Posted by Chuck on May 7, 2019
Manufactured Spending

Published on May 7th, 2019 | by Chuck

95

[DEAD – Update] Plastiq Promotion for 1.5% Fee on Mastercard Payments (1% discount)

Update 5/7/19: Plastiq has clarified that, “if a Plastiq customer was quoted the 1.5% promotional Plastiq fee on the payment review page and then submitted the payment successfully, we will honor that promotional pricing – as long as it was in compliance with our terms of service. This includes future scheduled or recurring payments that saw the promotional fee upon payment submission. Please note that future scheduled payments will lose promotional pricing if they are edited.”

Update 11:04pm ET: Plastiq has now clarified with us that the promotion is an official promotion, but only for targeted users in Canada on select payments. It was a system error causing it to work on all Mastercard payments, and that’s now been fixed. Far as I know, whatever payments were sent already are locked in at the lower rate, but I guess we’ll find out.

Update 9:36pm ET: A few readers are reporting this is now dead.

The Offer

  • Plastiq is offering processing on Mastercard credit card payments for a 1.5% fee, down from the typical 2.5% fee.

The Fine Print

  • Mastercard only

Our Verdict

A reader sent this one in. It appears to be some sort of specific promo for Mastercard payments, as shown in the screenshot above. From what I’ve checked, payments with other card types like Visa are showing the regular 2.5% fee. This makes sense as Plastiq has run such specials with Mastercard in the past.

The odd thing is that Plastiq has always sent out information about such promotions. We’ll see if we hear anything on this one, maybe it’s an official promotion starting soon that went live a bit early or it’s a test phase.

If anyone is signing up for a new Plastiq account, there are two referral offer options going on now is you signup with our Plastiq referral link: (1) standard offer to get $500 in free processing after you process $500 in paid processing; (2) special offer through May 31 to get $10,000 in free processing if you signup as a business and process $10,000 in paid processing. (All Plastiq users can refer friends for the standard referral offer, and some people have the business referral offer attached to their referral link as well.)

Hat tip to reader William and Jon



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Feng Xu
Feng Xu

It’s actually 1% fee. You have been slacking Chuck even missed Lowe’s deal yesterday

Deborah
Deborah

Where is your apology for your mistake? You were quick to criticize.This site gives incredibly helpful and unbiased information, every day, for free.

Debit
Debit

I apologize for feng.

His head is still stuck in his ass

Celia
Celia

I pretty much think Chuck and Will have lives beyond this site. Expecting them to work 24/7 on every single deal is asking a bit much, isn’t it? I appreciate every deal they post, whether it applies to me or not, as I am sure most of the readers do.

William Charles

To put it in perspective I’ve been so sick that I’ve almost had to go to hospital, I did see the Lowe’s deal but I couldn’t get anything out in time.

GeoffB
GeoffB

Any recommendations as far as what cards to use other than the Citi Double Cash? Most of my MCs don’t have great spend earnings. TY points are pretty iffy at this point for a 1.5cpp valuation. Amtrak is the only other one I can think of that earns strongly…

The Man
The Man

I’m thinking DC or Arrival +

Abey

Amex Blue plus business 2 MR up to $50K
Freedom Unlimited 1.5 UR is better then a 2% cash back card.

Monica
Monica

Except those are not Mastercard.

Abey

Lol good point, but i guess in general for Plastiq just not now for this promotion.

Sue
Sue

Maybe one that has a bonus for big annual spend like Citibusiness AAdvantage 30K spend to get companion pass. Depends somewhat on how long this lasts.

aubergine
aubergine

look carefully at the AA companion pass. it’s got a boat load of terms & conditions and is much harder to use in actuality than other airlines companion tix.

O
O

If you buy Amtrak tickets with any regularity, the Amtrak MC gets over 2.5% in train travel.

!!!
!!!

It kinda annoys me that whenever conversations like this comes up, everyone just pretends the paypal cashback mastercard doesn’t exist.

Joe S
Joe S

Yup, 1.5% shows on mine. Wish I knew terms and when this is supposed to end, don’t need to pay anything today but have some payments I’ll need to do later in the month.

Edward
Edward

On the same boat. Already paid off bills this month.

Snorlax
Snorlax

So pay next months bills too, that’s what I’m gonna do.

Joe S
Joe S

My problem is I will be signing up for a couple MCs over the next few weeks, and would put next months spend on those to get the bonus. One is in the mail and should be here in next few days, so hoping this sticks around. Don’t need it for much else, even with a .5 moneymaker on a 2% card.

Jon
Jon

Can you just schedule future payments?

Kai
Kai

My payment using mastercard giftcard only has 1% fee just now

Security
Security

This is huge

Sideshowbob233
Sideshowbob233

If it’s a metabank from Staples it’s running as debit.

Jon
Jon

FWIW, I was able to schedule until Oct 2020 (when my card expires) and the future payments all show 1.5% fees. Good time to schedule a bunch of payments and cancel later if needed?

Master Allan
Master Allan

A month ago I stacked Safeway mastercard GC discount offers with my discover card 5% cash back and purchased about $1000 worth of $100 cards. Great, use some of these with plastiq for car payments. The listed payment fee was 1% for this gift card (same as debit card). The Plastiq fee page states under debit – 1% excludes pre-paid and gift cards. Looks like I caught a break (??)

Charles Chang
Charles Chang

wondering what would BOA code this as? If it is coded as online, then that would be nice to use the cash rewards card.

bk3day
bk3day

iirc, BOA cash rewards is among the cards charged as a cash advance by Plastiq. Also, aren’t they VISA and not MCs?

Charles Chang
Charles Chang

oh man, I didn’t know that, I am screwed, just tried a $10 trial pay 🙁 But they are mastercard

K
K

New BoA 123s are Mastercard for some time now. Only the old ones are Visa (& works in Costco)

I thought cash advances is only a problem for visa cards?

bk3day
bk3day

Yep the CA issue is on certain Visas.

My BoA cash rewards is a Visa. Didn’t realize they also come as MCs? Sorry for any confusion.

The Man
The Man

What’s the best card to us for this promotion? Seems like the Citi DC or Arrival +

cowsareverywhere
cowsareverywhere

I am doing the Arrival+ since it will put some spend on that card.

cowsareverywhere
cowsareverywhere

If we schedule payments now, could I lock down the promotional rate?

The Man
The Man

Yes

cowsareverywhere
cowsareverywhere

Thanks.

bax
bax

What’s the end date of this promo, i.e. when do the payments need to be scheduled to lock in the 1.5% rate?

Arley
Arley

Confirm 1.5%. I scheduled mortgage payments with Arrival+ till the end of the year. Thanks!!

aaron
aaron

When you schedule, does it actually run your card for a pre-authorization? Thus taking away credit limit?

The Man
The Man

No

Arley
Arley

It didn’t run a pre-authorization. First payment is not scheduled till early May though. I scheduled 3 different payments out till December.

bax
bax

When I updated the Citi DC card info, it charged $0 for authorization.

Tim
Tim

No they don’t do anything till they send the check.

Jeff
Jeff

Thanks Chuck! You guys are the best

Mike
Mike

Seeing 1.5% here. I scheduled some payments. Thanks!

Mark Williams
Mark Williams

PayPal 2% CashBack Credit Card is a Mastercard

DaveInAZ
DaveInAZ

Yes that’s what I use, now that the Paypal biz debit can no longer have the 2% MC for backup.

quasimodo
quasimodo

well..not a huge savings (2% – 1.5 = 0.5%) on my car payment….with Citi DC. But, better than 0, and easy to do.

The Man
The Man

Can write off fees (business expenses) which is great.

AP
AP

Although OP is using a Citi DC card – not a business card.

The Man
The Man

Doesn’t have to be business card for tax write offs 🙂

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