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Plastiq for rent, tuition, utilities, etc.(2018 onwards)

Plastiq for rent, tuition, utilities, etc.(2018 onwards)

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Old Jun 27, 19, 4:54 am   -   Wikipost
Please read: This is a community-maintained wiki post containing the most important information from this thread. You may edit the Wiki once you have been on FT for 90 days and have made 90 posts.
 
Last edit by: RedSun
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This is the thread for 2018. The previous discussion can be found here.

Updated Nov-2018: A lot of the personal Visa CCs can't be used at Plastiq. Some will be treated as cash advance and won't receive any rewards. Only Capital One personal Visa CCs are not affected. Business Visa CCs are still good. The best CCs are Mastercard and Discover. AmEx CCs can still be used, but not on many of the payment types. Chase personal Visa cards are limited to the cash advance limit (typically 20% of CL). The details are listed as below:
https://help.plastiq.com/hc/en-us/ar...l-Card-Changes

Plastiq Fees:
The standard Plastiq fee is 2.5%. It makes most of the reward programs not profitable. Use Plastiq to meet welcome bonus spending requirement or to meet certain spend requirements to reach elite status or for large spend bonus. Also take advantage of Plastiq referrals and promotions.

Sometimes, special bonuses are available, check here or your email for these (example: This month only, submit up to three payments ($10,000 or less each) and benefit from a 1.5% Plastiq fee)

Plastiq Referrals:
Standard Referral: When you refer your friend to Plastiq, after your friend charges $500 or more, your friend will get $500 FFDs (fee free dollar) and you'll receive $1,000 FFDs to spend.

Successful Credit Cards Used (Posted as Purchase, Visa info outdated)
Amex Blue Business Plus
Amex Open SPG Business
AMEX SPG (non-business)
AMEX Delta business
AMEX business platinum and business gold (Canadian)
BofA - Amtrak World MC
BofA - Business Advantage Travel Rewards MC
BofA - Virgin Atlantic MC
Barclaycard Aviator Red/Silver MC
Barclaycard Arrival World MC
Chase Ink Cash Visa
Chase Ink Plus Visa
Chase Ink Preferred Visa
Chase Hyatt Visa (x2)
Chase BA Visa
Chase United MileagePlus Explorer
Chase United MileagePlus Club
Chase Sapphire Preferred (should give 2x, similar to CSR -- probably expired as of 6/5/17)
Chase Sapphire Reserve (3x, coded as travel -- this appears to have expired as of 6/5/17)
Citi Prestige MC
Citi Premier MC
Citi AT&T Access More MC (3x for rent category, misc. government services)
Citi AA Platinum MC
FIA Fidelity Mastercard
US Bank Altitude Reserve Visa

Successful Payees:
AAA (Socal, Santa Ana) insurance: Electronic payment: Processed 5/21 (Sunday), Complete 5/23, Arrived-Posted 5/26
ACS: took about 2 weeks to post
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): 2 week turnaround
Citi Mortgage: Electronic - less than 1 week turnaround as of May 2017
Citizen's Auto Finance - Around 1 week.
CRA Personal Tax & GST/HST remittances
Firstmark Services (student loan, electronically remitted)
Fidelity Bank (Mortgage) https://www.fidelitybank.com/ks/Home.aspx
Flagstar Bank (Mortgage), electronic payment, posts in 2-3 days.
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
NA Shade & Associates LLC
National Grid Electric MA: 1 week turnaround
National Grid Gas MA: 3 week turnaround, sends physical check
Nationstar Mortgage, electionic payment, post in 2-3 days.
New York Community Bank (NYCB) Mortgage: check mailed by Plastiq 4/27, posted 5/1.
"NJ City" Tax: Processed 01/21, Sent 01/22, Arrived-Posted 02/01
Penfed Mortgage: 1 week turnaround
PennyMac Mortgage: 1-1.5wk turnaround
SCE (So Cal Edison)
SoCal gas
TCF Mortgage: 1.5 week turnaround
TD Bank Mortgage (EFT)
Toyota Financial
Wawanesa USA Insurance
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

Restrictions
New VISA payments are not being accepted for mortgages.

*Visa Gift Card by Blackhawk does not seem to be working
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Old Jul 5, 18, 6:12 am
  #196  
 
Join Date: Aug 2009
Posts: 663
Originally Posted by buylowsellhigh View Post
I made a tax payment a few days ago to CIP and it coded as 3x so while it does seem like they're clamping down on, there are some areas that are still green light. I've got massive amounts of (check only) business expenses that i'm pumping thru the CIP although I'm still proceeding with caution. The gravy train could be over any day due to the blogger buying a tesla using his CIP. Would be awesome if I can hit the $150k in Plastiq charges for the CIP

Meanwhile, still taking advantage of the Masterpass $250 fee free promo, but its actually a HUGE pain for both me and vendor alike to be receiving stacks of $250 checks
150k Cip via plastic. What's the cost in plastic fees?
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Old Jul 5, 18, 8:36 am
  #197  
 
Join Date: Aug 2012
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Originally Posted by briang191 View Post


150k cip via plastic. What's the cost in plastic fees?
​​​​​​2.5%
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Old Jul 5, 18, 9:42 am
  #198  
 
Join Date: Aug 2009
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Originally Posted by flyaxa View Post
​​​​​​2.5%
$3750 for 450k ur points?
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Old Jul 5, 18, 10:47 am
  #199  
 
Join Date: Aug 2012
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Originally Posted by briang191 View Post


$3750 for 450k ur points?
Correct, however, that cost goes down if you can expense the fees for business. For expenses used in a flow-through entity you owned, for example, fees would come down to $2812 (25% tax bracket) or $2512 (33% tax bracket)
Bare minimum value of 450K UR points would be $6,750 if you have CSR. Obviously one could do better than that through transfers, etc.
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Old Jul 5, 18, 11:45 am
  #200  
 
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Originally Posted by flyaxa View Post
Correct, however, that cost goes down if you can expense the fees for business. For expenses used in a flow-through entity you owned, for example, fees would come down to $2812 (25% tax bracket) or $2512 (33% tax bracket)
Bare minimum value of 450K UR points would be $6,750 if you have CSR. Obviously one could do better than that through transfers, etc.
great info thank you
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Old Jul 5, 18, 11:50 am
  #201  
 
Join Date: Jul 2006
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And those are federal numbers. It's even more worthwhile if you live in a high tax state.
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Old Jul 5, 18, 12:03 pm
  #202  
 
Join Date: Sep 2011
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Posts: 894
Assuming you own 100% of your business. Other owners might not be amused, or even worse, they may make you play travel agent!
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Old Jul 9, 18, 9:12 pm
  #203  
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Is plastiq ok with multiple $250 payments for one larger bill for their mc promo or is this considered abuse?
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Old Jul 9, 18, 9:17 pm
  #204  
 
Join Date: Aug 2009
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Originally Posted by CDO View Post
Is plastiq ok with multiple $250 payments for one larger bill for their mc promo or is this considered abuse?
I have sent 10 payments of $250 each on the same day to the same payee without issues.
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Old Jul 10, 18, 12:51 pm
  #205  
 
Join Date: Sep 2011
Location: NYC
Programs: Delta Gold, SPG Gold, HHonors Gold, UA Gold (status match)
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Are payments made using a chase sapphire preferred triggering any sort of cash advance/fee? I want to switch back to paying rent with my visa v amex.
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Old Jul 11, 18, 6:48 pm
  #206  
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Originally Posted by floridagal23 View Post
Are payments made using a chase sapphire preferred triggering any sort of cash advance/fee? I want to switch back to paying rent with my visa v amex.

I don't know if I'd trust it. As of just about a month and a half ago, Plastiq itself started authorizing Chase cards as cash advances (they called it "a limit of 20% of your credit limit", but it turned out not to be so, but actually a cash advance authorization; Chase's default cash advance limit is 20% of your total credit limit, but you can change that cash advance limit to much lower).

They claim they'll do the actual final transaction as a purchase, but I wouldn't trust that if they're doing the authorization as a cash advance. And since this has only been in effect a short time, even if they're being consistent about this (which I don't trust either), any datapoints would have to be from just the last month and a half or so.

I had intentionally lowered the cash advance limit to just $200 on my Chase Marriott card, the lowest possible, so in my case the cash advance authorization for $800ish was just plain denied, so I never got to see what they did with the purchase. If your transaction posts as a cash advance, not only is there a cost/fee, but you also don't earn any points on it, and it doesn't count toward a signup bonus, which I would have wanted this transaction to do. So to me it was way too big a risk.

Now, I don't know how long this "temporary" policy at Plastiq was supposed to be in effect, and how you would tell whether it's been ended yet. (I only use Plastiq once a year myself, for some insurance payments.)
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Old Jul 12, 18, 5:43 am
  #207  
 
Join Date: Aug 2012
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Originally Posted by floridagal23 View Post
Are payments made using a chase sapphire preferred triggering any sort of cash advance/fee? I want to switch back to paying rent with my visa v amex.
Not sure about CSP, but all transactions have posted as sales/purchases on my Freedom Unlimited. Last transaction was July 6th and all have been below 20% of my credit limit on the card.
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Old Jul 12, 18, 12:16 pm
  #208  
 
Join Date: Jul 2014
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My platiq chase charges are reducing my cash advance limit but posting as purchases.
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Old Jul 12, 18, 9:02 pm
  #209  
 
Join Date: Apr 2009
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Originally Posted by mrkenneth View Post
I have sent 10 payments of $250 each on the same day to the same payee without issues.
they even say in the promo to make sure the payee can handle partial payments, etc., if that's how you set it up.
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Old Jul 13, 18, 11:05 am
  #210  
 
Join Date: Nov 2017
Programs: Chase and American Express
Posts: 41
So I read the chase ink preferred is getting 3x using plstq. Is there a limit for using plstq for example i have bi weekly 25k payment to a manufacturer and a rent check of 4250 a month, would those count for the 3x bonus categories?
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