New Plastiq Users Can Pay Rent And Mortgages For A 2% Fee

Filed Under: Advice, Credit Cards
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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.

Bottom line

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?

  1. How are the payments coded through Plastiq? I pay monthly boat moorage (currently by check) but if I pay direct with my Chase its coded as travel and I get 2x UR points. Would this still work with Plastiq?

  2. Beware of making Home Owner’s Association fees because the mailed checks can easily no arrive. The Plastiq website does not give you any way to state that the check is made out to the Association but mailed to usually a bank. They will mail the check to the name on the check! Still waiting 3.5 weeks for my payment to arrive. FAIL!

  3. Each of the scheduled future payments is at 2%?
    Or just the first or just the first 6?

  4. I tried mortgage.. got message that this type of payment can’t be made with amex. I used them for over a year when I could pay mortgage with Amex, but looks like amex is still a nono for mortgage

  5. That’s interesting because I’ve continued to be able to make hoa payments on a commercial property with Amex.

  6. Do you know if the 6 payments just need to SCHEDULED by May 31, or does the first of those payments need to made by the 31st? Thanks.

  7. I’ve used Plastiq for my HOA payments for almost a year. Monthly I receive an email when the check is cashed.

  8. Out of curiosity which cards are you guys using to make a 2% fee or higher worth it?

  9. @Andy I’m thinking about putting mortgage payments on my JetBlue Plus card where $50k spend earns Mosaic. Flying out of BOS I find the ability to cancel any ticket free of charge and using minimal points for extra legroom seats worth the 2% on $50k. Plus 50k JetBlue points are worth about $700 so in the end it’s almost a wash.

    I’ve also read that Chase Ink Business Preferred gets 3x on Plastiq.

  10. For some reason they won’t let me pay my capital one auto loan with an AMEX. Big bummer.

  11. “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”

    First point I understand. Second point makes no sense. What card has a cpp value greater than 2.5? That only makes sense to me if you have a premium redemption in mind for those miles and are really, really certain you’ll get more than 2.5 cpp in value with that redemption…and you’re short on the required number of miles.

    So I’m guessing you pay the insurance, mortgage, etc. with a card that you use for premium redemptions, otherwise I have a feeling you have more money than sense.

  12. @Jay – two might be Amex Blue Business Plus with 2 MR/$ or Chase Ink Preferred at 3 UR/$ (if in fact Plastiq triggers that bonus category).

  13. Frank – The first payment needs to be submitted by May 31. I would interpret that to mean the first payment needs to be made by then.

  14. Plastiq site has not been able to accept new registrations for the last two days. I sent their Support Team a note, but no reply.

  15. Plastiq needs to get their act together. One month and my FIRST attempted payment has not arrived. Now they offer a discounted rate for new users, but that discounted rate should be offered to all, especially those of us who have had a nightmare issue with them. REMEMBER that your credit card and YOU are charged the payment that needs to be paid to your credit card, even when the recipient does not get the payment. So you need to be able to prepay quit a bit!

  16. If I schedule 6 Rent/Real Estate monthly payments, does each recurring payment have a 2% fee for the first six months, i.e., 6 x 6 = 36 payments with a 2% fee, or each recurring payment have a 2% fee for the first month, i.e., a total of six payments with a 2% fee? Thanks.

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