The Offer
Signup for Plastiq here (contains my referral)
- Plastiq is offering $1,500 in FFD (free card processing) for new users who sign up with the link above. You must first spend $5,000 in payment processing and then the $1,500 in free processing will be applied automatically to your account.
The Fine Print
- $5,000 can be spent in one shot or cumulative.
- No time limit when to finish the $5,000 in spend; whenever you finish the spend, the $1,500 will automatically be applied to your Plastiq account.
- The $5,000 spend must be credit card spend, not debit card spend.
Our Verdict
The standard referral offer is just $50 in FFD for the new member, so this is a nice step up on value; $1,500 at the 2.85% fee is a $42.75 in value. This offer does have a higher $5,000 in spend requirement.
There is no landing page for this offer, it’s just using my Plastiq referral link (or that of some other bloggers, etc, who are part of this offer). You can contact [email protected] to confirm that the offer is attached to your account.
Does this still work?
I got an email stating a $20 amazon gift card for doing $1K in payments using my Bank account. I may do it.
William Charles
Me, too. It’s free, so why not?
I have some GC I want to unload first and have my car and house paid a month in advance already.
I don’t do MO, I so plastiq is my primary place. If only I could of funded an HSA thru plastiq. That would of been nice for 2020
This may be a out of topic question, but can anyone confirm if the Plastiq referral program only works for business referrals and not individual referrals?
Their referral statement after logging in says “Share your referral code with a business. When they sign up using your code and make $2,500 in Plastiq payments within the first 30 days, you’ll get 2,500 FFDs.”
But in the actual referral page (https://www.plastiq.com/referrals/), there is a Refer a *friend* button.
I am confused if the friend can be any individual or has to be a business entity.
Yeah, I’ve been trying to verify the same: when I emailed Plastiq earlier today they got back to me that the referral offer is just $100 FFD. I emailed them back asking how they interpret that webpage you referenced; haven’t heard back yet.
Thanks Chuck. Please do let us know when you hear back from them.
Hi Chuck,
I signed up using your referral link but was told by Plastiq that you are using old info. They told me
“it looks like you registered an account with Plastiq using a referral code but you may be confused about our program. Only the person who referred you will earn any credits for the referral”
Can you confirm this ?
Did you contact the [email protected] email address mentioned in the post?
I used chat after logged in. I’ll email [email protected] to check.
So far no response ?
Email me next week if they still haven’t gotten back
Will do. Thanks.
I can’t sign up for some reason. When I put in my name, phone number, password, etc. and click “Create Account & Login,” it says “We’re sorry. Your account could not be created at this time.”
On a separate note I got an email as below —
From October 08 to November 30, 2020 make at least two monthly payments and earn up to 3,000 Fee Free Dollars (FFD).
Not sure if some others have received it too
Our Plastiq contact sent it my way. I think it was sent to bloggers and the like.
Oh got it. Thanks
Yeah…I call BS on the Plastiq offers. The last one was a credit for all fees up to $2,500 in purchases for new accounts. I signed up for it and processed one $300 transaction. Within a day or so, it was announced that Plastiq changed the credit to just 1%. Regardless, I haven’t received ANY credit at all for the $300 transaction I ran through it.
That’s not usually how Plastiq offers work… it’s not a credit, it’s an exemption on the fees they charge. e.g. in your scenario of a $300 purchase, did they charge you a fee? Typically the FFD offer would reflect the payment you enter and fees of $0 with a hover/link indicating the fee was waived due to the FFD offer.
however, I don’t know the offer you’re referring to specifically so perhaps there was a minimum spend like this $5k that you didn’t reference and wasn’t completed
Does transaction though debit count in the $5000?
Apparently that doesn’t work anymore. I paid $5K+ using a debit card last year and got 1500 FFD. But my S.O. met the spend this year using a debit card and Plastiq won’t issue 1500 FFD. They said $5K must be using a credit card, and they said it’s not their problem that this DoC page mentions nothing about the credit card requirement because this isn not their page. But surely they knew about this page, didn’t they? Pretty disingenuous.
Added a note, thanks
Tried using Plastiq for my real business… they questioned invoices ad infinitum, processed payments one month but not the next. Does anyone other than MSers actually use Plastiq? I don’t see how. Any business service needs to be dependable, they are the flakiest.
I think you are less likely to have these issues if you limit your payments to $3k/day. Above that threshold there are additional BSA/AML requirements that Plastiq needs to satisfy.
Mathed it out for anyone that hasn’t used Plastiq before.
$5,000 x 2.85% = $142.50
$1,500 x 0% = $0
$6,500 spend = $142.50 fees
$142.50/$6500 = 2.19%
Not such a great deal, especially compared to the promotions they used to run.
Assuming somebody has access to 4 (and a half) Chase Freedoms, 6500$ can be put through PPK with 5% cashback. So he/she will get 325$ in cash back. That is about 183$ of free money after spending 6500$, i.e. 2.8% cashback for paying mortgage. Is that good or bad? Who knows!
This would be one of the worst uses of the 5x category unless PPK worked on the lower 1% fee structure.
What if you pay that $5k using a debit card or the pseudo-debit Paypal Key?
If it works, less than 1% fee overall.
so PayPal key is coded as debit for Plastiq?
Yes. For me at least. 4% (5% PPK – 1% Plastiq) for car/mortgage loans is pretty sweet, albeit only 60$ worth of savings for one Chase Freedom.
That’s great they’re charging the lower fee. But there’s a million ways to use the 5x with PayPal as the category, I did mine in the first week or two without having to pay a 1% fee. Just my $0.02.
Would you mind sharing? For the benefit of rest of us newbies?
You’re welcome. 🤫
https://www.doctorofcredit.com/ymmv-paypal-10-cashback-when-you-pay-touch-free/#comment-1074968
With PPK every purchase can be PayPal 5x eligible. Literally anywhere on the Internet. Personally, I paid my car insurance via PayPal for 1/2 of it and the remaining with some big purchases I was making anyways. No magic.
Insurance = yes, loan not necessarily. All insurance companies accept credit cards, so by default they will accept PPK, but not all loan processors. E.g. my car loan processor only accepts debits, but rejected PPK (w/ Disc). When asked Disc, they said payment went through from their end, but PP reversed it. Home mortgage processor also accepts debit, but same thing with PPK debit (pseudo?). Same for property tax processor. This is of course YMMV, because some people said their car loan processors accepted PPK. But of course, I am sure there are people who are in the same boat as mine. This is why 4% on “loan” items are lucrative.