How To Use Plastiq To Pay Mortgage

Its Possible To Make Mortgage Payments With A Credit Card But Is It A Good Idea

Although itâs possible to make mortgage payments with a credit card, youâll add significant costs to your payments and risk damaging your credit score.

Technically, itâs possible to make mortgage payments with a credit card, but one question still stands: is it a good idea?

Most mortgage holders will face obstacles. Mortgage lenders typically wonât allow you to use a credit card for payments, in part because they donât want to pay transaction fees. But there are workarounds, where you can use the credit available on your card to make home loan payments.

But Wait You Said Free

Yeah, its definitely a free with quotation marks. You CAN use ThankYou points worth 1 cpp to pay your statement. So in the example I posted above, you could use 1400 of your ThankYou points to pay off the $14 fee, leaving you with 742 ThankYou points for no additional cost.

Its up to you which you value more personally I have NOT done this. But you could if the money is worth more to you thank the ThankYou points.

Anyone else using Plastiq to pay bills? Leave your experiences in the comments

NOTE: All links to Plastiq in this post are referral links. If you sign up for Plastiq through my link, you will get 500 fee-free dollars to pay and I will get 1000. If you do sign up through my link, I of course appreciate it. Youre also welcome to sign up through any other users link, or just go to Plastiq.com and sign up yourself with no bonus.

What If Youre Trying To Avoid Foreclosure

If youâre likely to miss an upcoming mortgage payment, you could use your credit card in one of the ways explained above. But itâs hard to imagine an instance where this is a good idea. Youâll be adding on top of your mortgage debt and under a much higher interest rate.

Spare your credit cards and look for other ways to avoid foreclosure. Minimizing your card debt and keeping your credit score as healthy as possible may help with potential foreclosure remedies.

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Use Plastiq To Earn A Sign

Sometimes trying to earn a sign-up bonus for a credit card can be challenging. You never want to spend money you don’t need to just for the sake of hitting a minimum-spend requirement. That type of spending defeats the purpose of credit card rewards, as the cost of interest will heavily outweigh the rewards you earn.

But depending on the bonus you stand to earn, it may be worth your while to pay the 2.5% fee and use Plastiq to hit your spending requirement. For example, I was recently trying to complete a welcome offer on the Delta SkyMiles® Reserve American Express Card.

Read our full Amex Delta SkyMiles Reserve review.

At the time I got the card, it had a welcome bonus of 80,000 Delta SkyMiles after spending $6,000 in the first three months. I estimated the 80,000 Delta SkyMiles were worth $800 when valued at a conservative one cent per point but could potentially be redeemed for a much higher value.

I was nearing the end of the three months of holding the card and was around $1,800 short to complete the welcome offer. I began to stress about it, but then I decided to just pay my rent using my Delta Reserve Card via Plastiq. The fee I incurred was $45, but that was outweighed by me earning 80,000 Delta SkyMiles. Plus, the Plastiq charge posted on my credit card statement as $1,845, so I earned an extra 1,845 Delta SkyMiles from this transaction. The 1,845 Delta SkyMiles I earned are worth roughly $18. So in all, I spent $45 extra dollars but gained $818 in value.

There Are Only A Few Situations Where It Makes Sense

InvestopediaForbes AdvisorThe Motley Fool, CredibleInsider

Do you want to pay your mortgage with a credit card? It might be possible, but it will probably cost you. How do you do it? Whats the cost? And when is it worthwhile? This article will answer all of your questions about charging your monthly mortgage payment.

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Review Of Plastiq Fees Are They Worth It

We will consider the 2.85% fee on credit cards as the standard for our comparison. Here, we will look at fees, rewards that could be earned, and then analyze the net value.

Recent Plastiq payment for mortgage using Citi Premier® Card

Additionally, most Plastiq payments tend to categorize as business services or miscellaneous on your credit card statement. Thus, they typically won’t trigger any bonus category spending. Therefore, we won’t factor category bonuses into this equation.

Since most cards earn just 1 point or mile per dollar spent, even in the best situations you are probably paying more to get the points than what the points are worth. So when would using Plastiq make sense?

How To Get Started With Plastiq

To begin, simply visit Plastiq.com to sign up for your account. Once you register for the service, you can get started by sharing your referral code with others. The more people you refer to the service, the more FFDs you can earn.

When youre ready to pay your first bill through Plastiq, be sure to have a recent billing statement or contact information for the recipient. Depending on how your recipient wants to receive their payment, you may also need bank account information or wire routing instructions.

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What Does Plastiq Cost

Plastiq fees depend largely on how you use the platform to pay bills. If you use a credit card on the platform, youll pay a Plastiq fee of 2.85% for each purchase you make. That means youll fork over $28.50 for every $1,000 in bills you pay.

If you use a debit card, on the other hand, your Plastiq fee will only be 1% of each bill you pay. However, its unlikely you would want to use a debit card to pay bills through this platform since most of the benefits of Plastiq are derived from using a credit card.

Watch Out For Fees Using Plastiq To Pay Rent / Mortgage

by Dan Miller | Nov 24, 2016 | all, dontrepost, plastiq |

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I have written several times before about using Plastiq to pay your rent / mortgage. This is something that I use to pay the mortgages on some of my rental properties. There is a 2% fee for using Mastercards, though Plastiq does offer periodic rate deals.

Personally, I use the Citi AT& T Access More card, which gives 3x ThankYou points on online purchases. The ATTAM card is currently not open for new signups, but there are still ways to get the card.

Through the end of the year, you can get double points on Plastiq purchases on most American Express cards, because Plastiq is coding as a small business and therefore is eligible for double points through the Amex Shop Small promotion. It will depend on your own personal valuation whether you value 2x Membership Rewards or 2x Starpoints over 3x ThankYou points

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Can You Pay A Mortgage With A Credit Card

Mortgage payments are one of the biggest bills that most households pay each month. Some credit cards offer tremendous rewards and perks based on how much you spend on them. Because of that, it makes sense to wonder if you can pay a mortgage with a credit card to earn valuable miles, points, and cash back. In this article, youll learn about mortgage payment options, if you can pay with a credit card, and alternative options to consider.

A financial advisor could help you create a financial plan for your home buying needs and goals.

Don’t miss out on news that could impact your finances. Get news and tips to make smarter financial decisions with SmartAsset’s semi-weekly email. It’s 100% free and you can unsubscribe at any time. .

Standard Mortgage Payment Options

Traditionally, borrowers paid their mortgages every month with cash or a check. As technology advanced, additional payment options became available. Here are seven standard mortgage payment options available from most lenders:

Can You Pay a Mortgage With a Credit Card?

Most banks do not allow borrowers to pay their mortgage with a . The primary reason is that credit card processing fees are up to 3% or more for each transaction. After deducting the fee, the lender could be losing money on every mortgage payment made with a credit card.

Mortgage rates are more volatile than they have been in a long time. Check out SmartAssets mortgage rates table to get a better idea of what the market looks like right now.

Who Is The Best Bank To Refinance A Mortgage With

Many people who are looking to refinance a mortgage are after a lower interest rate. However, the interest rate you can receive will depend on several factors, including your credit score, debt-to-income ratio, loan amount, type, and discount points or credits. It is a good idea to review your credit report before you apply for refinancing so you can improve your score and get the best rate possible.

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Special Incentives And Fee

While incurring the 2.5% fee on all your purchases sounds like a drag, there are times when Plastiq will run incentives offering lower fee rates. For example, in August 2019, Plastiq sent out targeted emails offering up to three individual payments at a lower 1.5% processing fee instead of the 2.5%. In a case like this, it actually becomes profitable to pay for any of your purchases with Plastiq if youre using a card like the Citi Double Cash Card, as it earns up to 2% cash back on all purchases. If youre paying a $100 bill, the 1.5% fee brings your total cost to $101.50. But after you earn the 2% cash back, your cost for that payment will be reduced to $99.47, which is less than the bill was originally.

Plastiq also offers its own reward program where you can earn fee-free dollars, sometimes abbreviated as FFDs. These dollars represent the amount of money you can send without being charged the processing fee. As an example, a friend of mine sent me his referral code to use for my very first Plastiq payment. Once I completed this initial payment, I was awarded $500 FFDs. That meant for the next payment I completed through Plastiq, the first $500 didnt incur the 2.5% fee. In essence, I was able to save $12.50 on my second payment.

How To Pay Rent With A Credit Card On Plastiq

First, go to Plastiq’s website to sign up. Once you’ve verified your email, it’s time to schedule your first payment. Next, add the card you’d like to make a payment with. Then, click Start a Payment to make your first payment on Plastiq.

You’ll first need to enter the information of the payment recipient: your landlord, or any other service you are paying for. Enter his or her full name and address to mail the paper check.

Next, you’ll enter the amount to pay the recipient, and then the payment needs to arrive. You can also select whether you’d like to use Plastiq to repeat the payment or just use it as a one-time payment.

Note that you need to schedule your Plastiq payment at least eight days prior to the date you want the check delivered. This means you can’t wait for the last minute and schedule the check to get there tomorrow unless you want to pay their expedited delivery fee.

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Convert Gift Cards Into Money Orders

Another option is buying pin-enabled Visa gift cards with your rewards credit card, then using those gift cards to pay for money orders. Most people can buy pin-enabled gift cards at a grocery store, which can make sense if you have a grocery store credit card offering bonus points in this category. . From there, you can set up your PIN and use your gift card to purchase money orders from banks, a grocery store, Walmart or anywhere else money orders are sold.

Your ability to pull this strategy off may be somewhat location-specific. For example, your local grocery store may have a strict policy when it comes to the types of cards you can use to buy money orders. You may also find your average grocery store customer service person couldnt care less how you pay, so it might be hit or miss.

Also keep in mind that some banks specifically say that gift cards are considered a cash equivalent and do not earn rewards. While this may not prove to be true if you buy the occasional gift card, as soon as you start buying thousands of dollars of gift cards each and every month things could change.

Youll also want to think about how youre going to use the money orders to pay your mortgage. This is important: If you live near a brick and mortar branch of the bank that holds your mortgage , you can visit your bank in person and pay your mortgage payment with money orders directly. But if you have to mail your money orders to your mortgage lender, you may want to think again.

Plastiq For Mortgage Payments Is Dead Mostly

March 13, 2018by Harlan

Out and Out has partnered with CardRatings for our coverage of credit card products. Out and Out and CardRatings may receive a commission from card issuers.Editorial Disclosure: Opinions, reviews, analyses & recommendations are the authors alone, and have not been reviewed, endorsed or approved by any of these entities.

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• It Lives! 3X ThankYou Points on Plastiq Payments With Citi AT& T Access More Card

Thanks to readers Frank, Amar, and Kenfor sharing experiences with their Citi AT& T Access More cards only earning 1X points for mortgage payments via Plastiq this month.

My statement just closed, too. And I can confirm: I only got 1X for last months mortgage payment.

Boo hiss! Whatll we do about you, Citi?

As of now, you can only use MasterCard cards to make mortgage payments through Plastiq. But you can still use any credit card to make rent or HOA payments.

So are there any good options left for paying mortgages through Plastiq? Or is it just dead?

In This Post

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What Could Be Worth It For Plastiq Mortgage Payments

Losing this one stings. This was basically the last way to earn rewards for paying your mortgage with a credit card. The 3X was sweet because Plastiqs fee is 2.5%. So getting 3X back meant you still came out ever-so-slightly ahead.

At 1X, its not a wash any more, but a losing proposition. Unless you have big award plans for the points you earn. Or youre close to having enough points and decide to make the payment to secure the award. In either case, it could still be worth it.

I took a look and which MasterCard cards might be worthwhile. Heres what I came up with.

What Are The Most Common Things People Pay With Plastiq

Plastiq is an incredible service, as it gives people the ability to pay with a credit card when they arent able to do so directly with the vendor. For example, not being able to pay your utility bills with a credit card can be quite frustrating. When situations like this occur, Plastiq can come in handy to pay rent, tuition, taxes, car payments, and more. For example, Ive been able to pay my student loans with a Visa using Plastiq. However, Ive only done this when I need to complete a minimum-spend requirement for a sign-up bonus .

While theres a charge for Plastiqs services, it may still be advantageous for you to pay certain bills through Plastiq rather than paying directly. In some cases, even if a vendor accepts credit cards, Plastiq may still pencil out as a better option after you compare the associated transaction fees.

For example, I was able to pay my rent with a credit cardat the apartment complex I was living in most recently. However, there was a 3% upcharge to pay the apartment ownership company with a credit card. But I knew if I used Plastiq, Id only be charged 2.5%. In this situation, my rent was $1,200 per month. At 3%, the fee to directly pay my apartment manager would be $36. With Plastiq, the 2.5% fee added up to only $30. In this instance, Plastiq saved me $6. Over the course of a years lease, using Plastiq would save me $72 while also allowing me to keep earning credit card rewards.

Here are some of the things commonly paid for through Plastiq:

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Create A Plastiq Account

Visit Plastiq.com and click the sign up button. Youll need to provide your email address, enter your name and set up a password. Then, decide how youll use Plastiq: for paying bills or for accepting payments.

Next, confirm how youll make payments: for your business, yourself or a combination of both. While were focused on explaining how to use Plastiq to pay personal bills, you can select the option that best suits your needs. Plastiq will send you verification codes to confirm your phone number and email address.

Youll need to add a payment method by providing your credit card details or linking your bank account. Once your account is active, you can make a payment.