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If you are lookin to take advantage of the bill payment site Plastiq’s Mastercard promotion, you have just one week left to do so. With this promotion, any bills paid with a Mastercard will earn you Fee-Free Dollars (FFDs) to use on a future payment. This means you’ll be paying the 2.5% fee now for your bill payment, but for every dollar spent, you’ll earn 1 FFD which you can then apply to a future payment to reduce the fees paid. When you apply FFDs to a payment, that means you are not paying a fee on the equivalent dollar amount. From the promotion terms, only those who received the email are eligible. For those new to Plastiq, I absolutely understand that this can be confusing, so here is an example below:
Example: You make a $1,000 payment, which will cost you $25 due to the 2.5% fee. You’ll then receive 1,000 FFD’s, which means on your next payment of $1,000 you will not pay any fees. Essentially, you can kind of think of it as a 2-for-1 deal or really just paying 1.25% for your total payments
Plastiq 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, car loans, utilities, school tuition, taxes etc. And the best is you can actually pay your mortgage with this promotion since MasterCard allows you to pay your mortgage through Plastiq (Amex and Visa do not).
Payments must meet the following criteria to count towards promotion:
- Must be on a Mastercard credit card (excludes pre-paid and debit cards) – although reports show that Mastercard gift cards are working
- Must be created on or after Thursday, October 11, 2018
- Must be set to process on or before Wednesday, October 31, 2018 (see below to learn where to find the processing date) – typically payments will be processed same day or the next day, although some payments can take up to a week
- Must pay a 2.5% fee on that payment (that means if you apply any existing FFDs in your account to the payment, it won’t earn you the bonus FFDs)
Your account will be credited with all the FFDs earned on November 1, 2018 – the day after the promotion ends. The good thing though is that the FFDs earned does not need to be on a payment using a Mastercard – you can use any credit card you desire!
To check the process date of your payment, on the last screen during the Review process, click the blue “Delivered by link”. In the pop up screen, it will show the processed on date. Just make sure the process date is on or before October 31, 2018.
To only have to pay 1.25% fee (after taking into consideration the bonus fee-free payments paid) on payments is great! Some popular MasterCards include: JetBlue, IHG, Citi AAdvantage, Citi Double Cash. Many times the points earned is well worth the fee!
New to Plastiq?
If you are new to Plastiq, you can also earn an extra 500 FFDs after making your first payment of $500. You just need to sign up Plastiq through a referral link. Here is mine, thank you in advance!Although this promotion seems to be targeted to just those folks who have received the promotional email, so I assume new members will not be eligible, but I’ll find out from my contact at Plastiq and get back to you!