(Update 7/28 – this promo is ending on 7/31 so if you hadn’t seen this or meant to take advantage of it and forgot, now is the time!)
Plastiq has announced a new promotion lowering the fees they charge .
A little bit about Plastiq
Plastiq is one of a variety of services that allow you to use a credit card to pay bills and other things that you would not normally be able to pay with a credit card. Some examples are things like mortgages, utilities and payments to other people.
(SEE ALSO: How I use Plastiq for “free” money paying my mortgage)
Typically there is a fee charged. Plastiq typically charges about 2.5% of the payment amount, depending on the card. They also do offer various promotions – I believe currently if you schedule 6 mortgage / rent payments, your first one is free.
Whether that will be worth it to you or not is up to you, of course. The main reasons it might be worth it to me would be if
- I were trying to meet minimum spend on a card that I was having trouble meeting organically
- I was paying with a card whose points were worth it enough to me. I typically pay with the AT&T Access More card which gives 3x ThankYou points on online merchants. Since ThankYou points are worth AT LEAST 1 cent per point, you’d come out ahead even if you just used your extra TYP as a statement credit to cover the Plastiq fee (I don’t personally do that)
I’ve had mostly good experiences with Plastiq in the times that I’ve used them. They had some problems one month paying my mortgage (they eventually got it figured out).
Plastiq signup bonus policy and promo code
The new promotion from Plastiq is that the fee when you make Business Services payments using a Mastercard is down to 1.75% for a limited time
- The payment amount is at least $20,000.
- The recipient is a business service.
- The credit card used is a Mastercard.
- Submit the payment between Monday, July 10, 2017, 12:00 a.m. EDT and Monday, July 31, 2017, 11:59 p.m. EDT.
- If they’re scheduling, make sure the payment is set to process no later than July 31, 2017.
It sounds like they have some safeguards in place to limit people trying to make fake payments to abuse the service with a 2% cashback card. Unlike the Drop app which apparently had no idea that this was possible?!?! 😀
Remember that you can no longer pay your mortgage with a Visa card through Plastiq AND starting July 22nd, payments via Plastiq made with an AT&T Access More card will no longer earn triple ThankYou points
I think this promotion is probably useful for some – hope it can help!
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This is useless unless you have a business. Most of your readers do not own a business. You have to spend more than $20k.
Thank you for posting this… I have a business, and I have little time to do all the research that you do! I really appreciate your
help on this!
Thanks for commenting, especially given some of the other comments on the subject 😀