paying interest via credit card for points
- Thread starter mitta
- Start date
Yes of course I wasn't thinking, it would be a cash advance and the interest free period would cease immediately. Thanks guys
Mark
However it is possible if you have a business you could run your card through ur eftpos machine as a sale.
True but it helped me out big time when I was short on settlement of a property. Better than the 18% cash advance interest!
My biz is strictly cash, you can't stuff a CC in a coke machine.
The only restaurateur I know well enough to ask about CC bank charges has managed to nail her bank to the wall so is not typical either.In either dollars or percent, how much do retailers pay the bank monthly? Ball park will do.
My biz is strictly cash, you can't stuff a CC in a coke machine.
In either dollars or percent, how much do retailers pay the bank monthly? Ball park will do.
I think its c.2% for VISA/Mastercard and prob around 4% for AMEX.
I've thought about this, but then the accountant/ATO will consider that as business revenue wouldn't they?
For me, the bank recently raised debit card fees from 15c per transaction to 31c. But Subway made a deal with Commonwealth Bank for 8c per transaction. For the high volume low value transactions I do, that's a big saving.
The rate for cc transactions in .08%.
For me it's 20c per debit transaction, and about 0.74% (from memory) for credit. Plus the mothly fee of $30.
CBA get's way too much of my money!!
PS Geoff, .08% for CC? You suck!
Who is that through? Or is that negotiated on behalf of Subway Australia wide as that rate is bloody great!We pay 0.9% for VISA and MC with a $10 monthly fee through CBA.
There are some creative things you can do with an EFTPOS terminal and your own credit cards. EG if you have one card which has rewards and one that doesn't..... you could charge $5k to one card and then refund it to another card. That means no extra money will show up in your bank and you will pay no merchant fees and you get a lot of points.
Or if you had fees like geoff, you could max out your card in a transaction (say a $10k swipe would cost $80 in merchant fees) and you could then do a "Customer Refund" for accounting purposes but do it by bank transfer into an offset account which could save about $120 of interest for 55 days. Plus you get all the points.....
There must be plusses too. If someone buys a sub with a $10 cash out, the total shows in your bank that day, there is less cash in the till to attract armed crims and less banking on Friday.
Counting and banking is a pain for me. My new coin counter takes about 20 mins to count/bag $1k and $4k is about as much as I can carry. Dictates which bank I use too. I must be able to park near the door in their own car park.
If anyone does have much coin to count, mine only cost $140 on eBay and there were plenty listed. It's better than the expensive one that just died.
http://cgi.ebay.com.au/COIN-COUNTER...ryZ48744QQssPageNameZWDVWQQrdZ1QQcmdZViewItem
Counting and banking is a pain for me. My new coin counter takes about 20 mins to count/bag $1k and $4k is about as much as I can carry. Dictates which bank I use too. I must be able to park near the door in their own car park.
If anyone does have much coin to count, mine only cost $140 on eBay and there were plenty listed. It's better than the expensive one that just died.
http://cgi.ebay.com.au/COIN-COUNTER...ryZ48744QQssPageNameZWDVWQQrdZ1QQcmdZViewItem
Subway actively discourages cashout- it does mean that you have to have a higher float in your register. Though I would do it if the software gave me the facility.
I've just bought the same thing from the same seller. I'm happy with the counter, but not with the week and a half it took for the delivery.
Sorry, I stuffed that big time.
Try .8%
p.s. how's the new store going?
There's an update on the original thread.
