The Offer
- Pay your mortgage with Plastiq using a Mastercard and pay just a 1.75% fee
The standard fee for Mastercard is 2% and for other payment types it’s 2.5%.
The Fine Print
- This rate is only valid if you schedule out 6 or more payments. You can schedule out more than that too and lock in the rate.
- You must schedule the payment before September 30, 2016, 11:59 p.m. PT to get the reduced rate. (Rate will be valid on all payments scheduled out to the future, even payment after September 30.)
Our Verdict
Nice deal for racking up points on the cheap as we usually consider anything under 2% to be good. For example, you can set your rent or mortgage to be paid monthly with the Citi Double Cash card or the Barclay Arrival+ card and profit over .25% per month without effort. Or use it to rack up points at the cost of 1.75% per point on another card.
It is limited to Mastercard so that makes it less useful, and you need to schedule out six payments so not too useful for meeting minimum spend requirements (six mortgage payments is probably more than a spend requirement).
I’ll reach out to Plastiq to find out if we can switch out payment methods after the payment is scheduled which would make this more useful for meeting spend requirements. [Update: Plastiq replied that the promo is meant to be used with one card. However, if a card gets lost or otherwise needs to be replaced with different card, you can reach out to the Plastiq team and they’ll see what they can do.]
I suspect this is Plastiq’s response to the Radpad debacle from yesterday. Pretty good marketing, to be honest; they just lose .25% and gain customers.
If you are new to Plastiq, grab a referral from this thread and save yourself a bit of money on your first payment.
