Plastiq are currently running a promotion for 1.75% rates on Mastercard and 2.25% for American Express payments, American Express are also giving you double rewards for purchases made at small businesses through the end of the year. Reddit user andy2na (and others in this thread) are reporting that they are receiving the double small business rewards on the Plastiq payments.
There could be two reasons for this:
- Plastiq is counted as a small business by American Express
- Plastiq is considered a third party payment processor and some transactions will post as a small business because of this:
I process American Express Cards solely through a third party payments aggregator. Do I qualify?
Yes! Provided you meet all other eligibility criteria as outlined above, you are eligible to appear on the Shop Small Map or Online Directory, however you will need to manually update your business information in order for your business location/s to be added. To do this, you will need to obtain your Merchant Access Code from our Shop Small servicing center before you can register and log in to the Merchant website. Call us at 1-800-235-8916 between 9am – 6pm EST, Monday through Friday.
Personally I think it’s more likely that Plastiq is coding as a small business and it’ll be fixed sooner rather than later, but we will see.
is there a way to tell if you got the 2x? i did a couple of charges
Oh man… this just made my day. I literally just pushed $10k through Plastiq to pay a student loan on my SkyMiles Amex (MS to waive medallion $ requirement) two days ago, and now I read this 🙂
I love you doctorofcredit
Just made a $15 payment from my AMEX Plat personal card to Flagstar via Plastiq. Statement closes 10/27, hopefully I get 2x. If I do and this is still alive, I’ll probably hit it harder with my SPG Business card.
Whether Plastiq charges being coded as small business and earning 2x points is fixed or not, do you think Amex would likely claw back a new card bonus earned by meeting the minimum spend via Plastiq charges only? It does seem to be a cash equivalent.
Not a cash equivalent. You’re paying for goods/services. Just because it’s historically an industry that has been cash-based doesn’t make it a cash equivalent.
At any rate, not sure what needs to be “fixed” here. Any payee via Plastiq is most likely mom-and-pop, aka small business…
My large mortgage payment to Wells Fargo made by Plastiq on my Amex platinum last week certainly isn’t small business 😉 Will see if the 2x points post.
Ah I was thinking the check I (no longer) write to my little old lady landlord