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I’ve been using Plastiq since they rolled out the service a couple of years ago. I use them to pay bills with a credit card that I otherwise couldn’t. I’ve used them to pay our mortgage, our daughter’s gymnastic lessons, insurance, and probably some other bills.
There are fees, for sure, typically around 2.5%, so you’ll want to make a conscious decision as to whether it is a good deal based on your personal circumstances. I see a couple of scenarios where paying the fee can be a decent idea on a recurring basis, such as when:
- You’re trying to meet the minimum spend on a new credit card
- You have a credit card that offers rewards that you value higher than the 2.5% fee
Well, Plastiq is currently offering a promotion where new users to the service can pay their rent or mortgage at a reduced fee.
Plastiq’s offer for new users
Plastiq is currently offering new users the opportunity to pay rent and mortgage payments with just a 2% fee. Again, this is for new users only, who schedule six future payments. And they must do so by 11:59 PM Eastern Time on May 31, 2018.
That’s basically a savings of 0.5% off the normal fee.
Which credit cards can you use to pay your rent with Plastiq?
There have been some changes regarding which cards can be used on Plastiq for these payments over the years so it’s worth reviewing which cards they currently accept for rent and real estate payments. Nick over at Frequent Miler has a nice summary of the current state of affairs.
- Mastercard = Any Rent or Real Estate payment
- Discover = Any Rent or Real Estate payment
- Visa = Personal Rent, Business Lease, Home Owner’s Association fees, but no Mortgage payments
- Amex = Personal Rent, but no Business Lease, Home Owner’s Association fees, or Mortgage payments
The prohibition on using Visa and American Express cards for mortgage payments is a downer, but if you’re a renter there are several great cards that would give you a nice return.
My Plastiq experiences
Overall, I’ve had a really good experience and have appreciated watching how the service has evolved. For example, they’ve started offering electronic payments for more and more billers, and now give guidance as to when your payment will be received. That said, it’s always good to allow plenty of time for your payment to be received.
They’ve also added an option to expedite some payments for a $15 fee. For sure, I wouldn’t want to use it on a regular basis, but it’s nice to have the option.
Their customer service via web chat is also excellent, and I’ve generally found their staff to be very responsive to issues.
Plastiq can be a really good option for paying bills with a credit card that you otherwise could not. The current promotion for new users could be a good option to try out the service and receive a discounted fee for your first six rental or mortgage payments.
And of course, Plastiq has a nice referral program, so feel free to leave your code in the comments if you like.
Do you pay your rent or mortgage via Plastiq?