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I’ve written about Plastiq in the past, but in case you have missed it – it is a payment processing site that allows you to pay bills via credit card. You can use it to pay bills such as rent, car loans, utilities, school tuition, taxes, landscaper, plumber, etc.! You can also use it to pay your mortgage if you have a MasterCard – Visa and Amex do not allow you to pay your mortgage through Plastiq. I love Plastiq as it allows me to pay bills with my credit card to places/people who do not accept credit card payments directly. This means I can earn more points, miles, or cash back on these bills! You can sign up for Plastiq here.
The first thing I want to point out is that using Plastiq is not free! It comes with a 2.5% fee. Typically, I would not suggest paying this fee to earn points/miles/cash back as you most likely will not come out ahead (except for those that like to redeem points/miles for business class tickets and always get a huge value).
But… currently, the Chase Ink Preferred is coding as 3x points. That means for every dollar spent through Plastiq, you’ll earn 3 points. Just recently a paid a bill for $4,484.87 (preschool is expensive where we live!) and I earned 13,454 Chase Ultimate Rewards points. For that transaction I paid $112 in fees. While this is a hefty fee it was well worth it! For those familiar with Chase Ultimate Reward points, you can use your points a few different ways: 1) Transferring to partner programs; 2) Booking a trip through their travel site; and 3) Requesting a statement credit. Let’s say you opt for option #3, those 13,434 Ultimate Reward points are worth $134 in hard cash. That is more then the fee I paid which means I MADE MONEY! Although, I typically get a much better value by transferring my points to a partner program – typically around 2 cents per point. This means once I go to redeem my points I’ll get around $260 for my points – more then double the amount paid in the fees! Below is a screen shot of a recent payment showing that I earned 13,454 points on my $4,484.87 Plastiq payment.
Keep in mind that right now it is only the Chase Ink Preferred that will get you the 3x points, not any other Chase Ultimate Reward earning card. So if you have bills to pay that you cannot pay via a credit card, I highly suggest getting the card (it is a great card for many other reasons as well – I’ll outline in another post) and start using Plastiq! Learn more about the current limited time credit card offers. In addition to using Plastiq for my daughters preschool tuition payments, I also use it for membership does, contractors, and some other random bills. I will also have preschool tuition coming up in the near future for my son! I have personally never had any issues with bills not being sent/received, but I always suggest keeping a close eye on it to ensure payment is received. I find Plastiq to be extremely easy to use, especially for a merchant that is already saved to your account. Typically bills take about a week to be received by the merchant.
New to Plastiq?
Now, if you are new to Plastiq there is a referral program where you can earn FFDs (Fee Free Dollars) towards your payments. After your first payment(s) totaling $500 or more, you’ll earn $500 in FFDs. That means on your next $500 in payments you will not pay a fee at all! This is regardless of the credit card you use to pay. You must sign up for Plastiq through a referral and then you can go ahead and use your referral link to get friends/family members to sign up.