakpay: $10,000 on the Dragon Visa -> $132 admin fee -> 8,358 KF miles (10132*1.5*0.825) = 63.3 KF miles per $ admin fee
Sniip: $10,000 on Amex Explorer -> $150 admin fee -> 10,150 KF miles = 67.7 KF miles per $ admin fee
Or looking ar it another way, pay an extra $18 fee for an extra 1,792 KF miles.

So IMHO sniip is better "value for money" but is limited to BSB/Account # only, not BPAY. At least the fiscal fiend accepts BSB transfers as well as BPay.

Yeah sniip wins against the new yp rates

 

[daft009]

Paying to a BSB/acc coming to sniip Q4 this year, as per latest newsletter

 

[coriander]

I thought Sniip was BPay only. Have I missed something?

Yes, my mistake, sorry. A brain fade on my part, I had a big plumber bill sitting on my desktop and they don't do cc or BPay so it was ony mind when I typed the msg above and thus, reversing what I meant to say. BSB coming later this year is something to look forward to..

 

[albyd]

100% will be good and it will drive the cost down for these types of transactions.

 

[Cruiser Elite]

I have not used Sniip but I might give it a go - I have had 3 conversations with them in last 24 hours as to whether or not they would permit us to settle FOREX purchases through their platform - they said NO - we have been using Yak Pay to settle these for 2 years now but the 1.2% + GST now makes it borderline - so my intial thoughts on Sniip are not that positive.

 

[daft009]

I have not used Sniip but I might give it a go - I have had 3 conversations with them in last 24 hours as to whether or not they would permit us to settle FOREX purchases through their platform - they said NO - we have been using Yak Pay to settle these for 2 years now but the 1.2% + GST now makes it borderline - so my intial thoughts on Sniip are not that positive.

most block forex these days

in the good old days I used to use R.P and earn 2ppd with 2.4% surcharge and used it for FOREX.

Have you ever compared the rates from the AMEX Forex platform? will also earn points anyway

 

[Cruiser Elite]

Have you ever compared the rates from the AMEX Forex platform? will also earn points anyway

We buy all our FOREX from AMEX - pts earned are next to nothing - 1pt per $15 spent - you can settle using an AMEX Card but at 3% it's totally over the top

 

[daft009]

We buy all our FOREX from AMEX - pts earned are next to nothing - you can settle using am AMEX Card but at 3% it's totally over the top

not worth it then
even if you get a MC the uncapped black ones are also 1.2% on YP so back to the same position.

I've gone back to EFT for FOREX personally

 

[Cruiser Elite]

And furthermore Sniip only usable if biller has Bpay Code - FFS the gloss is way soon disappearing off this mob

 

[Cruiser Elite]

Further conversations with AMEX yesterday and today - AMEX now charge 2.15% for you to settle your AMEX FOREX purchases via an AMEX card (used to be 3%) - I told them yesterday if they do it for 1.5% I would consider - they won't - so it's Yak Pay again to settle

 

[Miss Sniip]

And furthermore Sniip only usable if biller has Bpay Code - FFS the gloss is way soon disappearing off this mob

Hey! We just wanted to offer some clarity around the restrictions Sniip has from our acquiring and banking partners.

Since we are a B2C (consumer) app, not a B2B (business) app, we are somewhat restricted from allowing payments to certain billers in certain industries, including Foreign Exchange. This is determined by BPAY and our acquiring partners.

Unfortunately Sniip has no discretion when it comes to this. Out of the 60,000+ BPAY Billers on the network, there are < 3,000 restricted billers.

At the moment we facilitate payments to billers with a BPAY Biller Code and Reference Number. Rest assured we understand the demand for paying other billers and that our team is working hard to expand our offering in the second half of 2022.

Thank you for your support and please don’t hesitate to reach out if you have any questions.

 

[Cruiser Elite]

Since we are a B2C (consumer) app, not a B2B (business) app,

I am a little confused now Miss Sniip - I have only ever made 1 transaction with you and it was def B2B?

I assume you are the same Miss Sniip I have had a number of communications with over last few days? One terrible omission on my behalf is that indeed Sniip do openly publish a phone number where real people speak to you when you call - so refreshing when compared to others I have dealt with in this space

 

[ms1]

Has anyone used pay.com.au?

I came across them via PointsHacks:

The Ultimate Guide to Pay.com.au - Earn 10,000 Bonus PayRewards Points

Pay.com.au allows businesses to earn PayPoints on their bank transfer and card transactions, which can then be converted into great rewards.

www.pointhacks.com.au

Their program seems a little more complex than Rewardspay but from my brief research it looks like if you spend $165/month to join their "Premium" plan then you will be charged 1.9% + gst for Amex purchases. This enables you to earn what you normally earn on your Amex (eg 2.25points/$ on the Platinum card).

Pay.com.au also has it's own separate rewards program where if you join their "VIP Premier" tier you receive 2 "Payrewards" points/$ spent for an additional 1.8% + gst cost. "Payrewards" points can be transferred to either QF or SQ at a rate of 2.5:1 so effectively 0.8 qf/sq points/$spent.

So in a real world example if you spent $100k and used your Amex Platinum card you'd get 225k Amex points which is 112.5k QF points or SQ miles and this would cost you $2090 including gst. You could also earn 200000 "Payrewards" points which is 80k QF points or SQ miles and this would cost you $1980 including gst.

Seems like Payrewards comes at a cost of 2.47c/point whereas Pay comes at a cost of 1.86c/point.

 

[ChrisFlyer]

Has anyone used pay.com.au?

I came across them via PointsHacks:

The Ultimate Guide to Pay.com.au - Earn 10,000 Bonus PayRewards Points

Pay.com.au allows businesses to earn PayPoints on their bank transfer and card transactions, which can then be converted into great rewards.

www.pointhacks.com.au

Their program seems a little more complex than Rewardspay but from my brief research it looks like if you spend $165/month to join their "Premium" plan then you will be charged 1.9% + gst for Amex purchases. This enables you to earn what you normally earn on your Amex (eg 2.25points/$ on the Platinum card).

Pay.com.au also has it's own separate rewards program where if you join their "VIP Premier" tier you receive 2 "Payrewards" points/$ spent for an additional 1.8% + gst cost. "Payrewards" points can be transferred to either QF or SQ at a rate of 2.5:1 so effectively 0.8 qf/sq points/$spent.

So in a real world example if you spent $100k and used your Amex Platinum card you'd get 225k Amex points which is 112.5k QF points or SQ miles and this would cost you $2090 including gst. You could also earn 200000 "Payrewards" points which is 80k QF points or SQ miles and this would cost you $1980 including gst.

Seems like Payrewards comes at a cost of 2.47c/point whereas Pay comes at a cost of 1.86c/point.

One thing I do like about Pay Rewards is that transfers to SQ appear instantly, if you're transferring solely to redeem straight away. Some transfer partners take forever and you're left sweating whether your preferred award seat will still be there by the time the points arrive. (I'm looking at you, Bonvoy!)

 

[neeyuese]

Has anyone used pay.com.au?

I came across them via PointsHacks:

The Ultimate Guide to Pay.com.au - Earn 10,000 Bonus PayRewards Points

Pay.com.au allows businesses to earn PayPoints on their bank transfer and card transactions, which can then be converted into great rewards.

www.pointhacks.com.au

Their program seems a little more complex than Rewardspay but from my brief research it looks like if you spend $165/month to join their "Premium" plan then you will be charged 1.9% + gst for Amex purchases. This enables you to earn what you normally earn on your Amex (eg 2.25points/$ on the Platinum card).

Pay.com.au also has it's own separate rewards program where if you join their "VIP Premier" tier you receive 2 "Payrewards" points/$ spent for an additional 1.8% + gst cost. "Payrewards" points can be transferred to either QF or SQ at a rate of 2.5:1 so effectively 0.8 qf/sq points/$spent.

So in a real world example if you spent $100k and used your Amex Platinum card you'd get 225k Amex points which is 112.5k QF points or SQ miles and this would cost you $2090 including gst. You could also earn 200000 "Payrewards" points which is 80k QF points or SQ miles and this would cost you $1980 including gst.

Seems like Payrewards comes at a cost of 2.47c/point whereas Pay comes at a cost of 1.86c/point.

2.5:1 so effectively 0.404 qf/sq points/$spent. 80000 / 1980 = 0.404 . that's why even I am their vip premier member but I never choose their Payrewards points when make payment.