Posted by William Charles on September 12, 2017
Manufactured Spending

Published on September 12th, 2017 | by William Charles

24

American Express Cards No Longer Work to Pay Mortgage with Plastiq

In June Visa credit cards stopped working for mortgage payments with Plastiq. Unfortunately American Express cards are also no longer accepted for mortgage payments with Plastiq. This means that now only Mastercard & Discover cards are accepted forms of payment for mortgages with Plastiq. They are currently running a promotion where you pay 1.5% when you schedule 3+ mortgage payments with a Mastercard as well. Existing scheduled payments should continue to work as far as I know.

It also seems that some people can continue to make mortgage payments depending on how they bank codes on Plastiq’s system, only way to know for sure is through trial and error. You should see a failure message if it’s not allowed.

Hat tip to reader @yseh0228 & Frequent Miler



24 Responses to American Express Cards No Longer Work to Pay Mortgage with Plastiq

  1. anthonyjh21 says:

    Yep, and they didn’t even have the courtesy to send an email giving us the heads up after they found out.

    I applied for the BRG last week and it would’ve been nice to know beforehand because I might’ve waited until we had a larger bill due, like property taxes.

  2. Superchurn says:

    those bastards…

    any DP for rent payments/payments to individual landlords?

  3. Ryan says:

    Well, that sucks.

    My landlord didn’t accept Am Ex and now I can’t even do Plastiq.

    It’s getting hard out here to even do legit spend to meet minimum spend.

  4. Dev says:

    SEP 07, 2017 | 02:46PM PDT | Case #:

    Hello

    Thank you for contacting Plastiq regarding submission of mortgage payments processing from your AMEX card. Allow me to address this for you now.

    You were previously able to submit mortgage payments using your AMEX credit card for processing. It was recently brought to our attention by AMEX representatives that this process is not allowed according to their own Terms and Conditions. AMEX would like us to follow a rule they have cited recently to us that does not allow these payments.

    In this case, we needed to make adjustments to our platform in accordance with their rule as well. If our system detects the use of a AMEX credit card for Real Estate/Mortgage payment submissions, it will display a warning indicating the processing is no longer allowed.

    I hope this information helps and apologize for any inconvenience. Please let me know if you have any additional questions.

    Best,

    • Matt says:

      Just curious, does anyone know the rule that Amex is citing (presumably in the processing agreement)?

    • Mimi says:

      seems like AXP rat is doing their job and it makes their job easy when they’re keeping up with DPs online (I am not blaming this site since there’s a lot posted online with plenty of step by step instructions)

      The only way to keep the rats from knowing is joining private app groups but the good ones are by invite only to keep away lurkers and moochers.

      • Matt Katakis says:

        Isn’t everyone who does this a moocher?

        • Mimi says:

          I asked one who opened his app group what he considers moochers and he said those that don’t provide data that others can benefit from, except to report results of deals they tried reported by others. In other words, those who don’t try things on their own but just rely on others. That’s why it’s strictly by invitation when they observe how a poster interacts with others in a particular site and the nature of their posts.

  5. Ghost says:

    Visa Cobranded cards work just fine. Processed my mortgage last month using my Marriott Visa credit card.

  6. Ric says:

    Weird… I have no problem paying my mortgage with Visa or Amex. I just now submitted a scheduled payment for next month on my Amex and it worked fine. Saw the $1 auth on the card and everything.

    My mortgage bank is CENLAR (Central Loan Administration & Reporting). It shows up as “Rent/Real Estate” on Plastiq.

    The only problem I’ve had with making payments with Plastiq is mailed payments could not be processed on Visa. I could only put electronic payments on it.

  7. Dave says:

    Why does AMEX have a problem with this? They still get their commissions. Are they worried that it has become too easy to meet min spend requirement?

    • Sarah says:

      Because it’s against their merchant policy. Look at section 10.2 Prohibited Merchants (starts on page 67)

      https://icm.aexp-static.com/Internet/NGMS/US_en/Images/MerchantPolicyOptBlue.pdf

      “You fall into one of the following categories and/or accept Transactions for the prohibited activities displayed in the following table:

      Condo (Real Estate) Down Payments Payments to other debt-related real estate products.

      Mortgage Payments Payments to other debt related real estate products”

      I *seriously* doubt it has anything to do with “too easy to meet minimum spend” (otherwise they would disallow rents). I guess they deem putting your house on a credit card as too risky as you are turning secured debt unsecured debt.

  8. Jeff G says:

    No problem for me, either. I just made my payments a few days earlier after reading this. It codes rent/real estate.

  9. SEAN says:

    I used my Amex PRG card to make a mortgage payment through Plastiq last month before they pulled the plug. Will this payment still count for my MSR?

  10. Dale says:

    Also had no problem paying with an Amex just now. Charge shows pending on my Amex account and have received a confirmation email from Plastiq. Will reply back if something happens.

  11. AmexFailed says:

    Got amex biz blue plus for paying mortgage through plastiq on the long run. With this development that card will probably be put into a drawer now.

    Curious how much Amex value their membership reward points internally…

  12. Chuck says:

    I made an August mortgage payment on BGR and scheduled two more payments (Sept and Oct) which together with some other expenses should meet the 10K MS. I wonder
    (a) whether anyone has had a previously scheduled payment stop, and if so
    (b) whether that happened at the point when they send you the warning email 3 days before it’s going to post.
    I mean, I want to meet MS, but I want even more to ensure that my mortgage gets paid on time.

  13. Joe W says:

    I submitted 3 scheduled recurring payment for the whole next year yesterday using AMEX BB+, 2 of them were successfully scheduled, the third and last one to the error message. I checked all 3 of the recipients are categorized as “Rent/Real Estate”. Not sure what separates them and hope it wont get error out or cancel by Plastiq actually charges my card.

  14. JTS says:

    Another negative change that happened this month with Plastiq+Amex is that they no longer show up as 2 separate transactions (principal + fee). It has been a bit of an accounting inconvenience when importing transactions into quickbooks.

  15. sergio says:

    Do somebody know if Plastiq Accept GiftCards from Mastercard?

  16. Chaser123 says:

    My mortgage re-curring payment with SPG posted with no issue.

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