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Note: This post was published on June 14, 2018. Card details and benefits may have changed since then.
For those unfamiliar with Plastiq, it’s a way to make payments with a credit card for businesses that otherwise won’t accept a credit card. This could be rent, a mortgage, or a vendor that just won’t take the plastic.
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Last week, I wrote about a promotion going on where you can pay an unlimited number of bills up to $250 fee-free, using Masterpass. This is great for smaller payments, but for larger payments (assuming you can’t split them up – a landlord may balk at 12 $250 checks!) you will have to pay a fee of 2.5%.
Until now, they only sent checks. And that may still be a fine option for you. But they have also now launched ACH and Wire payment services, which may be efficient for you if you need to make a payment in less than the 8 days they need for standard check payments.
New options and fees:
– ACH Direct Deposit (Payment arrives in 4-5 Business Days or Expedited option available) - ACH is free or pay $15 for expedited + 2.5%
In most situations, you should be fine doing either the standard check of standard ACH. There’s no change to the fee structure there. To be clear, these are just new options. Should you need to expedite, do your own match to see what the fees work out to over all and if the rewards you are earning are still greater.
Note that they are currently having issues with personal Visa cards (detailed at the end of this post). You will probably want to use a Mastercard or Business Visa (like the Chase INK Business Preferred card which, at least as of my last bill payment with Plastiq, earned 3X points) for now.
When you sign up with a referral link, like this MilesTalk link, you’ll get $500 “Fee Free Dollars” you can use once you make a fee-based payment of at least $500. Refer your friends to get more Fee-Free Dollars (FFDs).
Additionally, MilesTalk is running a promotion with Plastiq in June:
Sign up during June and make one payment of $500 or more and you’ll be entered to win $3,000 Fee-Free Dollars (meaning you could pay $3,000 of bills with no fee) from Plastiq. That’s worth $75.
Plastiq will be randomly selecting 3 people that use the MilesTalk link and pay at least $500 (with the 2.5% fee) in June. If you signup and only make the $250 fee-free payments, you won’t get your automatic $500 in Fee-Free Dollars nor be eligible for the 3,000 Fee-Free Dollars.
Are you taking advantage of this Plastiq offer? Let me know here, on Twitter, or in the private MilesTalk Facebook group.
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.
