Advertising Disclosure: Links and credit card offers on this page may earn us a small commission. They never influence what we cover but they do keep the lights on. Learn More
[Unfortunately, the below post details a methodology that no longer works as the coding mentioned as 3x is now only 1x. The post is preserved for posterity only. ]
One of the Holy Grails of miles and points is how to get miles or points when you have no choice but to pay by check – and still turn a profit.
Now, maybe you’ve heard of Plastiq and maybe you haven’t – but if you don’t know how I’m profiting 2%++ on all of my business check purchases, read on….
Bill payment processor Plastiq allows you to make any payments you would like via check using a credit card. While they have promotions (for example, your first payment of $500 or more when someone refers you will get you $500 “Fee Free Dollars” to use on a future payment) the standard fee is 2.5% on top of your payment. This SOUNDS like you are losing money, but you aren’t – if you know hw to work it….
If you have a Chase Ink Preferred credit card, all purchases made with Plastiq are currenly coding as 3x bonuses purchases. While I can’t guarantee this will work forever, it’s well known and even my rep at Plastiq touts it.
It’s an open secret.
If you also hold a Chase Sapphire Reserve card, though, the math gets even better because you can transfer your points to the Reserve and redeem with a value of 1.5 cents a point on travel. These are your “base levels” of value, but by transferring to airlines and hotels, I often get more than 2 cents a point in value.
Since you are getting 3x points, here’s how the math works on Plastiq purchases:
$1,000 in spend will have a fee of $25. That will earn 3,000 points.
3,000 points are worth at minimum:
$37.50 if you have only the Chase Ink Preferred (1.25% minimum profit)
$45 if you also carry the Chase Sapphire Reserve (2% minimum profit)
Or more if transferred to airline/hotel partners.
And here is our referral link if you need a Business Credit Card.
New to all of this? My new “introduction to miles and points” book, MilesTalk: Live Your Wildest Travel Dreams Using Miles and Points is available now.