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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!
Typically Plastiq charges a 2.5% fee when using their service, but for a limited time they are dropping that fee down to 2% when paying rent or any other real estate transaction (such as your mortgage). There is some criteria to be eligible for this discounted fee:
- This promotion is limited to people registering for Plastiq for the first time.
- You must register through this exclusive registration link – this is an exclusive offer for Deals We Like readers
- Must schedule 6 rent/real estate payments
- The first payment must be submitted by May 31, 2018 at 11:59pm ET
This is only eligible for the 6 payments. Any payments after that will increase to the normal 2.5% fee. And while you can use any credit card, remember that Visa and American Express do not allow you to pay your mortgage via Plastiq.
- Mastercard = Any Rent/Real Estate payment
- Discover = Any Rent/Real Estate payment
- Visa = Personal Rent, Business Lease, HOA, but no Mortgage payments
- Amex = Personal Rent, but no Business Lease, HOA, or Mortgage payments
Why Would You Use Plastiq and Pay a Fee?
Of course there is no reason to pay a fee if there is no benefit for you. But for some, paying this fee could actually put you ahead. For example, if you are trying to meet minimum spend this could be an easy way to earn those bonus points if you wouldn’t be able to put that much money on your card during the new member bonus period. Also, if this payment is for a business expense, the fee you pay can be written off on your taxes. So depending on what your tax rate is, you might see that the fee you are paying isn’t that high. And if you typically redeem your points/miles for a significantly higher redemption, you might find this as a cheaper way to earn points/miles. You can also reduce the fee paid by linking the credit card you use to the app Drop which will essentially earn you 0.2% back (although in the form of gift card payouts). You can learn more about this Plastiq/Drop offer here.
If you have a Chase Ink Preferred credit card you will absolutely come out ahead! Currently, the Chase Ink Preferred is coding as 3x points. Learn more. That means for every dollar spent through Plastiq, you’ll earn 3 points – worth a 3% return so much higher then 2% fee you are paying. So let’s say your rent is $2,000/month. That Plastiq fee will cost you $40, but you’ll earn 6,000 Chase Ultimate Reward points. 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 6,000 Ultimate Reward points are worth $60 in hard cash. That is more then the fee paid! Personally, I like to get 2 cents per point by transferring to partner programs, so those points would earn me $120 of value. If you do this 6 times, that can make you a lot of money – depending on the amount of your payment. Keep in mind that since the Chase Ink Preferred is a Visa credit card, you cannot make mortgage payments with this card.
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! 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 this exclusive link and then you can go ahead and use your referral link to get friends/family members to sign up.