Last edit by: financialhippie
Successful Credit Cards Used (Posted as Purchase)
Amex Open SPG Business
AMEX SPG (non-business)
BofA - Virgin Atlantic MC
BofA - Amtrak World MC
Barclaycard Aviator Red/Silver MC
Chase Ink Plus Visa
Chase Hyatt Visa (x2)
Chase BA Visa
Chase United MileagePlus Explorer
Chase United MileagePlus Club
Chase Sapphire Preferred
Citi Prestige MC
Citi Premier MC
Citi AT&T Access More MC (3x for rent category)
Citi AA Platinum MC
FIA Fidelity Mastercard
Successful Payees:
BMW Financial: Processed 10/13, Sent 10/14, Arrived-Posted 10/19
Caliber Home Loans: Processed 12/09, Sent 12/11, Arrived-Posted 12/18
Cedent mortgage
Chase Mortgage (sends check)
Citi Mortgage: Processed 10/7, Sent 10/8, Arrived-Posted 10/15
Citizen's Auto Finance - Around 1 week.
CRA Personal Tax
George Mason University: Over a week and a half.
Infiniti Financial: Processed 10/13, Sent 10/14, Arrived-Posted 10/21
Lexus Financial. Processed 3/9/16, Posted 3/14/19
Morgan Stanley Home Loans: Processed 01/14, Sent 01/15, Arrived-Posted 01/21
National Grid Electric MA: 1 week turnaround
National Grid Gas MA: 3 week turnaround, sends physical check
"NJ City" Tax: Processed 01/21, Sent 01/22, Arrived-Posted 02/01
Penfed Mortgage: 1 week turnaround
TD Bank Mortgage (EFT)
Wells Fargo Mortgage: Processed 10/8, Sent 10/9, Arrived-Posted 10/16
Wells Fargo Mortgage: Processed 8/6, Sent 8/9, Posted 8/16
Amex Open SPG Business
AMEX SPG (non-business)
BofA - Virgin Atlantic MC
BofA - Amtrak World MC
Barclaycard Aviator Red/Silver MC
Chase Ink Plus Visa
Chase Hyatt Visa (x2)
Chase BA Visa
Chase United MileagePlus Explorer
Chase United MileagePlus Club
Chase Sapphire Preferred
Citi Prestige MC
Citi Premier MC
Citi AT&T Access More MC (3x for rent category)
Citi AA Platinum MC
FIA Fidelity Mastercard
Successful Payees:
BMW Financial: Processed 10/13, Sent 10/14, Arrived-Posted 10/19
Caliber Home Loans: Processed 12/09, Sent 12/11, Arrived-Posted 12/18
Cedent mortgage
Chase Mortgage (sends check)
Citi Mortgage: Processed 10/7, Sent 10/8, Arrived-Posted 10/15
Citizen's Auto Finance - Around 1 week.
CRA Personal Tax
George Mason University: Over a week and a half.
Infiniti Financial: Processed 10/13, Sent 10/14, Arrived-Posted 10/21
Lexus Financial. Processed 3/9/16, Posted 3/14/19
Morgan Stanley Home Loans: Processed 01/14, Sent 01/15, Arrived-Posted 01/21
National Grid Electric MA: 1 week turnaround
National Grid Gas MA: 3 week turnaround, sends physical check
"NJ City" Tax: Processed 01/21, Sent 01/22, Arrived-Posted 02/01
Penfed Mortgage: 1 week turnaround
TD Bank Mortgage (EFT)
Wells Fargo Mortgage: Processed 10/8, Sent 10/9, Arrived-Posted 10/16
Wells Fargo Mortgage: Processed 8/6, Sent 8/9, Posted 8/16
Plastiq for rent, tuition, utilities, etc.
#31
Join Date: Nov 2014
Location: IAD/DCA/BWI
Programs: Marriott Gold, SPG Gold, AA Gold, Hyatt Platinum, Virgin America Elevate Gold
Posts: 225
I used it to pay my mortgage last month in order to meet my spend requirement on the AA Executive card. Of course this was before the 1.99% deal. I doubt I'll use it again unless some similar situation arises. Payment went smoothly and only took 3 or 4 days to post.
I did get a follow up email asking me where I found about it and I mentioned FT
I did get a follow up email asking me where I found about it and I mentioned FT
#32
Join Date: Oct 2010
Location: BOS
Posts: 814
Like anything, run the numbers and figure out if it makes sense for you.
1.99% fee means you need to get more than 1.99 cents for every dollar spent on your credit card to make this worthwhile.
I just redeemed some points at over 6.00 cents/mile. In that case, this makes sense to spend 1.99 cents/mile.
Obviously, if your credit card reward is just 1.5% cash back then this is a losing idea as you'd net -0.49 cents for every dollar spent.
1.99% fee means you need to get more than 1.99 cents for every dollar spent on your credit card to make this worthwhile.
I just redeemed some points at over 6.00 cents/mile. In that case, this makes sense to spend 1.99 cents/mile.
Obviously, if your credit card reward is just 1.5% cash back then this is a losing idea as you'd net -0.49 cents for every dollar spent.
#33
Join Date: Jan 2014
Posts: 148
what?
buying a giftcard has a fee, portal gives you cash back to cover that fee... so you're even and you've earned points.
now you take that giftcard and pay pastiq fee of 2%. you essentially just bought your points/MR/whatever for 2cents each, which is a horrible proposition and exactly what my analysis states above. you'd be hard pressed without any bonus multipliers to extract much more than 2 cents out of those miles to begin with.
i guess all of the above is beyond an idiotic process of actually buying a giftcard in the first place since you can just pay directly with your amex and save yourself the wait time of the giftcards in the first place...
what am i not seeing here?
buying a giftcard has a fee, portal gives you cash back to cover that fee... so you're even and you've earned points.
now you take that giftcard and pay pastiq fee of 2%. you essentially just bought your points/MR/whatever for 2cents each, which is a horrible proposition and exactly what my analysis states above. you'd be hard pressed without any bonus multipliers to extract much more than 2 cents out of those miles to begin with.
i guess all of the above is beyond an idiotic process of actually buying a giftcard in the first place since you can just pay directly with your amex and save yourself the wait time of the giftcards in the first place...
what am i not seeing here?
I think you're forgetting that every dollar of spend earns points. If you can buy Amex gift cards for roughly 2% off after fees through a portal, then you do indeed "break even" paying the 2% fee to Plastiq. That said, don't forget the points you earn purchasing the Amex gift cards in the first place! So, you come out with no real fees paid and a sizable number of points earned on spending that otherwise is difficult to put on credit cards, like mortgage/rent and utility payments.
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Last edited by Iridium7777; Aug 5, 2015 at 12:39 pm
#34
FlyerTalk Evangelist
Join Date: Jul 2006
Location: Upper Sternistan
Posts: 10,044
what?
buying a giftcard has a fee, portal gives you cash back to cover that fee... so you're even and you've earned points.
now you take that giftcard and pay pastiq fee of 2%. you essentially just bought your points/MR/whatever for 2cents each, which is a horrible proposition and exactly what my analysis states above. you'd be hard pressed without any bonus multipliers to extract much more than 2 cents out of those miles to begin with.
i guess all of the above is beyond an idiotic process of actually buying a giftcard in the first place since you can just pay directly with your amex and save yourself the wait time of the giftcards in the first place...
what am i not seeing here?
buying a giftcard has a fee, portal gives you cash back to cover that fee... so you're even and you've earned points.
now you take that giftcard and pay pastiq fee of 2%. you essentially just bought your points/MR/whatever for 2cents each, which is a horrible proposition and exactly what my analysis states above. you'd be hard pressed without any bonus multipliers to extract much more than 2 cents out of those miles to begin with.
i guess all of the above is beyond an idiotic process of actually buying a giftcard in the first place since you can just pay directly with your amex and save yourself the wait time of the giftcards in the first place...
what am i not seeing here?
Buy a $2,000 Amex gift card. The fee is $3.95. The portal can give as much as 2.25% recently - that's $45. Subtract the fee, and you are ahead $41.05 - more than 2%, and more than the 1.99% fee. Call it even anyway, AFTER the Plastiq fee. Not before.
So you are even on the Amex and Plastiq part. You still have the rewards from the credit card purchase of the Amex gift card.
Does that explain it?
#35
Join Date: Jun 2014
Location: FL
Programs: AA EXP, Hyatt Diamond, SPG Plat, IC Plat Amb, HH Diamond, Marriott Platinum
Posts: 1,299
Maybe you should read the first topic New to manufactured spending...
#36
Join Date: Jun 2014
Location: FL
Programs: AA EXP, Hyatt Diamond, SPG Plat, IC Plat Amb, HH Diamond, Marriott Platinum
Posts: 1,299
what?
buying a giftcard has a fee, portal gives you cash back to cover that fee... so you're even and you've earned points.
now you take that giftcard and pay pastiq fee of 2%. you essentially just bought your points/MR/whatever for 2cents each, which is a horrible proposition and exactly what my analysis states above. you'd be hard pressed without any bonus multipliers to extract much more than 2 cents out of those miles to begin with.
i guess all of the above is beyond an idiotic process of actually buying a giftcard in the first place since you can just pay directly with your amex and save yourself the wait time of the giftcards in the first place...
what am i not seeing here?
buying a giftcard has a fee, portal gives you cash back to cover that fee... so you're even and you've earned points.
now you take that giftcard and pay pastiq fee of 2%. you essentially just bought your points/MR/whatever for 2cents each, which is a horrible proposition and exactly what my analysis states above. you'd be hard pressed without any bonus multipliers to extract much more than 2 cents out of those miles to begin with.
i guess all of the above is beyond an idiotic process of actually buying a giftcard in the first place since you can just pay directly with your amex and save yourself the wait time of the giftcards in the first place...
what am i not seeing here?
#37
Join Date: Sep 2012
Posts: 4,431
How long after mortgage payment is submitted is my credit card actually charged? I want to meet minimum spend on AA Exec within the next 4-6 days.
#38
Join Date: Jan 2013
Location: 212
Programs: Marriott Titanium, Hilton Gold, UA Silver
Posts: 502
#39
Join Date: Jul 2014
Posts: 286
I'm not thrilled that the payments aren't sent electronically but its easy spend.
#40
Join Date: Jan 2014
Posts: 148
We all agree with you on the "WHAT" part. But that's it.
Buy a $2,000 Amex gift card. The fee is $3.95. The portal can give as much as 2.25% recently - that's $45. Subtract the fee, and you are ahead $41.05 - more than 2%, and more than the 1.99% fee. Call it even anyway, AFTER the Plastiq fee. Not before.
So you are even on the Amex and Plastiq part. You still have the rewards from the credit card purchase of the Amex gift card.
Does that explain it?
Buy a $2,000 Amex gift card. The fee is $3.95. The portal can give as much as 2.25% recently - that's $45. Subtract the fee, and you are ahead $41.05 - more than 2%, and more than the 1.99% fee. Call it even anyway, AFTER the Plastiq fee. Not before.
So you are even on the Amex and Plastiq part. You still have the rewards from the credit card purchase of the Amex gift card.
Does that explain it?
#41
FlyerTalk Evangelist
Join Date: Jul 2006
Location: Upper Sternistan
Posts: 10,044
You really should read the Amex Gift Card thread. It's long, but there's a lot to learn:
http://www.flyertalk.com/forum/showthread.php?t=1649136
#42
Join Date: Oct 2010
Location: BOS
Posts: 814
Obviously to reduce the costs, order as many as possible in 1 order.
#43
Suspended
Join Date: Jun 2014
Posts: 292
Hmm.. This looks VERY promising. I can make roughly 2% and I don't even need to leave my house.. Saves me the BS of dealing with People/Employees of Walmart, the overzealous ....... managers at a CERTAIN grocery chain, and most importantly my time and dignity..
#44
Join Date: Jun 2011
Posts: 161
Thank you OP!
This looks very promising for tuition and college rent payments using Amex gift cards. I am setting up some test payments and will report back with results.
This looks very promising for tuition and college rent payments using Amex gift cards. I am setting up some test payments and will report back with results.