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Plastiq has announced a new promotion lowering the fees they charge if you schedule mortgage payments.
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 1.5% promotion
The new promotion from Plastiq is that if you schedule 3 or more mortgage payments with your Mastercard by end of this year, you will get a rebate on the first 3 payments so that your effective Plastiq fee is 1.5%.
- Schedule 3 or more monthly mortgage payments by checking the box next to recurring.
- Use a Mastercard.
- Set up the first 3 payments so they are set to process between September 5, 2017 and December 31, 2017 11:59 p.m. EDT.
- Look for a notification of eligibility on the payment review screen.
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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