With Plastiq, you may pay your lease with a bank card. You pays your mortgage with a bank card. You can pay your automobile fee or auto mortgage with a bank card. You can even use a debit card.
This is an simple method to earn plenty of miles, factors, and cashback.
When you employ a journey rewards bank card or a money again card on Plastiq, you’ll earn journey rewards like airline miles, resort factors, bank card factors, and money again. Here’s how.
What is Plastiq
Plastiq is a fee service that allows you to use a bank card or debit card to pay payments that you just usually can’t pay utilizing a bank card or debit card.
You can use Plastiq to pay lease, your mortgage, utilities, insurance coverage, and different payments that you just usually can’t pay with a bank card or debit card.
Pro-tip: The better part about utilizing Plastiq to pay your payments, expenses are thought-about a buy and not a money advance. So you’ll earn frequent flyer miles, cashback, and bank card factors.
Plastiq Fees
You can create a free Plastiq account. But you’ll pay a charge in case you use your credit score or debit card for invoice fee.
The Plastiq charge for paying payments with a bank card is 2.9% (was 2.85% prior to Dec 1, 2022). If you employ a debit card, the charge is 1%.
You could make a one-time fee or a recurring fee. Payments might be made by paper verify, ACH (Automated Clearing House) Bank Transfer, or wire switch.
Pro-tip: When you ship fee through a verify, the verify is written in your identify.
The firm receiving the cash doesn’t want a Plastiq account to settle for the fee in contrast to different on-line fee strategies resembling PayPal, Venmo, and Zelle. So your landlord doesn’t have to use or create an account with Plastiq to get your lease verify.
What Cards Can You Use With Plastiq
You can use the next forms of playing cards to ship funds by way of Plastiq:
- Visa
- Mastercard
- American Express
- Discover
- Diners Club
Pro-tip: You can even use pay as you go playing cards like Visa present playing cards and Mastercard present playing cards with Plastiq. So in case you purchased any present playing cards at an workplace provide retailer when the charge for buying the playing cards is waived, you need to use them on Plastiq to pay your payments.
Plastiq Restrictions
You can use Plastiq for a number of payments that usually you may’t use a bank card to pay. But there are some restrictions.
You can’t use Plastiq to pay your bank card invoice with a bank card. Nor can you employ Plastiq to ship a verify to your self or one other non-public particular person.
Some playing cards can’t be used for sure forms of invoice funds.
For instance, you may’t pay your mortgage with a Visa bank card or an American Express bank card. But you need to use a Mastercard bank card to make a mortgage fee on Plastiq.
Pro-tip: This bank card utilization information lists the forms of funds that you need to use for Plastiq by card sort.
Who Should Use Plastiq
There are 3 times when it’s best to use Plastiq to pay your payments: meet minimal spending to earn a huge signup bonus on a journey rewards card, use a bank card to pay payments that don’t settle for fee by bank card, provide you with extra time to pay payments.
Meet Minimum Spending
Using Plastiq is a straightforward method to assist you meet your minimal spending to earn a huge bank card signup bonus on a journey rewards card.
You can earn 60,000 factors after spending $4,000 on purchases within the first 3 months on the Chase Sapphire Reserve® Card. This equals $900 price of journey when reserving by way of the Chase Ultimate Rewards Travel Portal.
Pro-tip: You can get much more worth if you switch these factors to journey companions.
The Chase Sapphire Preferred® Card is providing 60,000 factors after spending $4,000 on purchases within the first 3 months. Those factors are price $750 in journey when booked by way of Chase Ultimate Rewards.
Currently, the Ink Business Preferred® Credit Card provides 100,000 factors if you spend $15,000 in purchases within the first 3 months.
The Platinum Card® from American Express at present provides an 80,000 level welcome bonus after spending $6,000 on purchases within the first 6 months. Terms apply.
The Business Platinum Card® from American Express is at present providing a 120,000 level welcome bonus after spending $15,000 on purchases within the first 3 months. Terms apply.
You can use Plastiq to make your minimal spending in your Chase Sapphire Reserve, Sapphire Preferred, Ink Preferred, Amex Platinum, or Business Platinum card by paying your lease.
Using your Sapphire Prefered or Sapphire Reserve to pay lease or different payments on Plastic will price $116 in charges.
You can switch these 60,000 to 80,000 factors to Hyatt and get your 9 nights on the Alila Ubud in Bali, 6 nights in Hawaii, or 17 nights in London. All of which price rather more than what you’d pay in charges.
Those 100,000 Chase Ultimate Rewards factors from the Ink Preferred are price $1,000 in money again. Even paying the $427.50 in charges for the $15,000 in spending, you’d come out $572.50 forward.
You’d pay $174 in Plastiq charges utilizing your American Express Platinum card to spend $6,000 and spending $15,000 in your Platinum Business card will price $435 in charges.
Because of the charge, some of us within the journey hacking group solely use Plastiq to meet minimal spending after they haven’t any different methods to accomplish that.
Even with the charge, utilizing Plastiq is price it to me.
I exploit Plastiq to pay my mortgage each month. I don’t thoughts paying the charge as a result of it saves me not less than that in my time (the price of having checks printed, writing a verify, placing the stamp on it, and taking it to the put up workplace).
Plus I incomes a number of hundreds of miles and factors each month with no effort. And I don’t have to apply for brand new bank cards. An essential consideration if you’re at 5/24 and can’t or don’t need to apply for brand new playing cards.
But you may have to do the mathematics and see if it really works out for you.
Pay Bills With A Credit Card
You can use Plastiq to pay payments together with your bank card or debit card for payments that usually don’t settle for fee by credit score or debit card. Bills like your lease, mortgage, automobile fee, insurance coverage, householders affiliation charges, day care, faculty tuition, and extra!
Pro-tip: Want to get began in actual property investing? You can use Plastiq in your down fee on a home.
More Time to Pay Bills
Using Plastiq offers you extra time to pay payments. If money is tight otherwise you want a little respiration room, you may pay your lease with Plastic.
Paying your auto mortgage with Plastic may give you some additional time till you receives a commission. This may very well be a cheaper possibility than getting a payday mortgage.
Plastiq Referral Program
You can keep away from charges on Plastiq with the Plastiq Referral Program. The referral program allows you to earn credit (Fee-Free Dollars) that decrease or remove charges.
A Fee-Free Dollar (FFD) equals 1 greenback despatched with out charges. If you utilized 100 FFDs to a $300 auto mortgage, the charge is simply utilized to $200. So as an alternative of paying $8.70 in charges, you’d solely pay $5.80.
You earn 2,500 Fee-Free {dollars} per referral by way of the Plastiq referral program. And the individual you refer additionally will get 1,000 Fee-Free Dollars.
If you need to earn 1,000 Fee Free Dollars, use my referral code to be a part of Plastiq –
Create a Plastiq Account
You can simply create a free Plastiq account. From the Plastiq.com web site, click on the signup button within the higher proper nook.
Enter your electronic mail deal with and click on the blue proceed button.
Create a password and click on the blue proceed button.
Verify your electronic mail deal with. Once verified, you may end organising your account.
You can solely have one Plastiq account. You can’t use a totally different electronic mail deal with for a separate account.
Paying Bills With Plastiq
Paying payments with Plastiq is simple.
To make a fee, click on the large blue plus signal on the precise facet of the funds display screen. You can even click on the small blue plus signal within the high center of the display screen.
Type the identify of the seller you need to pay. Then click on the + Create New Vendor. Click the blue proceed button.
Choose your fee technique: ACH Bank Transfer, wire switch, or verify. Plastiq routinely defaults to ACH. If you need to ship fee one other method, you may have to click on Paper Check or Wire Transfer.
Pro-tip: You can ship paper checks by common mail totally free. Checks can take up to 11 days to arrive. In my expertise, it has taken about 8 days. So you’ll need to schedule your fee to permit for additional time.
If you forgot to schedule your fee upfront, you may pay for expedited supply.
ACH funds are free and take up to 6 days to get to the seller. Sometimes, they course of as rapidly as 1 enterprise day. You pays for expedited supply in case you want to ship the cash sooner.
Wire transfers take up to 5 days to obtain fee. You’ll pay $5 for subsequent day supply through wire switch and $39 for 2 day worldwide wire transfers.
If you chose fee by verify, add the deal with the place you need the verify mailed and a cellphone quantity. Then click on the blue proceed button.
Choose the seller class and vendor subcategory then click on the blue create button.
Add the identify of the seller you need to pay and different particulars.
Choose who you need to pay and click on the blue proceed button.
Enter the fee quantity.
You can add your credit score or debit card info by clicking the New Payment Method. You can add an infinite variety of bank cards to your account. Click the blue proceed button.
Enter your bank card info and click on the blue proceed button.
Add who the verify is being paid for, the bill or account quantity, and a memo. When completed, click on the blue proceed button.
Click the date you need your fee delivered.
If you need your fee despatched on a totally different date. Click on Choose Different Date and choose from a calendar view.
Double-check the date. You can set this up as a recurring fee on the identical date by toggling the button to Make This a Recurring Payment. Click the blue proceed button.
You can add an bill or different documentation. After importing, click on the blue proceed button.
Review your info to be sure that every thing is appropriate.
You’ll see a breakdown of your fee and charges on the fee assessment display screen.
Pro-tip: You additionally earn money again, frequent flyer miles, bank card, and resort factors on the Plastiq charge.
If every thing is appropriate, click on the blue submit button (on the backside of the display screen and high proper nook of the display screen).
The individual you’re paying received’t receives a commission till the scheduled date, however your bank card is charged instantly after you click on submit fee.
The subsequent display screen reveals that your fee was submitted and offers you a fee ID quantity.
Click the black make one other fee button to course of one other fee. Or sign off by clicking your initials within the decrease left nook of the display screen and selecting logout.
Payment Guarantee
Plastiq provides a fee assure. If your fee shouldn’t be delivered by the quoted date, they may reimburse any late charges.
This doesn’t imply that in case your fee was due on the 1st, however you waited till the 1st to signal into Plastiq and ship a verify, they’ll reimburse late charges as a result of it was obtained after the 1st.
It means in case you scheduled your fee upfront, accounting for the supply time, and your fee was late, in case your automobile mortgage firm, landlord, and so on. cost a late charge, Plastiq will reimburse you the price of the late charge.
So, in case you signed into your account on the 26th to make a fee due on the 15th and your fee is obtained after the 15th, in case you’re charged a late charge, you will get the quantity of your late charge despatched to you by Plastiq.
Because of the charge, some of us within the journey hacking group solely use Plastiq to meet minimal spending after they haven’t any different methods to accomplish that.
After scheduling your fee, Plastiq will ship you a affirmation electronic mail. You’ll obtain a second electronic mail when your fee has been accepted by your vendor.
Who Shouldn’t Use Plastiq
Plastiq is a nice possibility for many individuals, however there are some who shouldn’t use Plastiq. You ought to solely use Plastiq in case you can repay your bank card invoice in full every month.
Because the charges and curiosity charged for not paying off your steadiness, negates any airline miles, bank card, resort factors, and money again earned.
Pro-tip: If you may’t pay your bank card steadiness off every month, take into account getting a 0% intro APR steadiness switch card.
Watch the video on Plastiq.
Conclusion
You pays lease, mortgage, automobile funds, and different payments together with your bank card and debit card with Plastic.
It’s free to create an account however you’ll pay a charge of two.9% to use your bank card to pay payments and 1% in case you pay with a debit card.
Plastiq is a wonderful means to meet minimal spending on a huge bank card signup bonus. It additionally offers you extra time to pay payments and might be cheaper than getting a payday mortgage.
But the service isn’t for everybody. If you may’t pay your payments in full, you shouldn’t use Plastiq.
Have you used Plastiq?
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Chase Sapphire Preferred® Card
My favourite perks about this card are incomes 5X factors on journey when booked by way of the Chase portal (2X if direct buy), 3X factors on eating , $50 yearly credit score on motels booked by way of the Chase portal, no international transaction charges, and transferring factors to 13 airline and resort companions like Hyatt, United, and Southwest.
Chase Freedom Unlimited®
