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Successful Credit Cards Used (Posted as Purchase, Visa info outdated)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)
Apr 6, 2019, 2:40 pm
#496
Suspended
Join Date: Jan 2017
Location: EWR/PHL/BWI
Posts: 4,412
Everything is relative. What is the risk? No one knows really. If someone cycle credit line several times to buy GCs from various sites, the risk is very high. If you stay within the credit line and diversify the spending, I do not see any problem.
Apr 6, 2019, 2:49 pm
#497
Join Date: Mar 2013
Location: Chicago, IL
Posts: 422
I used to use my chase ink preferred to pay car payments using plastiq and was worth it because I was getting 3 points per dollar. However, I stopped and didn't want to take the risk after that guy who bought his car using plastiq and went viral everywhere. Any recent data points if it's still working or not?
https://www.doctorofcredit.com/chase...3x-on-plastiq/
Apr 6, 2019, 8:54 pm
#498
Join Date: Jan 2007
Posts: 6
Last week I used some $200 MC gift cards from staples and the fee was 2.5%. Today, I used $100 MC gift cards from Safeway and the fee was 1%. Both are GCM and both are registered through the same website. Did Plastiq just start a promo, or are the Safeway ones 1% always?
Apr 7, 2019, 6:45 am
#499
Suspended
Join Date: Jan 2017
Location: EWR/PHL/BWI
Posts: 4,412
All GCs are debit cards since the funds are already there. The fees should have been debit fee (1%) to start. 2.5% is a mistake.
Apr 7, 2019, 7:35 am
#500
Join Date: Mar 2013
Location: Chicago, IL
Posts: 422
Could be a promo or they think the starting digits belong to a regular debit card
https://help.plastiq.com/hc/en-us/ar...e-Plastiq-fee-
US Debit Cards
Please note that the Plastiq fee for Visa, MasterCard, American Express, Diners, Discover, JCB debit card issued in the US is 1%. This excludes pre-paid cards, gift cards, online-only banks and all international debit cards.
Apr 7, 2019, 8:24 am
#501
Suspended
Join Date: Jan 2017
Location: EWR/PHL/BWI
Posts: 4,412
1% is for regular bank debit cards -- 2.5% for prepaid cards
Could be a promo or they think the starting digits belong to a regular debit card
https://help.plastiq.com/hc/en-us/ar...e-Plastiq-fee-
US Debit Cards
Please note that the Plastiq fee for Visa, MasterCard, American Express, Diners, Discover, JCB debit card issued in the US is 1%. This excludes pre-paid cards, gift cards, online-only banks and all international debit cards.
Could be a promo or they think the starting digits belong to a regular debit card
https://help.plastiq.com/hc/en-us/ar...e-Plastiq-fee-
US Debit Cards
Please note that the Plastiq fee for Visa, MasterCard, American Express, Diners, Discover, JCB debit card issued in the US is 1%. This excludes pre-paid cards, gift cards, online-only banks and all international debit cards.
1% is still a lot of $.
Apr 7, 2019, 11:45 pm
#502
Join Date: Sep 2012
Posts: 4,431
It's definitely a new promo. I just tried using the same MC GC I bought from Staples last week and it shows 1% now; this same card was at 2.5% last week. I then tried a MC credit card I had saved in my account, it shows 2.5%.
Apr 8, 2019, 8:05 am
#503
Join Date: Aug 2018
Location: BOS
Programs: Bonvoy Gold, IHG Platinum, WoH Explorist
Posts: 204
I don't see it anywhere where it says that gift card 1% are a promo. I'll gladly take it though.
Apr 8, 2019, 9:13 am
#504
Join Date: Jun 2014
Posts: 329
I am totally new into the plastiq world and i have ~6k rent i have to pay every month for a business i started recently and was thinking of using this
Right now I buy GC from staples with ink and transfer money via gobank but this new business brings new opportunity for me...any tips recommended!
Right now I buy GC from staples with ink and transfer money via gobank but this new business brings new opportunity for me...any tips recommended!
Apr 9, 2019, 7:31 am
#505
Join Date: Jan 2016
Programs: Ink/Sapphire/Freedom/SPG
Posts: 338
I am totally new into the plastiq world and i have ~6k rent i have to pay every month for a business i started recently and was thinking of using this
Right now I buy GC from staples with ink and transfer money via gobank but this new business brings new opportunity for me...any tips recommended!
Right now I buy GC from staples with ink and transfer money via gobank but this new business brings new opportunity for me...any tips recommended!
You should try and get new cards and complete the spend , visa,master ,discover all accept plastiq for rent.
I am not sure how Gobank works but here u will lose 1% in fees for chase Ink - 150 fees returns Chase UR worth 90$ loss of 60$.
Another one is Amex Business Blue+ gives 2xMR on all purchases -- so your loss will be .5% that's 30$ , depends on what do you value MR and UR.
PM me if need referral for Plastiq or AmexBlue.
Last edited by rocky_nnc; Apr 9, 2019 at 7:45 am
Apr 9, 2019, 9:11 am
#507
Join Date: Jun 2014
Posts: 329
Test the waters, I have am using Chase Ink Unlimited for paying my rent ( had locked in rate 2 yrs ago for 1.75%)
You should try and get new cards and complete the spend , visa,master ,discover all accept plastiq for rent.
I am not sure how Gobank works but here u will lose 1% in fees for chase Ink - 150 fees returns Chase UR worth 90$ loss of 60$.
Another one is Amex Business Blue+ gives 2xMR on all purchases -- so your loss will be .5% that's 30$ , depends on what do you value MR and UR.
PM me if need referral for Plastiq or AmexBlue.
You should try and get new cards and complete the spend , visa,master ,discover all accept plastiq for rent.
I am not sure how Gobank works but here u will lose 1% in fees for chase Ink - 150 fees returns Chase UR worth 90$ loss of 60$.
Another one is Amex Business Blue+ gives 2xMR on all purchases -- so your loss will be .5% that's 30$ , depends on what do you value MR and UR.
PM me if need referral for Plastiq or AmexBlue.
Math is pretty mind boggling with this, not sure how it would be profitable:
$6000 x 1.5 (ink unlimited) = 9000 points + 1.25 if you use UR on portal directly = 11,250 points gain
$6000 x 2.5 (plastiq fees) = 15,000 loss
= 3750 loss
Am i missing something?
Apr 9, 2019, 10:26 am
#508
Suspended
Join Date: Jan 2017
Location: EWR/PHL/BWI
Posts: 4,412
Thanks - i used a referral from a friend!
Math is pretty mind boggling with this, not sure how it would be profitable:
$6000 x 1.5 (ink unlimited) = 9000 points + 1.25 if you use UR on portal directly = 11,250 points gain
$6000 x 2.5 (plastiq fees) = 15,000 loss
= 3750 loss
Am i missing something?
Math is pretty mind boggling with this, not sure how it would be profitable:
$6000 x 1.5 (ink unlimited) = 9000 points + 1.25 if you use UR on portal directly = 11,250 points gain
$6000 x 2.5 (plastiq fees) = 15,000 loss
= 3750 loss
Am i missing something?
Chase Unlimited 1.5 UR x 1.5 to 2 cpps. = 2.25 cpps or 3 cpps. If you can't get to 2.5 cpps or 2.5%, then you get a loser. Read Wiki and more.
Apr 12, 2019, 8:57 am
#509
Join Date: Apr 2019
Posts: 251
Cracking the 1% GC fee code
Has anybody figured out how to know which VCs charged 1% on Plastiq? My $500 VGC from US Bank showed as a 1% charge but was rejected by bank. However my $100 MCGCs from US Bank are going through but charging 2.5%. Is there a rule to follow? Is anybody consistently getting 1%? Thanks!
Apr 13, 2019, 9:06 am
#510
Join Date: Sep 2012
Posts: 4,431
Has anybody figured out how to know which VCs charged 1% on Plastiq? My $500 VGC from US Bank showed as a 1% charge but was rejected by bank. However my $100 MCGCs from US Bank are going through but charging 2.5%. Is there a rule to follow? Is anybody consistently getting 1%? Thanks!
But I have no exclamation for the 1% versus 2.5%. Last week I tried $100 and $200 MCGC from staples and Safeway, both from U.S. Bank, both for 1%