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Plastiq just added a new feature where you can now pay bills with your credit card via wire transfer and ACH. The benefit of this is that your payments will be sent electronically and reach their destination even faster! So concern for a paper check to get lost in the mail.
- Domestic Wire (Payment arrives same-day)
- International Wire (Payment arrives next-day)
- ACH Direct Deposit (Payment arrives in 4-5 Business Days or Expedited option available)
To send a payment via Wire or ACH, you just need to know the recipients routing and account number. You will also need to verify your account with Plastiq which takes just a few seconds. Now, if you are trying to send a payment to someone you’ve already sent in the past, you’ll need to add them again as a new recipient and select either the wire or ACH option. While there are no fees for the ACH option (unless you select to expedite the payment), there is a small fee for Wire transfer. Overall, I found the setup and payment to be extremely easy and straightforward.
What is Plastiq?
For those new to Plastiq it is an awesome way to earn points and miles by using a credit card to pay bills where you typically couldn’t use a credit card to pay direct. These bills include rent, mortgage, car loans, utilities, school tuition, taxes, contractors, handyman , accountants, etc. Note: Visa and Amex do not allow you to pay your mortgage through Plastiq, although MasterCard Discover allow this payment. While using this bill payment system is great, there is a fee where it may or not be worth it – typically a 2.5% fee. Read below to see how to get your fee waived!
There are currently two “promotions” where paying these bills 100% definitely makes sense!
- Earn 3x points with your Chase Ink Preferred credit card. For some unknown reason, the Chase Ink Preferred credit card is coding Plastiq payments as 3x points (instead of the normal 1x points you earn on most purchases). Although you are paying a 2.5% fee, the points you earn will be worth more then the fee. If you redeem the points for pure cash, you’ll earn a 3% return minus the 2.5% fee, for a total of 0.5% cash back. Or, if you transfer your points to a partner loyalty program and value your points at 2 cents per point like I do, then the 3x points is worth 6% cash back. After the 2.5% fee you are really coming out ahead at 3.5% which is great (6% return minus 2.5% fee = 3.5%) ! Learn more about this method here.
- Pay no fees using a Mastercard. Plastiq recently announced a in partnership with Masterpass where if you use a Mastercard to pay through the Masterpass payment option, you’ll pay no fees up to a certain limit. Any payments as of June 1st will have a cap of $250. This promotion ends September 30, 2018. Learn more about this promotion here.
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.