Plastiq is an online service that lets people and businesses use credit or debit cards to pay vendors who do not usually accept these payment methods. As of December 2022, Plastiq charges 2.85% for credit cards or 1% for debit cards, allowing the person or business to get paid while the user can earn rewards.
Usage and Benefits
People often use Plastiq to meet minimum spending requirements to earn rewards on travel cards. However, some card networks have restrictions—you can’t use Plastiq to pay your credit card bill with another credit card, send money to individuals, or pay a mortgage with Visa or American Express.
Plastiq can be a valuable tool for business owners, enabling free credit card payment processing for company products and services. It makes it possible to consolidate finances and can be used to get short-term financing or pay bills that don’t usually take credit cards. The potential rewards are often greater than the fees, making it a potentially cost-effective option for certain transactions.
Making Payments with Plastiq
To pay bills online with Plastiq, you simply sign up and include your card details. Plastiq will send checks or wire transfers to merchants on your behalf. Users have the option to set up automatic payments for recurring bills.
Considering the fee structure and the possible promotions and rewards, using Plastiq might be advantageous. For instance, if you need to meet a $2,000 minimum spend to earn 50,000 bonus miles, and the fee for using Plastiq is $50, it could be worth it.
Transaction Timeframe
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