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The news on this came out a few weeks ago but I hadn’t gotten around to posting about it. Plastiq has updated their referral policy.
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.
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)
Plastiq signup bonus policy and promo code
The new Plastiq signup bonus policy is that new members will receive $500 in fee free dollars (FFD) and the person who referred them will receive 1000 Fee Free Dollars.
Previously the Plastiq refer a friend bonus was $200 to the new user and $400 to the person who referred them.
One big downside is that your minimum payment to earn your fee free dollars is higher as a new user. You now have to spend $500 in order to get your bonus. It appears that you do NOT earn the fee free dollars on your first $500 in payments – instead you have to spend $500 through Plastiq and THEN you’ll have your next $500 in payments fee-free.
How I use Plastiq to pay my mortgages
I have written about using Plastiq to pay my mortgage before, and currently am paying the mortgage on my primary residence and all of my rental properties each month through Plastiq.
I have only had one problem with Plastiq, where Plastiq and my mortgage company had trouble connecting and my payment ended up a few days late (still within the grace period). I was able to resolve it with Plastiq customer service to my satisfaction (I’ll have another post on that shortly)
If you sign up for Plastiq with my referral link, you will get $500 in fee free dollars after you spend $500, and I will get $1000 fee free dollars.
Good luck and happy spending!