Plastiq New Delivery Fees Updates and More

If you’re an experienced points player who is always looking for ways to get the most out of your rewards on big purchases, you probably know Plastiq Pay by now. It’s a payment system that has revolutionized the way people spend their money and helps maximize rewards. It lets you get rewards for everyday expenses that you wouldn’t usually be able to charge to your credit card. You can use it to pay for rent, mortgage payments, taxes, school tuition, and more. But before you jump in, there are a few things you should know.

New Delivery Fees

Plastiq’s billing structure has seen some recent adjustments. While Plastiq has been known for its standard credit card fee of 2.9% and standard debit card fee of 2.9%, they have now introduced additional “delivery fees” for certain payment methods:

• Delivery fee per ACH/EFT/electronic payment: $.99
• Delivery fee per check payment: $1.49

These delivery fees are essential to consider when evaluating the cost-effectiveness of using Plastiq for your payments. If you’re using a credit card for payments, it’s important to factor in these fees, especially if you’re looking to maximize your rewards. You can refer to this resource from a reader on the Doctor of Credit website.

Change in Ownership

Plastiq faced financial difficulties and filed for bankruptcy protection on May 24, 2023, as confirmed by court documents. The bankruptcy filing came less than one year after a failed SPAC merger intended to take Plastiq to the public. For more information on the bankruptcy and the SPAC merger, please visit the WSJ website. On August 1, 2023, Plastiq Inc. was acquired by Priority Technology Holdings Inc. for an undisclosed sum. Further information on this acquisition is available on the Business Wire website.

Credit Card Acceptance and Limitations

Before you start using Plastiq, it’s essential to understand which credit cards are accepted for different types of payments and which are not. Here’s a quick overview:

• Most card issuers: Plastiq accepts payments for rent, utilities, tuition (including daycares & camps), taxes, and government fees. However, Plastiq payments of any kind are not allowed with Amex consumer cards, Amex business cards, or Capital One consumer cards.
• Mastercard, Discover, Business Visa, Capital One Business, US Bank, Wells Fargo: These card issuers allow payments for membership clubs, condo fees, inventory purchasing, rental & leasing, select professional and business services, among others. Consumer Visa Cards are restricted.
• Mastercard, Discover, Business Visa, Capital One Business, US Bank, Wells Fargo: Plastiq permits payments for business services not included above, insurance, donations, escrow, timeshare, storage, telecom, and internet. Consumer Visa Cards are restricted.
• Mastercard, Discover: Payments for mortgage, HELOC, auto loans, and student loans are accepted. However, Visa, Capital One, and US Bank do not allow such payments.

These limitations can affect the type of expenses you can put on your credit card using Plastiq. For more detailed information about which credit cards are accepted and what types of payments are allowed, you can visit the Frequent Miler Plastiq Bill Payments Guide. This resource offers valuable insights into maximizing your credit card benefits when using Plastiq for bill payments.

American Express Is Making a Return

Plastiq stopped accepting American Express credit cards for payments as of February 10, 2023. One piece of good news for Plastiq users is that American Express, will soon be coming back to the platform. This means that Amex cardholders will have the opportunity to leverage Plastiq’s services for their payments, expanding the options for earning rewards on various expenses.

How It Works (Step-by-Step):

Plastiq is a convenient platform that allows you to make various payments, whether it’s rent, utility bills, tuition, or taxes, using your credit card or bank account. Here’s a step-by-step guide on how to use Plastiq Pay:

For New Plastiq Users:

Step 1: To get started, click “link account” on the right side of the screen.

Step 2: Select the ‘cards & cash’ tab.

Step 3: Click the blue button at the top of the page to initiate the payment process.

Step 4: If you’re a first-time Plastiq user, click “pay a bill” on the right side of the screen.

How to Initiate a Payment:

Step 1: Draft a new payment.

Step 2: Select “manually enter a new bill” from the drop-down menu. If you’ve connected your accounting software, you’ll see the option to import bills automatically.

Step 3: Add a recipient. Enter the name of the person or business you’d like to pay. You can choose to pay one of your existing recipients or add a new one.

Step 4: Add your payment details, including the principal amount, payment method (credit, debit, or bank transfer), beneficiary (who the payment is for), and any relevant crediting details like the account or invoice number.

Step 5: Schedule your payment. You can choose between standard and expedited delivery, specifying when you want your payment to arrive. You can even set up recurring payments for bills that need to be paid regularly.

Step 6: Review your payment details and select your preferred payment method. Plastiq provides a breakdown of fees, both in dollars and as a percentage rate, before you complete the transaction.

After confirming the payment, you’ll receive several email notifications from Plastiq, including a confirmation of the initial transaction, updates when a check is mailed to the vendor, and a notification when the recipient cashes the check. If, for any reason, your payment cannot be processed, Plastiq will notify you.

For more information about Plastiq and its payment process, you can contact them directly at [email protected].

Please refer to Plastiq Quick start guide Section for detailed steps.

In a Nutshell:

If you’re still interested in earning points and miles, Plastiq is still an option for you. A lot of people use bill pay as their primary way to earn credit card bonuses. Plastiq is also one of the easiest payment platforms to meet your minimum credit card bonus requirement. Plastiq’s versatility allows you to maximize earn a wide variety of rewards; however, you’ll need to be aware of its fees and card restrictions to get the most out of this payment platform. It’s important to stay on top of the latest updates and make smart decisions to get the most rewards from Plastiq.

New to earning miles and points? Read my tips on how to collect them effortlessly [link]. I’ve got a beginner’s guide to credit card points and miles to help you start. If your credit card is declined or pending, don’t stress—it’s not over. Check this [link] for basics on the credit card application process and what to do with a reconsideration line. Explore my list of sweet spots to make the most of your miles and points. Enjoy your points and miles journey!

Updated Information: American Express Returns

Updated on [10/31/2023] at [10AM] Great news! Plastiq is now accepting American Express cards as a payment method again. After briefly stopping Amex payments in February 2023, they’ve brought it back starting on October 30, 2023. This is a fantastic development for Amex cardholders, as it opens up new avenues for earning rewards through Plastiq on various expenses.

Disclaimer: This article is neither sponsored nor paid, and I am not affiliated with any of the mentioned programs at the time of writing.