Update: This has now been somewhat confirmed, more information here.
Just a quick rumor/headsup: According to an anonymous source, Plastiq will entirely stop allowing Visa personal credit cards to be used on their system. This will only affect Visa personal cards, business cards will continue as before. My guess is that Visa gift cards and personal debit cards will be affected by the change as well – it’ll all depend on the BIN and likely won’t discriminate.
Visa had wanted to have everything go through as a cash advance which obviously Plastiq could not allow causing them to decide to drop Visa completely.
According to the source, it might change as early as tomorrow. More likely, in my opinion, is that Plastiq would give us some notice before making the change (unless they are barred from doing so for some reason).
We reached out to Plastiq for comment and haven’t heard back yet. Hopefully this rumor won’t materialize, but my guess is it will. Worth a headsup for anyone who is relying on Plastiq for a spend requirement to make that payment sooner rather than later.
As a reminder, Mastercard and Discover can be used for all payees. Visa can be used for everything besides mortgages. Amex can only be used for Government, Utilities, Education, Residential Rent, and Club Fees and Memberships.
If you’re new to Plastiq, here is my Plastiq referral link or you can find a referral on our dedicated Plastiq Referral Thread.
Is anyone having issues with using metabank visa card on Plastiq? Worked last month but no longer working?
https://plastiq.zendesk.com/hc/en-us/articles/360005215254
Not quite stopping personal Visa’s, but a switch to CA for BoA and Citi cards and a limit to Chase personal Visa’s
Now confirmed, personal Visas from Citi & BoA are CA: https://plastiq.zendesk.com/hc/en-us/articles/360005215254
For some of the personal chase credit cards I would like to use to pay off student loans with and still earn rewards they have this description:
Payments made through Plastiq may be subject to a lower card limit (typically ~20% of your total card limit). Your transaction will otherwise be treated with full rewards.
Does that mean if my credit limit of $10,000 on the card, I could still make payments <~$2,000. It would not process as cash advance and still earn rewards for? If, Yes I think I would still be willing to use the services. I could send multiple smaller checks and still win on sign-up bonuses. Or have I misunderstood?
They started to charge CA on Oct, 2016. I used a VISA prepaid card and that was declined. So it’s now dead again for VISA. Keep up the good business, Plastiq!
The CIP gives 3X with Plastiq. Does the Ink Cash also?
This was a great idea and a much-needed service. How great it was to plug all my bills into Plastiq and have them pay them charging to my AMEX. I would just pay off AMEX at the end of the month and also accumulate tons of points. The fee was worth the savings in time and peace of mind in having my bills paid on time and not having to wonder if I missed something each month. The points would accumulate to a level where I could pay for spring break trips for my kids. However, after about a year of using Plastiq, I began to notice that service was going down…payments were being late and trying to get them to honor their promise to cover late fees was too much time and effort. Then the stopped allowing AMEX to be used for various charges. This company, in my opinion, is headed for closure…I can’t see it being of value as for it to grow and be valuable it is either all or nothing when it comes to customer service, character, and allowing a customer to pay all their bills with all major credit cards. Cherry picking what cards will pay what and what bills can be paid isn’t attractive or worth the fee. I think this company is headed for bankruptcy. However, it is a good idea if someone could do it right.
That would suck. We’ve been using the Alliant Visa
Same here, i’ve been using Alliant visa for bill payments overseas, devastating news for me, really a sad day for me.
I wasn’t available to liquidate a visa gift card today. Never been an issue before.
Looks like “t” is missing from “It”
I liquidated 3 visa staples rebate debit cards just now, no issues.
In the category of more rumors, (VERY unlikely to be true), I had a Martin’s Foods manager knowingly declare to me on Monday that Martin’s no longer accepted credit card payments for gift cards…. Had never seen her before, so I guessed she was a Memorial Day fill-in…. and I politely insisted that she process my amex payment as “credit” (not debit…)… Cashier looked on, with a quick eyes roll, like her manager might not have seen the old memo that Martin’s (like Stop ‘n Shop, & Giant) now does accept cc payments for gift cards…. It worked, of course, yet I wondered if maybe, just maybe, she’d seen a memo to come?
Some guy at Plastiq emailed today to ask if I was interested in their “Private Client Program” for businesses, so I asked him about this. He said they hope it will be “very temporary.”
As an aside, is anyone doing this Private Client thing?
Got an email today. Did you find out anything more?
Hopefully, they’ll grandfather in already scheduled payments, if they do make this change
It’s worth noting that at this time last year Plastiq made a surprise announcement that they no longer would process mortgage payments with a Visa card effective immediately. However, any scheduled payments which had been entered prior to that announcement would still be processed so long as those payments were not modified. Currently I have Visa payments scheduled out several years through the respective expiration dates on several Visa debit cards (to meet various bank account monthly debit transaction goals) so hopefully those payments will be processed.
Can you expand on the debit transactions? Is it to reach many low debit transactions on 1 card or larger amounts on debit for checking rewards?