Plastiq Promo

This post may contain affiliate links. Please read my disclosure for more info.

I got an email from Plastiq about their latest promotion.  Currently they are offering a 1.5% rate (vs the standard 2.5%) if you schedule at least 3 mortgage payments with a Mastercard by the end of the year.

Here’s how it works according to Plastiq:

  • Schedule 3 or more monthly mortgage payments by checking the box next to recurring
  • Use a Mastercard
  • Pay the standard 2.5% fee rate
  • Set up the first 3 payments so they are set to process between September 5, 2017 and December 31, 2017 11:59PM
  • Look for a notification of eligibility on the payment review screen (see below)
  • After your third payment processes, a check (up to $200 back in rebate) will be sent by January 5, 2018 to the name & billing address associated with your Mastercard used for the promotion
Plastiq Promo Notification


To maximize this offer you can schedule three payments of $6,666.66.  Each payment will have a $166.66 fee (2.5%).  Then by January 5, 2018 you will be sent a check for $200 which effectively makes the $20,000 in mortgage payment only cost $300 or 1.5%.

Only Mastercard?

Yes, the above promotion is only for Mastercard.  Plastiq stopped accepting Visa (in June 2017) and American Express (in September 2017) for mortgage payments.

BUT, make sure you check to see how your mortgage company codes.  My mortgage at Everbank codes as ‘Rent/Real Estate’ so while I am not able to take advantage of this promotion, I am able to use a Visa and AmericanExpress.

Why Use Plastiq?

Meet Sign-up Bonus Spending Requirement – let’s say you signed up for the Chase Ink Preferred card which offers an 80,000 point bonus after spending $5000 in three months, but you only typically spend $1000 per month on your credit card.  It would be a major fail if you didn’t hit the $5000 target and lost out on 80,000 points.  To avoid this, it makes sense to pay Plastiq’s fee and pay a bill using your credit card that you typically would pay with a check.

3% cash back credit cards, or similar. If you have a rewards credit card that offers cash back, you can still make a profit by using your credit card.  For example, the Discover It Miles card pays 3% cash back the first year (in addition to a $50 sign up bonus and $30/year in airline wifi credit all for NO annual fee).  If you used this card for $30,000 in bills the first year, you would still earn 0.5% (3% cash back – 2.5% Plastiq fee) or $150.

How I Use Plastiq

I personally use it to pay my mortgage each month just for the points.  My Citi AT&T Access More card provides 3X points for online purchases so even though my $3000/month payment incurs a $52.50 fee (1.75% from a previous Plastiq promotion), it earns me 9157 Citi Thank You points.   Therefore, each Citi Thank You point is costing me $0.006  or 6/10ths of one cent ($52.50 fee paid / 9157 points earned).

What can you do with Thank You points?  Here’s an example – I can transfer 17,500 Citi Thank You points to Singapore Airlines (a transfer partner).  Since Singapore Airlines a Star Alliance with United Airlines, I can fly one way flight from Washington DC to Hawaii.

And remember those 17,500 miles cost me $100.33 (17,500 x $0.0057).  $100 for a ticket from anywhere in the US to Hawaii on United Airlines – that’s a great deal!

Referral program

If a new user signs up via a referral link and pays $500 worth of bills with fee, then they will get $500 “fee-free dollars”.  The referrer will get $1,000 in fee-free dollars.

Taking advantage of the mortgage promo above will trigger the bonus. Here’s my referral link.  I am always grateful if you use it.


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