Jan 1, 2018, 10:40 am
Last edit by: ericdabbs
Updated Dec-2023 (Plastiq Policy URL links do not work when clicked directly from FT. Copy links to address bar to view)
Visa Card Policy
https://support.plastiq.com/s/article/Visa-Card-Policy
American Express Card Policy
https://support.plastiq.com/s/article/American-Express-Card-Policy
Summary of Supported Payments by Card Brand
https://support.plastiq.com/s/article/supported-payments-by-card-brand
Official word from Plastiq regarding Visa Business cards that was asked which was previously thought it applied to only Visa Personal cards
Plastiq is unable to support mortgage payments on any Visa credit cards. This is an industry-wide mandate that affects all third-party bill payment services. Please note that mortgage payments are also unsupported for credit cards issued by U.S. Bank or Capital One and AMEX.
Plastiq Fees:
Standard Plastiq card payment processing fee is 2.9%. This puts most of the credit cards out of the reward range. Plastiq turns itself into a niche position to earn new card bonus or status threshold. Some CCs may still work.
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.
Delivery Fees (The Plastiq Ch. 11 restructure now added some delivery fees):
ACH/EFT/Electronic $0.99
Paper Check $1.49
Wire Transfer: Domestic/International $8.99/$39
This is the thread for 2018 and forward. 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:
Plastiq Referrals:
Standard Referral: When you refer your friend to Plastiq, after your friend charges $500 or more, your friend will get$500 ($0?) FFDs (fee free dollar) and you'll receive $1,000 ($100) FFDs to spend.
All personal prepaid Gift Cards (GCs) are disallowed. Not sure what "business" gift card can be used.
Successful Credit Cards Used (Posted as Purchase, Visa info outdated)
Note that Plastiq no longer accepts American Express for any transactions as of 2/10/23.
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.
NewRez Mortgage, Sent 9/20 Arrived 9/30
"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
Visa Card Policy
https://support.plastiq.com/s/article/Visa-Card-Policy
American Express Card Policy
https://support.plastiq.com/s/article/American-Express-Card-Policy
Summary of Supported Payments by Card Brand
https://support.plastiq.com/s/article/supported-payments-by-card-brand
Official word from Plastiq regarding Visa Business cards that was asked which was previously thought it applied to only Visa Personal cards
Plastiq is unable to support mortgage payments on any Visa credit cards. This is an industry-wide mandate that affects all third-party bill payment services. Please note that mortgage payments are also unsupported for credit cards issued by U.S. Bank or Capital One and AMEX.
Plastiq Fees:
Standard Plastiq card payment processing fee is 2.9%. This puts most of the credit cards out of the reward range. Plastiq turns itself into a niche position to earn new card bonus or status threshold. Some CCs may still work.
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.
Delivery Fees (The Plastiq Ch. 11 restructure now added some delivery fees):
ACH/EFT/Electronic $0.99
Paper Check $1.49
Wire Transfer: Domestic/International $8.99/$39
This is the thread for 2018 and forward. 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:
Plastiq Referrals:
Standard Referral: When you refer your friend to Plastiq, after your friend charges $500 or more, your friend will get
All personal prepaid Gift Cards (GCs) are disallowed. Not sure what "business" gift card can be used.
Successful Credit Cards Used (Posted as Purchase, Visa info outdated)
Note that Plastiq no longer accepts American Express for any transactions as of 2/10/23.
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.
NewRez Mortgage, Sent 9/20 Arrived 9/30
"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
Plastiq for rent, tuition, utilities, etc.(2018 onwards)
Jun 22, 2020, 11:29 am
#751
FlyerTalk Evangelist
Join Date: Jul 2006
Location: Upper Sternistan
Posts: 10,041
So six payments and you need more? Maybe - especially now that it looks like services are still only allowing two payments each for July 15, even though this deadline covers first and second quarter payments this year. I was hoping they'd allow four payments per processor given the situation.
Jun 22, 2020, 1:34 pm
#752
FlyerTalk Evangelist
Join Date: Jan 2005
Location: home = LAX
Posts: 25,933
That's how I justify my once-a-year <$2000 insurance payments that I have to make via Plastiq; I plan my card sign-ups around the need to do that every late spring. Of course, for some types of payments Plastiq does not accept all card types, so you have to factor that in too.
Jun 22, 2020, 1:51 pm
#753
FlyerTalk Evangelist
Join Date: Jul 2006
Location: Upper Sternistan
Posts: 10,041
It depends on how much you have to pay total. It's easy to get more than 3x or even 5x on a good miles/points sign-up bonus, but only up to the minimum spend requirement and only if you weren't going to use the minimum spend on anything else. So if you have to pay $1000 in taxes, there's plenty of cards that have a good sign-up bonus with at least $1000 in spend. If you have to pay $30000 in taxes, that's much harder to cover with sign-up bonuses.
That's how I justify my once-a-year <$2000 insurance payments that I have to make via Plastiq; I plan my card sign-ups around the need to do that every late spring. Of course, for some types of payments Plastiq does not accept all card types, so you have to factor that in too.
That's how I justify my once-a-year <$2000 insurance payments that I have to make via Plastiq; I plan my card sign-ups around the need to do that every late spring. Of course, for some types of payments Plastiq does not accept all card types, so you have to factor that in too.
Jun 24, 2020, 10:36 am
#754
Suspended
Join Date: Jan 2017
Location: EWR/PHL/BWI
Posts: 4,412
There are certain cards can beat the 2.5% fee. The BofA Travel card has a 1.5%. If you are its top client, you get 2.63% cash equivalent, 1.5% x 1.75. Do the math and there may be more.
Also, banks are happy that you use their cards.
Also, banks are happy that you use their cards.
Jun 24, 2020, 10:58 am
#755
FlyerTalk Evangelist
Join Date: Jul 2006
Location: Upper Sternistan
Posts: 10,041
A friend tipped me off to this:
https://dannydealguru.com/2020/06/24...-fee-increase/
I haven't received any direct notification, but if true, that should render Plastiq basically dead to me. Maybe in some emergency situations for signup bonuses, I'd use it, but given their restrictions, I'm not even sure I'd do that.
I really don't have any clue as to the inside story, but from the outside, I'd guess they burned through their investor cash, hoped to be acquired and didn't, and now have to turn a profit or shut the doors.
https://dannydealguru.com/2020/06/24...-fee-increase/
I haven't received any direct notification, but if true, that should render Plastiq basically dead to me. Maybe in some emergency situations for signup bonuses, I'd use it, but given their restrictions, I'm not even sure I'd do that.
I really don't have any clue as to the inside story, but from the outside, I'd guess they burned through their investor cash, hoped to be acquired and didn't, and now have to turn a profit or shut the doors.
Jun 24, 2020, 11:26 am
#756
Suspended
Join Date: Jan 2017
Location: EWR/PHL/BWI
Posts: 4,412
This may be true, or maybe just some rumor like the $4.19 Marriott "cleaning" fee. If that is the case, then it is only useful to earn the new card bonus. Most of the cards will be dead. And Plastiq would be half dead too.
Jun 24, 2020, 12:06 pm
#757
Moderator
Join Date: Jun 2003
Location: Miami, Mpls & London
Programs: AA & Marriott Perpetual Platinum; DL & HH Gold
Posts: 48,955
The linked text says: This third party increase means the fees your customers pay when using Plastiq will move to 2.85%, effective July 1, 2020 for most transactions.
It sounds as if the notice was sent to merchants who use this service:
https://www.plastiq.com/get-paid/
It sounds as if the notice was sent to merchants who use this service:
https://www.plastiq.com/get-paid/
Even if you don't accept credit cards, Plastiq lets your clients pay with a card so you get money in your account faster and easier.
Jun 24, 2020, 12:34 pm
#758
Suspended
Join Date: Jan 2017
Location: EWR/PHL/BWI
Posts: 4,412
The linked text says: This third party increase means the fees your customers pay when using Plastiq will move to 2.85%, effective July 1, 2020 for most transactions.
It sounds as if the notice was sent to merchants who use this service:
https://www.plastiq.com/get-paid/
It sounds as if the notice was sent to merchants who use this service:
https://www.plastiq.com/get-paid/
1. The website is not reliable. It is not a reputable site like TPG or the DOC.
2. This is just one week to July 1. Yet, no real communication to any real customers. Not a single FTer has reported this.
I'll just ignore it now. That Guru site should be added to my ignore site.
Jun 24, 2020, 12:44 pm
#760
Suspended
Join Date: Jan 2017
Location: EWR/PHL/BWI
Posts: 4,412
Canadian Recipients Fee 2.85% from May 8, 2020
Per Plastiq, the credit card fee charged to send to Canadian recipients increased from 2.5% to 2.85% as of May 8, 2020.
All other countries still have the 2.5% fee. No change in USA.
The above post (#755) is quoting wrong info.
All other countries still have the 2.5% fee. No change in USA.
The above post (#755) is quoting wrong info.
Jun 24, 2020, 2:05 pm
#761
FlyerTalk Evangelist
Join Date: Jul 2006
Location: Upper Sternistan
Posts: 10,041
Per Plastiq, the credit card fee charged to send to Canadian recipients increased from 2.5% to 2.85% as of May 8, 2020.
All other countries still have the 2.5% fee. No change in USA.
The above post (#755) is quoting wrong info.
All other countries still have the 2.5% fee. No change in USA.
The above post (#755) is quoting wrong info.
https://www.doctorofcredit.com/plast...ective-july-1/
Jun 24, 2020, 4:10 pm
#762
Join Date: Mar 2005
Programs: Continental Onepass, Hilton, Marriott, USAir and now UA
Posts: 6,440
This may still be wrong, but DoC is now relaying this info also, and says he confirmed it via chat:
https://www.doctorofcredit.com/plast...ective-july-1/
https://www.doctorofcredit.com/plast...ective-july-1/
https://www.wsj.com/articles/the-cre...ay-11592731800
Jun 24, 2020, 7:01 pm
#763
Suspended
Join Date: Jan 2017
Location: EWR/PHL/BWI
Posts: 4,412
This may still be wrong, but DoC is now relaying this info also, and says he confirmed it via chat:
https://www.doctorofcredit.com/plast...ective-july-1/
https://www.doctorofcredit.com/plast...ective-july-1/
Again, it is odd that there is no communication just a week before July 1, 2020. We'll see.
Jun 24, 2020, 8:49 pm
#764
FlyerTalk Evangelist
Join Date: Jul 2006
Location: Upper Sternistan
Posts: 10,041
Now here too:
https://frequentmiler.boardingarea.c...asing-to-2-85/
but the article doesn't imply that there was any additional confirmation with Plastiq.
https://frequentmiler.boardingarea.c...asing-to-2-85/
but the article doesn't imply that there was any additional confirmation with Plastiq.
Jun 25, 2020, 8:19 am
#765
Suspended
Join Date: Jan 2017
Location: EWR/PHL/BWI
Posts: 4,412
Plastiq Update 6/25/2020
Here is the update I received this morning from Plastiq:
Thanks for contacting Plastiq Support.
Our general service fee is 2.5%. The fee is 2.85% for recipients located in Canada except for payments to the CRA and select others. You will see the Plastiq Fee added to your total in the review screen before submitting your payment. For more information about the Plastiq Service Fee, please visit our Help Center.
US Domestic & International Wires and other payment methods offered in our Accelerated Payments Suite carry additional fees. For more information about our Accelerated Payments Suite, please click here.
In the meantime, please let us know if you have any questions. We're happy to assist you via email or live chat!
—
Rxxxd
Plastiq Inc.
Sure things can change to the last day of the month. No one knows. I'd suggest we contact Plastiq, and not rely on some other sources.
Thanks for contacting Plastiq Support.
Our general service fee is 2.5%. The fee is 2.85% for recipients located in Canada except for payments to the CRA and select others. You will see the Plastiq Fee added to your total in the review screen before submitting your payment. For more information about the Plastiq Service Fee, please visit our Help Center.
US Domestic & International Wires and other payment methods offered in our Accelerated Payments Suite carry additional fees. For more information about our Accelerated Payments Suite, please click here.
In the meantime, please let us know if you have any questions. We're happy to assist you via email or live chat!
—
Rxxxd
Plastiq Inc.
Sure things can change to the last day of the month. No one knows. I'd suggest we contact Plastiq, and not rely on some other sources.