Plastiq is an awesome way to earn points and miles by using a credit card to pay bills where you typically couldn’t use a credit card to pay direct. These bills include rent, car loans, utilities, school tuition, taxes etc. Visa and Amex do not allow you to pay your mortgage through Plastiq, although MasterCard Discover allow this payment. While Plastiq does come with a fee, if you use your Chase Ink Preferred card you can actually come out ahead! UPDATE: The Chase Ink Preferred card no longer earns 3x points with Plastiq charges.
Right now, Plastiq charges a 2.5% fee, but you’ll earn 3x points on every dollar spent with Plastiq by using your Chase Ink Preferred. Of course the way Chase codes this merchant could always change, but as of right now it is coding as 3x points. So let’s say you have a $1,000 bill to pay, Plastiq will charge you a $25 fee. But on the flip side you’ll earn 3,000 Chase Ultimate Reward points. Even if you redeem your points as cash back, it is a fixed value where every point equals a penny. That means 3,000 points will earn you a fixed $30 statement credit – putting you ahead of the fee you paid to Plastiq! Now I personally prefer to get a much better value from these points and only redeem with a partner hotel or airline a minimum of 2 cents per point. That means those 3,000 points equals $60 towards travel – definitely making Plastiq worthwhile!
I’ve been using Plastiq for over a year now. I used to use it to pay my mortgage prior to Visa not allowing you to use Plastiq for this type of bill payment (it is not Plastiq banning mortgage payments, but Visa!). I use it to pay my daughters preschool bills (which are quite high!) as well as some other random bills. There were times last year when I used my Southwest credit card so I could earn points for the Southwest Companion Pass, but primarily I’ve been using my Chase Ink Preferred due to the 3x points. Below is my latest Plastiq bill payment rewards shown on my Chase Ultimate Rewards account. In this example below, I earned 13,454 points for paying part of my daughters extremely beneficial 4 year old education 🙂 I look at this as half the number of points needed at one of my favorite partner properties – the Hyatt Ziva Cancun (only 25,000 points and an all-inclusive!).
I have personally never had any issues with bills not being sent/received, but I always suggest keeping a close eye on it to ensure payment is received. I find Plastiq to be extremely easy to use, especially for merchant that is already saved to your account. Typically bills take about a week to be received by the merchant.
New to Plastiq?
Now, if you are new to Plastiq there is a referral program where you can earn FFDs (Fee Free Dollars) towards your payments. After your first payment(s) totaling $500 or more, you’ll earn $500 in FFDs. That means on your next $500 in payments you will not pay a fee at all! This is regardless of the credit card you use to pay. You must sign up for Plastiq through a referral and then you can go ahead and use your referral link to get friends/family members to sign up.