What Is Plastiq and How Does It Work? - NerdWallet I havent seen this announcement anywhere. Out of curiosity, I was just reviewing the cookies Plastiq places on my machine when I log in. Does anyone know if Plastiq allows making a payment on a car loan with the new terms (with Amex, or any other types of cards?) Easier access to working capital can help you scale faster. Does it still require landlord verification? Im wondering if Ill still incur the CA fees. Business owners can also use Plastiq to receive payment from their customers. It would be really helpful! Thanks in advance! The thing is, I remember reading somewhere that using a personal Visa card with Plastiq is difficult, because Plastiq needs to authorize 5 times the amount being charged. Being able to pay your bills early even when you dont have the cash on hand to do so can also provide you with added rewards, along with the peace of mind of knowing you wont be hit with a late fee from the creditor or lender. Thanks for your comment, Harry. See our Advertiser Disclosure for more about our partners, how we make money, and our rating methodology. Once there, if you see a red notification that states, This address is undeliverable, then FedEx cannot deliver your expedited check. When a referral makes a payment or payments totaling $500 or more within 30 days of signing up,the referrer will earn 100 FFDs. I have a quick question. Manage, track and organize your finances. Many of our customers are unable to accept credit cards on their own, so being able to integrate Plastiq Accept into our payment management options has made a huge difference by opening up an entirely new payment channel that can be set up in no time at all.. ", To learn more about Plastiq, please visit www.plastiq.com. I don't consider this MS. It's a great option for earning points on spending that you normally can't put on a credit card. Click here for the Credit Card Supported Payment Types Reference Table. Plastiq Review: Pay Bills with Your Credit Card but Are - MapleMoney Plastiq works with all major credit card providers, including Mastercard, Visa and American Express, and its automated payment platform has signed up more than one million clients, processing . Any and all options, reviews, comments and analyses are the responsibility of the author(s) and not any Advertiser or credit card issuer. Thanks for your comment. Plastiq accepts all major credit cards, including Visa, Mastercard, and American Express. , . Opinions and recommendations are ours alone. Normally, for a company to accept credit or debit card payments, they need to . At Bankrate we strive to help you make smarter financial decisions. This makes it easy to ensure your bills and other obligations are paid even when youre focused on doing other things. En vous inscrivant la newsletter, vous consentez la rception de contenus de notre part. The terms and conditions prohibit you from using a Visa or American Express card to pay your mortgage through Plastiq. An interesting use case I own a shopping center with 3 partners (we are 25% each in the corporation), and was trying to pay my 25% of the property taxes to the corporation to pay the State. FAQ What is Plastiq? By offering a credit card payment option to their customers through Plastiq, businesses get paid on time and more reliably, unblocking cash flow in the supply chain and getting businesses moving forward again. Putting your rent / mortgage payment onto a credit card can shift considerable spending onto a credit card, easily meeting your welcome offer requirements. Plastiq works with all major credit card providers, including American Express, Discover, Mastercard, Visa, and JCB, and its payments platform has signed up more than one million clients, processing billions in payments for a wide range of expenses, from business supplier payments, to contractors, to taxes and rent. One instance in which it can be of great value to send payments with Plastiq is when you can profit from the transaction. Plastiq charges your card, and then sends a check, direct deposit or ACH transfer to pretty much anyone even individuals. 1285 West Broadway, Suite 600, Vancouver, BC V6H 3X8 We maintain a firewall between our advertisers and our editorial team. My question is if I pay off my credit card every month would it make sense to use Plastiq and still get the fees charged? American Express no longer accepted for Plastiq : r/CreditCards - Reddit In some rare instances, Plastiq has even removed service fees altogether in the past for utility payments. Compare cards in one place to find the one for you. 3 2 Considering that other payment processors have come and gone in the. For instance, in addition to raising your credit score (provided you pay the balance by the due date), you can also earn points or other types of rewards for using the card. Here is how this might work: if you have $1,000 in Fee-Free Dollars and you pay a bill in the amount of $800, then no fees will be charged on that transaction. Thanks for the tip weve updated our article! If you use your Discover card to make your mortgage payment via Plastiq, you will be charged a 2.5% fee ($22.50 on $900). Given that Plastiq now charges a 2.9% fee I doubt many people were using it anyway but thought it was worth mentioning as some people were using it to meet minimum spend requirements. Plastiq will not allow you to send a payment to yourself or your spouse. how about Bank of America credit card with Platinum or the top honor status, does it make sense? Although all of the possible payment types are not listed on the reference table, we encourage members to review our Terms of Service to understand what is unsupported altogether. If you know of a better deal, or disagree with our reasoning please contact us and if appropriate changes will be made. It will NOT be published. Plastiq has won a number of awards and recognitions, including being named to the 2020 Forbes FinTech 50. You would be spending $270 to receive $180 cash back. Terms Apply to the offers listed on this page. It almost certainly will not code under any retail-related categories. I was thinking about paying my business rent with my Hyatt Visa next year to maintain Globalist status. Hot Tip:If youre a renter, you could also consider using the Bilt Rewards program if you live at an eligible property. Learn more at www.plastiq.com. Here is a page from the Plastiq website on how this would work! Free. If you are able to convince friends and family to use this service via your unique referral code, you may be able to process a portion of your monthly bill payments through Plastiq for free. You would need a credit card that earns more than 2.5% cash back. Plastiq Platform Available to US Visa Commercial Cardholders Which Bank of America credit card are you referring to? And if still not a good deal, what cc would you recommend for this. Start making moves toward your money goals and compare your debt management options. I raised my cash advance limit back up and then made the payment, but am not sure if it was classified as a cash advance or not. Wire . For. Are There Benefits To Paying Your Mortgage With A Credit Card? The information regarding the JetBlue Plus Card was independently collected by Upgraded Points and not provided nor reviewed by the issuer.The information regarding the Marriott Bonvoy Boundless Credit Card was independently collected by Upgraded Points and not provided nor reviewed by the issuer.The information regarding The World of Hyatt Credit Card was independently collected by Upgraded Points and not provided nor reviewed by the issuer. Our goal is to help you make smarter financial decisions by providing you with interactive tools and financial calculators, publishing original and objective content, by enabling you to conduct research and compare information for free - so that you can make financial decisions with confidence. In addition, they have neglected to send scheduled payments to creditors, as a result, constant late fees. To beat that fee, you will have to work harder to get referral fee. Were transparent about how we are able to bring quality content, competitive rates, and useful tools to you by explaining how we make money. So, coverage in a You can pay a loan with a credit card directly in the rare cases its accepted, or by using either a credit card balance transfer or a third-party money transfer service to pay the loan. Personal Visa has restrictions. Plastiq is a bill payment service which allows us to pay any bill with a credit or debit card for a 2.90% processing fee. The good news is that there is an alternative that offers you the ability to pay just about any of your bills using a credit card, even if the lender or creditor doesnt allow you to do so directly. Can I Pay My Mortgage With a Credit Card? - NerdWallet August 25, 2020 08:00 ET
The recipients of your payments will receive funds with your name, account, and invoice number on them. No communication, no refund, no resolution. When you consider the value of the points, youll often see that the sign-up bonus far outweighs the Plastiq fee. Or will I get penalized? Plastiq is a website and app that lets you enter your credit card information and information on the bills you want to pay. Once youve done that, the bill is ready to be paid and all you need to do is select which of the credit cards you have linked to your Plastiq account that you want to use to pay, and viol youve completed payment using Plastiq. $5/$39. Thanks. https://support.plastiq.com/s/article/American-Express-Card-Policy. That depends entirely on the type of points you are earning, and what value you place on those points. This reduces the overall strength of Plastiq as a form of bill pay. @jbronz 01/20/23 This answer was first published on 10/27/20 and it was last updated on 01/20/23.For the most current information about a financial product, you should always check and confirm accuracy with the offering financial institution. Anas interest in finance developed out of her own entrepreneurial journey. I asked my landlord one time and he doesnt like Plastiq due to BBB reviews. The helpfulness of a financial advisor's answer is not indicative of future advisor performance. For comparison, PayPal charges 2.9% + 30 cents to send money with your credit card as a source (not purchases, but bill pay / person-to-person payments). Unfortunately, Amex and Plastiq do not currently have such an arrangement. See How You Save with Plastiq, NEW PLAYBOOK: Get More Working Capital to Fund Your Cash Conversion Cycle. Send personalized payment links or QR codes in invoices, emails and text messages. Plastiq cancelled all my Amex recuriing charges today. You can also add a bank account to your wallet to fund payments with cash. If you can't meet those requirements, you must pay using. The issue is that since Plastiq charges a 2.5% processing fee, you would need to receive value that exceeds the cost of this fee to make it worthwhile to use a credit card (via Plastiq) to make your mortgage payment. Thanks! But before you use the app to make a payment, its important to know that Plastiq charges a 2.9% fee on all transactions. The content created by our editorial staff is objective, factual, and not influenced by our advertisers. Their customers can also benefit from early pay and bulk purchase discounts while earning rewards on their credit cards. It's long been possible to pay select bills with a credit card for a fee using various services; for example, here's a Complete List Of Options For Paying Your Rent With A Debit Or Credit Card . If you can't earn a bonus without funneling some payments through Plastiq, then the fees will likely be justifiable to you. Wire transfer: domestic/international. WalletHub does not endorse any particular contributors and cannot guarantee the quality or reliability of any information posted. As an Amazon Associate I earn from qualifying purchases. Time to update this, they no longer accept AMEX. Not sure if the new cash-like restrictions will make those payments cash advances, so Im waiting for more DPs before doing it again. However, not all payments can be made with all credit card types. Using Plastiq can help you meet minimum spend requirements more easily. That means youll fork over $28.50 for every $1,000 in bills you pay. Yes, that is likely why. If youre going to use it to earn points with your credit card, you need to know which cards are eligible for select purchases. Recipients do not need to have a Plastiq account. Just payment. I just got a chase business united credit card and wanted to pay my rent ($3100) can I put the whole amount in one transaction and get my full reward points/miles or will they count it as a cash advance? Does Plastiq code it as a purchase or cash advance? Putting big purchases on a credit card can provide a number of benefits beyond just the ability to make immediate payment. . At the same time, customers on-time payments through Plastiq helps keep the supply chain moving without delays. Choose the best home insurance company for you. In a situation like this one, if you send $5,000.00 in payments with Plastiq, you would be paying $142.50 in service fees to Plastiq. Expert verified means that our Financial Review Board thoroughly evaluated the article for accuracy and clarity. For a small fee, you can put these large expenses on your new credit card to help you earn the sign-up bonus. [YMMV] American Express Blue Business Cash $750 Signup Bonus (No Lifetime Language), [YMMV] American Express Blue Business Plus 75,000 Points Signup Bonus (No Lifetime Language), (Update) Bluebird Adds $3.74 Fee For Walmart Reloads, American Express Transfer Bonus: 30% To British Airways Avios (1:1.3), Giftcards.com Claws Back Portal Reward Earnings, Giftcards.com: Save 10% On Visa eGiftcards $100 Denomination Only (Promo Code SUMMER, SUMMER23, YAYSUMMER), https://www.doctorofcredit.com/handy-chart-from-plastiq-to-clarify-which-cards-can-be-used-for-which-payments/#comment-732337. The mortgage interest rate is not a factor here. The Plastiq platform helps us better manage our cash flow, is very user friendly and saves us both time and money. This question is about American Express Credit Cards. The Citi Double Cash card earns 2% back on all purchases, which when paired with a ThankYou point earning card like the Citi Premier or Citi Prestige, you can turn the 2% into 2x ThankYou points per $1. Hi Shalisha. This includes regular bills, such as your rent/mortgage payment and utilities, as well as other expenses like tuition, and even your income taxes! Very helpful. Im disappointed to learn of this change. Plastiq did not tell me or follow through with it. But youll find some stores that have exclusive deals with the more popular networks, Visa and Mastercard. Ive been using Plastiq to pay my HOA for almost two years now. Can I pay my buddy with my Chase VISA through Plastiq and will Chase recognize this charge and accept for the points? Here, we will look at fees, rewards that could be earned, and then analyze the net value. We value your trust. This provides for increased rewards on daily spending and quicker completion of spending requirements for bonuses or new card welcome offers. Any suggestion what credit card to use on plastiq to get 3x reward points? Since youll be paying a 2.85% fee, you will want to use a card where the value you are accruing exceeds the fee you are paying to complete the transaction.