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We’ve written a few times about Plastiq, which is an online bill paying service that allows you to use a credit card to pay bills, including those that you might not normally be able to pay with a credit card. Their standard fee is 2.5% of the total bill, but they often run promotions that allow you to get their fee lower than that. As a general rule, I would not recommend paying 2.5% in most cases, though there are scenarios where I think that it makes sense

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Make payments with only a 1.5% fee

I recently got an email from Plastiq with a new promotion

It’s so simple, it’s spooky: Until October 31st submit at least one payment of $2,000 or more and we’ll match the largest payment with up to 5,000 FFDs! The FFDs will be applied on November 15th or earlier.

  • Make a $2,000 payment, we’ll match it with 2,000 FFDs
  • Make two $2,000 payments, we’ll credit you 2,000 FFDs
  • Make a $2,000 and a $3,500 payment, you’ll receive 3,500 FFDs
  • Make a payment of $5,000 or more, that’s 5,000 FFDs in your account

You can also get 1.5% Plastiq fee on 3 payments less than $2,000 each if they are scheduled to be processed by October 31. Since there are several cards that pay 2% (or more), this could be a good opportunity for a little spending arbitrage.

Generally I’ve found Plastiq’s fraud protection to be fairly decent; meaning that if you’re making “payments”, I’d be prepared to answer plenty of questions about your payment including potentially providing an invoice.

Get $500 in fee free spend

If you weren’t targeted or you’re looking for more spend with Plastiq, you can still get $500 in fee free spend by signing up through my referral link. You have to spend $500 with Plastiq to get the $500 fee-free, so in reality, it’s like getting $1000 in spend at a 1.25% rate.

Good luck and happy spending

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