During a team dinner, my financially savvy colleagues shared with me how they were making some minuscule but meaningful amount of money using credit card to Boostpay ewallet.
How this is done is that it will involved using credit cards and a Boostpay premium wallet. A Boostpay wallet is basically a verified account which allows a maximum amount of RM1500 to be in the ewallet and the ability of the ewallet holder to transfer money out from the ewallet into the bank.
The execution to do it needed a little bit of visualization that I had to draw it out on the whiteboard to fully understand how it works.
Before explaining in the details on the workflow, the following facts needs to be establish 1st :
1. The credit card itself gives a maximum cashback of RM42 for spending RM3,000 per month.
2. Boostpay premium wallet’s maximum amount is RM 1,500.
3. Boostpay charges RM 2 for withdrawing each RM 1,500.
Now here’s how it works :
1. You top up your Boostpay wallet with RM 1,500
2. You withdraw Boostpay wallet with RM 1,500 to a bank account and get charge RM2 surcharge
3. You top up your Boostpay wallet 2nd time with RM 1,500
4. You withdraw Boostpay wallet with RM 1,500 again to a bank account and get charged RM 2 surcharge
5. You get RM 42 from credit card rebates for using the card to top up Boostpay
The total earnings is = RM 42 - RM 4 (withdrawal surcharge) = RM 38 (net profit)
Do note that usually credit cards that offer cashbacks on Boostpay topups have annual fees which might cancel off the earnings, the trick is to request credit card companies to waive the yearly payments before you get charged. Credit card companies will usually allow waiver of annual fees provided the card has got sufficient amount of usage. Another friend told me this technique can be applied using BigPay ewallet but some say BigPay discourages this and will block such transactions.
With recession in the horizon, there’s a need to find all kinds of creative ways to make some extra cash to pay bills and living expenses, this method to make money can be done with some effort and patience.
If for some strange reasons you are still not on BoostPay wallet and find this article useful, do sign up for Boostpay ewallet and use my referral code, both of us will get some small incentive.
My invite code for BoostPay is onglrwv while my TouchNGo wallet invite code is abmuke.
Links
Google Playstore and iTunes link for Boostpay wallet app
