UPDATE: The system was showing a 1.5% fee in error. That has now been fixed (unfortunately!).
Plastiq has launched a new – and as yet unadvertised – promotion offering a 1% discount on payments when using a Mastercard. That means you’ll pay just 1.5% when using a Mastercard which has the potential to be a good deal.
The Deal
- Pay 1.5% fee on all Mastercard transactions with Plastiq.
Key Terms
- Expiry date unknown.
- Valid on Mastercard transactions only.
Quick Thoughts
Plastiq transactions usually come with a 2.5% fee, so this works out to be a discount of 1%. With the reduced fee of 1.5%, that could make this a good deal for Mastercard payments if you value whatever points/miles you’d earn at greater than that value.
If you stocked up on last week’s fee-free Mastercard deal at Staples, this could be an easy way to liquidate those gift cards from the comfort of home, albeit at a higher cost than buying MOs.
There’s no specified end date for this deal and Plastiq has changed the terms of a deal in the past (although that was an overly generous offer), so it’d be best to take advantage of this ASAP if you’re interested.
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[…] Plastiq: Pay Reduced 1.5% Fee For Mastercard Transactions […]
The deal is dead. Plastiq let me know that it was a glitch.
Any danger of a plastiq clawback for those of us who “cashed in” before the glitch was fixed?
DP submission. I’ve jumped on this offer, attempting to switch plastiq payments (on my wife’s and my separate accounts) from Discover IT Miles card (1st year 3%) to our BoA Biz Adv (w/ Plat Honors) card (2.625%). It worked on my plastiq account, but only to a point. I successfully (i.e., getting a 1.5% fee) applied it to recurring bills (auto loan, vendor payments, HOA payment) totaling a little over $8,500 total between now and 31 Dec 2019. When I tried applying it to my mortgage payment, plastiq showed a 2.5% fee. I then tried using the same card on my wife’s plastiq account (her mortgage) and it would only show a 2.5% fee. I then tried using a different mastercard with my wife’s mortgage and plastiq still showed a 2.5% fee. My tentative conclusion: There is a limit ($8,500?) to how much spend the 1.5% special rate fee applies and the unannounced offer appears to be targeted. Any other DPs and interpretations would be welcome.
I tried switching 1 pmt over to MC but no go, guess I wasn’t targeted. Thx for the DP tho.
What are MOs?
Money orders
Is this stackable with 10K referral business spend promotion?
I’d guess that it would be, but Plastiq hasn’t provided any details of the terms of this latest offer and so there’s no way of knowing for sure right now.
The fee-free from Staples MC last week were only getting charged 1% !!!
Can’t remember but I read recently plastic has a competitor that allows visa for mortgage payments, anyone recalls that?
I would love to know if that was an option.
It’s called Melio and they don’t allow visa for mortgage payments
Any indication this is targeted?
Everyone probably knows this except me, but what does plastiq code as?
On my Chase VISA statements it codes as “Personal” and on my Barclay Aviator Mastercard statement it says “Bill Payment”