Plastiq: Pay Tuition, Rent, or Taxes With Credit Card or Debit Card

plastiq_logo

New promo. Plastiq has a new promotional rate if you schedule at least six rent or mortgage payments with American Express (2.25%) or Mastercard (1.75%). You must schedule them by October 31, 2016 at 11:59 p.m. PT.

Schedule 6 or more payments, and schedule them as far into the future as you’d like.
-Remember to click “Set Payment Schedule” and not “Review & Pay Now”
-The only limit is your credit card’s expiration date
Make sure those payments are for rent or mortgage
Use a MasterCard OR American Express
Do it before October 31, 2016 at 11:59 p.m. PT

The rates aren’t awesome, but some of you may eek out some gains, especially if you need help with a sign-up bonus hurdle. This is likely in response to their competitor RadPad abruptly ending their rent processing system with no warning (boo).

Original post:

Plastiq.com lets you pay bills and invoices with a credit or debit card, even if they don’t usually accept them. The standard service fee is 2.5% for credit cards and 1% for Visa and MasterCard debit cards. However, they run limited-time promotion with lower fees. They will charge your card and send out a paper check to the payee (direct bank transfers to a few), so you’d want to plan ahead for any snail mail delays. They recommend 10 business days to be safe. More ideas from their site:

  • Rent or Mortgage
  • Homeowners Association (HOA) dues
  • Tuition
  • Childcare costs
  • Buying a car, RV, or ATV
  • Income or business taxes

plastiq2

(Note: This was only an example given during a 1.5% fee promotion. The current fee may be higher or lower.) Why would I want to pay a 1.5% service fee?

Sign-up bonus spending requirements. Sign-up bonuses often having spending requirements. For example, you might get a $500 value bonus but need to spend $5,000. Well, that’s effectively 10% back so if you need a little help to get over that hurdle, it’s okay to pay a 1.5% fee. Here are some recent cards with big $500 value bonuses but also spending requirements:

2% cash back credit cards, or similar. If you have a rewards credit card that offers 2% cash back (or equivalent value in points), then you can still make a slight profit by putting them on your credit card. A current example is the Citi Double Cash Card. For example, if you have a tuition bill or tax bill of $5,000 and you earned 2% cash back while paying a 1.5% fee, your net 0.5% is $25.

Combine a rewards card + 0% APR on purchases. Many credit cards offer 0% APR on purchases for an introductory period of 12 months or longer. If the card also has a half-decent rewards program on purchases, the combination of purchase rewards and spreading out the payments over a year at no interest could be attractive.


<!–
BA
–>

Plastiq: Pay Tuition, Rent, or Taxes With Credit Card or Debit Card from My Money Blog.


© MyMoneyBlog.com, 2016.


Read More: Plastiq: Pay Tuition, Rent, or Taxes With Credit Card or Debit Card

Leave a Reply

Your email address will not be published. Required fields are marked *