We recently posted that RadPad is no longer earning 3x points on the Chase Sapphire Reserve. RadPad users that have used the CSR and other premium cards (e.g Chase Sapphire Preferred) have received an e-mail stating:
Thanks for paying your rent with RadPad! We hope you had a great experience. We noticed that you are using a card with a very high interchange rate. Unfortunately our standard 2.99% rate is based off standard card rates. Please click below to update your payment preferences to a Debit or Standard interchange rate credit card. Please note that per our Terms of Use we reserve the right to charge a higher fee for these types of cards so please update as soon as possible. Thanks again for using Pay With RadPad!
If you read the RadPad terms under section 7, sub section b they can charge a fee of up to 3.99% on high interchange fees (e.g VISA Signature, VISA Infinite, VISA Preferred and other cards not listed with interchange fees higher than 2.2%). This is obviously bad news for RadPad users, but it likely does mean that RadPad purposefully changed their merchant category code so that the Chase Sapphire Reserve would no longer earn 3x points to discourage use of that and other cards that come with high fees for RadPad. Fingers crossed Plastiq is profitable enough to handle these fees and it continues to earn 3x.
Hat tip to aoechamp via @telewatcr
