Posted by Chuck on September 6, 2017
Manufactured Spending

Published on September 6th, 2017 | by Chuck

71

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

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.



71 Responses to Plastiq: Pay your Mortgage with Mastercard for Just 1.5% Fee

  1. Jonathan says:

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

  2. geoffB says:

    is this somehow only for mortgage and no longer rent?

  3. Dave says:

    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 says:

      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.

  4. J says:

    can it also be used for rent payments?

  5. Shaun Steigman says:

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

  6. Justin says:

    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 says:

      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.

  7. Jonathan says:

    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?

  8. Joe says:

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

  9. Frito Pendejo says:

    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.

  10. Flame says:

    Wish they allowed Amex also

  11. Kevin says:

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

  12. Justin says:

    “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?

  13. Tom says:

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

  14. Dan says:

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

  15. AmexFailed says:

    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?

  16. Rob says:

    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.

  17. Frank says:

    same for me. Amex failed for mortgage payment

  18. Chuck says:

    I heard back from Plastiq that Amex does not work for mortgage payments. Visa should work (no promo).

    • Darv says:

      That’s big news. Thanks for the update. Hopefully some payees are still working with Amex.

      • Chuck says:

        Update: Actually they say Visa and Amex don’t work for mortgage. Only Mastercard.

        In practice, I’ve heard it working for some. Probably depends how it’s coded on the back end.

        • Darv says:

          Major bummer for me as I don’t MS. Gonna be tough for me to get approved for good Mastercards over the next 3-4 months. I do $2,200 a month on Plastiq with one mortgage for my business and one for residence.

          Maybe I can snag the Citi Premier. Citi’s been tough as nails with me.

          Finishing up my wife’s Premier and then I’ll need either another Mastercard for December 1 payments or maybe one or the other mortgage payee will go through on Visa or Amex.

          The game is always changing.

  19. Michael M says:

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

    • Michael M says:

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

  20. chad says:

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

  21. Audrey says:

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

  22. chris says:

    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 says:

      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.

  23. Ricardo says:

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

  24. JP says:

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

    • Joe C. says:

      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. says:

        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

  25. Ewejay says:

    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.

  26. Dan says:

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

  27. shaky02dd says:

    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 says:

      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 says:

        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.

  28. Kathy Novice says:

    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.

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