Get your most updated Plastiq promotions, bonuses, and offers here.
Any credit card holder will tell you that to earn credit card rewards, the more you spend on your rewards card, the more points, miles or cash back you’ll earn. Even the smallest amount earned from Plastiq can add up to impressive rewards that might earn you elite status or even a free trip.
Unfortunately, certain expenses, like rent or mortgage payments, can't be paid with a credit card. In addition to that, some establishments, like utility companies, charge 3% or more to pay your bills with a credit card.
Introducing Plastiq, a new bill pay service that helps customers get around these expenses. Basically, with this service, you can pay bills with your credit card while earning rewards.
Note: Plastiq is also one of the most popular ways of meeting the minimum spend requirement for credit card bonuses. Fan favorites like the American Express Gold Card and Chase Sapphire Preferred have great sign-up bonuses that require little to no minimum spending amount within the first few months to secure the bonus.
Table of Contents
- 1 Plastiq Referral Promotion Info
- 2 What Is Plastiq?
- 3 How to Maximize With Plastiq
- 4 Important Cash Advance Note
- 5 What’s Eligible
- 6 Important Notes
- 7 Bottom Line
Plastiq Referral Promotion Info
Plastiq is currently offering a referral promotion where you refer a friend and you get 1,000 fee-free dollars and your friend gets 500 fee-free dollars. This promotion is valid only for a limited amount of time. To qualify for this offer, all referrals must sign up with your unique code.
Each referral must make their first payment of at least $500 for the referral to count. Once the requirements are met you will earn your fee-free dollars within one business day.
To obtain this offer, your friend must make $500 in payments first, then the next $500 is fee-free. Once the new member meets minimum spend, then the “Fee Free Dollars” will be activated.
Various platforms can be used to make referrals such as email, Facebook, Twitter, or with your own personal referral code. Using my referral link below will get you 500 FFDs ($500 in fee-free processing), so you can start off on the right foot. I appreciate it if you decide to use my link.
Editor's Note: Currently Plastiq is offering a higher value referral bonus for referring Businesses. Even if you’re not taking advantage of the Business referral offer, you’ll still receive the 500 FFDs when you sign up through the link above.
- Enter your email after using the above link
- Follow the link on the confirmation email
- Finish the sign-up process on this screen:
Refer A Business $250 Bonus
For a limited amount of time and with a qualified referral, we can both receive 10,000 FFD’s worth $250 in value. Below we'll list out the steps on how to earn this bonus.
- Use our referral link below to open a new business account.
- Make $10,000 or more in business payments by May 31, 2019, and we will each receive 10,000 Fee Free Dollars.
- These 10,000 FFD’s will save you $250 in processing fees with Plastiq.
- If you're trying to meet the minimum spending requirement for business cards, such as the Chase Ink Business cards, this is a great way to do so.
*Note: Anyone is eligible to refer a new business. However, only new business accounts will qualify for the promotion.
*When you create a new Plasitq account you will automatically receive the 500 fee-free-dollars in your account discussed in the above section. After you make your $10,000 worth of business payments you will see a credit for 10,000 FFD’s in your account. If you have any questions regarding this promotion please email: [email protected]
Pay 1.5% on All Payments
Right now through June 30, Plastiq is offering targeted members the chance to pay 1.5% on ALL payments. This is a targeted offer in your email so check to see if you had gotten this promotion! This promotion is great because it doesn't limit you to any All you have to do is follow 3 simple steps.
- Pay your current invoices with a credit card through Plastiq
- Pay your credit card later
- Enjoy up to 60 days of cash flow ( depending on your card )
Pay 1.5% Fee on Up To 3 Payments
Valid through June 30, 2019, Plastiq is offering targeted members a chance to pay 1.5% fee on up to 3 payments. To qualify for this offer you must be targeted and submit up to 3 payments of $10,000 or less each. This is a great deal because this means you aren't just limited to Mastercard and that you can use other credit cards to pay. Here are the steps:
- Select a recipient/vendor you would like to pay
- Enter a payment amount up to a maximum of $10,000
- Submit a payment using your preferred credit card
- On the payment review page, make sure your payment is scheduled to be processed before 11:59 PM EST on June 30, 2019. Note: How do you check processing date? See this article for instructions and screenshots.
- You can submit up to 3 one-time payments like this before 11:59 PM EST on June 30, 2019
What Is Plastiq?
For more sensitivie payments such as credit cards, tuition, rent, auto lease, and mortgages, you can't charge them to you credit card. However, using Plastiq will allow you to do just that. When you open a free account, all you have to do is add a credit card, enter your information, and schedule a payment. Plastiq will take care of the rest. Basically they will send a check to the service you are paying for and charge your account for that amount. Plastiq can also handle wire transfers or ACH transfers depending on the recipient.
You're probably wondering to yourself: why would I want to use this service? The simple answer is: you can earn rewards on your credit card charges. If you were to pay your bills through bank transfers or by personal checks, you would have zero earnings.
Using Plastiq comes with a 2.5% processing fee for credit card, prepaid card and gift card payments, and 1% for debit card transactions. Occasionally, you will come across promotions extending lower fees, but certain conditions may apply.
How to Maximize With Plastiq
That 2.5% charge can be tricky and possibly pricey, so you have to make sure you can outweigh the charge with your payment. Any transaction you decide to make using Plastiq should justify that 2.5% service charge.
Here are three examples where paying with Plastiq can be a worth it, while maximizing your rewards.
When the Rewards Exceed 2.5%
The best case scenario is when the rewards you can earn outweigh the Plastiq's service charge. For example, if you have a card that earns you 3% cash back for the first year. After Plastiq’s 2.5% processing fee, you’re left with rewards of 0.5%. That seems pretty small, but like we said earlier, it can build into something big.
Need to Reach a Minimum Spending Requirement
Receiving bonuses from credit cards can net you some great earnings, this is one of the best reasons for taking advantage of Plastiq. Most popular rewards credit cards will offer large welcome bonuses, but they usually come with minimum spending requirements.
|Credit Card||Sign-up Bonus (*Subject To Change)||Minimum Spend Required|
|Chase Sapphire Preferred||60,000 points ($1,200 value)||$4,000 in the first 3 months|
We will use the credit card above to help explain. If hitting $4,000 in purchases in three months is doable, then you're fine. Those that don’t spend a whole lot might have a hard time reaching the minimum threshold.
A popular way of hitting the minimum spending requirements of certain cards is charging big expenses like rent or mortgage payments onto the card. If you do this already, you’ll find that Plastiq’s 2.5% fee would be easily worth the bonus.
|Amount Charged With Plastiq||Service Fee (2.5%)||Bonus Worth|
The example above is assuming you’d use Plastiq for the entire minimum spending requirement. In reality, this likely wouldn’t be the case.
When You Want to Earn Status
There are a select few co-branded hotel cards that offer status perks to cardholders who meet certain spending requirements.
|Credit Card||Gold Status Annual Requirement|
|Marriott Bonvoy||$35,000 in qualified purchases|
Naturally, I do not recommend you pay the total of $35,000 in bills with Plastiq to get your Gold status. The $875 in Plastiq fees is definitely not worth the elite membership. Although, it would make sense to use the bill paying service if you’re close to the $35,000 mark, and you need that small nudge of additional spending to reach that minimum.
Important Cash Advance Note
If you’re worried about any cash advance fees that comes with using this service, with Plastiq most transactions will appear as ordinary purchases, so they’ll still earn you points towards spend requirements.
Occasionally, you might get a notification which gives a warning to cash advance fees. This happens with certain Visa cards and only when you pay someone for the first time.
A way to get around this would be to make your first payment to the recipient with a Mastercard, Amex or Discover card, even if it’s just a small amount. Once you make the payment, you can switch to a Visa card without having to pay that cash advance fee.
An alternate route is to contact Plastiq directly and ask to add the payee into their system. This makes the person you're trying to pay “existing” when you do make the transaction. This might allow you to avoid the red warning message, which avoids the cash advance fee altogether.
If you're wondering what cards are available in Plastiq's network, you'd be surprised because they work with most large companies, such as Visa, Mastercard, Discover, and American Express. This includes their debit cards. Simply use your address as your billing address, and you can avoid the one dollar hold on the card when Plastiq processes the transaction.
Although it sounds difficult to understand what types of payments will work with which card. Plastiq makes this process simple by creating a list with all the available combinations of of credit cards and payments. You also have the option to input your transaction into the Plastiq system to view the eligibility of the transaction.
- Works with small businesses to pay contractors, caterers, gardeners, and more. In some cases, you might need verification with an invoice from a payee.
- Check or Automated Clearing House (ACH)
- Available recipient you add yourself, even ones not in the Plastiq system, will receive a check.
- Recipients already in the Plastiq system are paid using either forms of payment.
- All federal tax payments are paid with checks.
- Check payments can take up to two weeks to get to the payee. ACH payments take approximately one week.
- You can set up a monthly recurring payment for your rent, mortgage, loan and more.
- Check payments expire in 30 days if not redeemed.
- Plastiq has expedited payment options in order to guarantee delivery within two business days. Plastiq’s Accelerated Payments Suite now includes:
- Expedited check delivery
- Standard & expedited ACH bank transfers
- US domestic wires.
If you're looking for an alternative to pay your mortgage or rent at a lower fee, this is your chance! Plastiq is a bill pay service that offers additional bonuses and rewards for paying your bills using their service. On top of being a great way to meet spending minimums, there are also Plastiq Promotions to take advantage of!
This service works with all kinds of credit cards and bills, so the 2.5% service fee is reasonable. Please let us know about your thoughts and experience on this promotion in the comment section below! Use Plastiq to reach certain spending requirements to earn card bonuses and more!
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