Posted by Chuck on September 6, 2017
Manufactured Spending

Published on September 6th, 2017 | by Chuck

74

[Expired] Plastiq: Pay your Mortgage with Mastercard for Just 1.5% Fee

This deal has expired and is unfortunately no longer available. Never miss another deal again by signing up for free and instant notifications of new posts.

The Offer

Direct Link

  • Schedule 3 monthly mortgage payments to be paid via Plastiq with a Mastercard and pay just 1.5% processing fee (instead of the standard 2.5% processing fee)

This promotion works differently than previous promos: you’ll pay the regular 2.5% fee at time of transaction, and the extra 1% will be rebated back to you in the form of a check mailed to the address on the credit card used for the payment.

Another important thing to note is that if you use Fee-Free-Dollars to cover part of the fee, you won’t get the full 1% back. Without getting too complicated, basically, this promo won’t really stack well with using FFD (though you could end up with a partial rebate).

The Fine Print

  • Must have all 3 payments scheduled to be paid before the end of the year. For example, you can schedule today to have one payment pay on October 15, one on November 15, and one on December 15.
  • Rebate check will be sent by January 5, 2018
  • Max $200 rebate (that would be a total of $20k in mortgage payments)
  • Mastercard only
  • The screen will show you clearly if you are eligible for this promo

Our Verdict

Could be a small moneymaker if you use a Mastercard like the 2% Double Cash or the 2.1% Arrival+ card. Especially worthwhile for someone with a large mortgage or someone looking to meet some sort of spend requirement. Just note that all three charges will be on a single card, you can’t swap it out each month.

Check out our review of Plastiq here and see details on the Fee-Free-Dollar referral program here.



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74 Comments on "[Expired] Plastiq: Pay your Mortgage with Mastercard for Just 1.5% Fee"

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Jonathan
Jonathan

Pairs very nicely with the 4k min spend on the Citi AA card!

geoffB
geoffB

is this somehow only for mortgage and no longer rent?

Jonathan
Jonathan

This particular promotion is for mortgage payments.

Dave
Dave

I’m going to call retention for my Prestige card, and if I get the $50/$1500/7 mo offer, I’ll take advantage of this offer

Moldova
Moldova

I will definitely use it on my Prestige with that offer.
You should absolutely call for retention offer. It seems as they give that offer to everyone. I and my SO called and both got it. We put no other spend than the one required for initial bonus.

My SO, was told no offers by first rep. HUCA and 2nd rep gave 2 other offers prior to this one. just keep asking.

J
J

can it also be used for rent payments?

Shaun Steigman
Shaun Steigman

any sense whether this is mortgage only, or rent too?

Nicky
Nicky

Yep mortgage only, no rents. I asked them and they told me that.

Justin
Justin

I’m in the market for a mortgage for the first-time and am interested in using Plastiq to pay it off in the future. General question for anyone that knows, are there certain lenders that won’t take a check from Plastiq? Thanks.

Guy Bucktastik
Guy Bucktastik

Given the amount of lenders, yes there is/are lender/s that won’t take a plastiq check.

Call your lender and ask how is the best way that they would accept a “web bill pay payment.”

Although not officially supported, you can have the check sent to your house, then take the check to the bank and pay in person/drivethru/atm and get receipt.

Make your shipping address just slightly different than the billing address on the card you used.

I got an email saying I couldn’t do this, it’s not supported, etc. I tossed a hail Mary and replied that this is how someone from my bank said to do it. He kindly replied and said I could do the thing that he said specifically that I wasn’t allowed to do.

Whenever someone says you can’t get something just try and tell them that you can. It just might work.

Jonathan
Jonathan

can I pay for 3 months mortgage in advance and have it count for this plastiq promo? ie pay three months worth of payments over the next 3 days?

JASON
JASON

Nope, they won’t allow you to do so.

R
R

why not? and who are “they”?

Jason
Jason

Plastic won’t allow it. They would ask you for your mortgage bill. I done that before back in last November. Well things might change now.

MontyFC
MontyFC

Depends upon your mortgage provider. I have mortgage through Bank of America and they allow me to prepay and apply it towards future payments. I had to submit pre-pay form to get this approved w/ BoA. At the moment, I am paid through Feb 2018 by making use of Chase UR promo earlier.

Plan to make 6 payments b/w 2 plastiq accounts (one for each household member) and be done through Aug 2018.

Michael
Michael

Sounds like you have the cash to not even need a mortgage!

Rigo Leto
Rigo Leto

I have 60k in the bank. That won’t buy me a house..

Joe
Joe

I have a few cards (mastercards) with min spend to meet. Can I change cards throughout the payments?

Guy Bucktastik
Guy Bucktastik

No but use second card to pay my mortgage.

Frito Pendejo
Frito Pendejo

Do they allow you to switch cards on a scheduled payment yet? I know they recently allowed you to add FFD on an already scheduled payment.

Papita Putita
Papita Putita

No, you have to start over.

Flame
Flame

Wish they allowed Amex also

Kevin
Kevin

The payment review screen had no indicator that I’d get the rebate. Oh well.

Pijanec Ordiner
Pijanec Ordiner

Neither did mine. I received a direct email for it too. Did it work for anybody?

MontyFC
MontyFC

My payment screen did show the bonus offer. Took a screenshot.

“Congratulations, you may be eligible for a rebate!

If you qualify, your rebate will be sent to you via check on January 5, 2018. Please click here for further details on qualification”

Justin
Justin

“The screen will show you clearly if you are eligible for this promo”

Could you be more specific? If it is not obvious, does that mean that I am not targeted?

Tom
Tom

Isn’t the Arrival+ card ~2.1% cash back, not 2.05% ?

William Charles

No, it changed

Paul
Paul

No, it use to be effectively 2.2%, now it’s 2.1%…

Dan
Dan

Anyone know when this promo expires? My refinance should be complete within 2 weeks.

Steve
Steve

Watch out, I refinanced recently and I’m on my third bank before my first payment was due.

Dan
Dan

Are you saying they transferred your loan twice in the first month?!? That’s insane

AmexFailed
AmexFailed

Data Point – was trying to pay mortgage with an registered Amex card, and got the following error message – “We are sorry, American Express card cannot be used to pay for this recipient, please check out our promotion with Master Card”…

Anyone else got the same error messages with Amex Card?

Sc
Sc

Yes, I got that on both my amex and my visa. Are both no longer allowed for mortgage payments?

Rob
Rob

This morning I made a one-time small payment to my mortgage account using Amex with no problem. On the category, I selected Rent/Real Estate.

Frank
Frank

same for me. Amex failed for mortgage payment

Michael M
Michael M

What does it code as? Real estate services? Travel? Lodging? Utilities?

Michael M
Michael M

My test payment processed at merchant category code 4900, utilities. It should be good for a few extra bucks with Huntington Voice.

chad
chad

What’s the current situation with the Citi Att card…is it getting 3% back for mortgage payments through Plastiq?

Audrey
Audrey

I know rent doesn’t work, but what about a home equity line payment?

chris

So for people doing this – did you have any issues ‘pausing your’ typical ACH payment direct to (say Wells Fargo) each month? I feel like they would get salty if they realize youre not going to pay them for a few months (though they would still be getting a check from Plastiq in this case…)

Michael M
Michael M

Last time I used Plastiq with WF, there were no problems. I have used Plastiq to pay in full, and other times, I sent a combination of Plastiq & ACH payments that sum to my monthly payment to minimize Plastiq fees. I put something in the respective memo lines about one being the 1st of 2 checks and the other being the 2nd of 2 checks.

Ricardo
Ricardo

Is any mastercard coding as 3X points back? or 3% back? Any bonus points?
Thanks

Michael M
Michael M

https://www.doctorofcredit.com/huntington-voice-credit-card-pick-your-own-3-cash-back-category/

Huntington Voice has 3% back on a category of your choice, but only on $2000 per quarter of spend in that category for a $60 maximum rebate per quarter. Utilities is a possible category, and my test payment worked ( https://www.doctorofcredit.com/plastiq-pay-mortgage-mastercard-just-1-5-fee/#comment-474435 & https://www.doctorofcredit.com/plastiq-pay-mortgage-mastercard-just-1-5-fee/#comment-474834 ), so I’m giving this offer a try. On a longer basis with the 2.5% fee versus 3% rebate on only $2000 per quarter (net $10/quarter), I do not see it as worthwhile.

JP
JP

Rebate is only on first three payments right? After three payments it will be back to 2.5%?

Joe C.
Joe C.

I’m not sure. I just e-mailed Plastiq about it, because if I can get 1.5% for years on my Citi Double Cash, I’ll do it.

Joe C.
Joe C.

Here’s the response I got from Plastiq customer service about which payments get the 1.5% rate and whether or not you can take advantage with multiple mortgages:

Hi there,

Thank you for reaching out to customer support!

You will only be able to take advantage of this offer if you schedule payments only until the end of the year so 3 or 4 payments (Sept, Oct, Nov, Dec or Sept, Oct, Nov or Oct, Nov, Dec). You much use a MasterCard and this will allow you to get a rebate check in Jan 2018 to make your effective rate 1.5%

You can schedule multiple series for different mortgages but the offer is capped at $200 for a rebate check.

Feel free to let me know if you have any other questions!
Miguel \ Manager of Member Services

Ewejay
Ewejay

For those setting this up but not seeing the rebate banner, try logging in and clicking on the advertisement in the left column to pay mortgage/rent. Setting up my own payment last week didn’t work, but I tried again this morning by clicking on that banner and the promotion came up when I got to the payment confirmation.

Dan
Dan

What about using AMEx Plastiq for the margin loan I have at a brokerage firm.

shaky02dd
shaky02dd

I checked my Drop app and it looks like there’s a 200 points per $100 billed offer on Plastiq. However, the terms also say “Offer cannot be combined with any other offers with Plastiq.”

Assuming this topic — Mortgage 1.5% with Mastercard — is an “offer with Plastiq,” then you wind up choosing between 1% off the rate, vs. ~2% back in Amazon credit for your Mortgage.

(and for any non-Mortgage payments, no reason not to take advantage of the Drop offer and use a linked card)

escot
escot

Nice catch shaky, and nice “doc” has built a new post off of it. (with your caution that this promo may not be combined w/ other plastiq offers – like the 1.5% w/ mc payment of mortages)

I don’t follow you though when you note: “vs. ~2% back in Amazon credit for your Mortgage.”

Where did this 2% reference come from? Isn’t it really just (.)2% –? or .002 cents on the dollar? If it is indeed a full 2%, then I’m on board…. if not, the 1% off wins. (assuming they’re not combinable)

shaky02dd
shaky02dd

whoops just saw this response to my screwup. Yep it’s clearly .2%, not 2%, and with the Drop cap at $5 it won’t even be that!

Still, a little extra juice.

Kathy Novice
Kathy Novice

When I added my mortgage provider, the Business Category automatically displayed “Other” instead of “Mortgage”. As such, I did not get a message that I was qualify for the rebate. Has anyone else encountered this? How do I correct the Business Category? I’ve contacted Plastiq but no response.

Cindy
Cindy

Email received tonight that rebate check is in the mail!

Joe C.
Joe C.

Same here.

Alex
Alex

Got the same email on the same date. Has anyone actually received a check yet?

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