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Move over Venmo and Apple Pay — there’s a new acquittal app in boondocks and it’s alleged Plastiq.
“Plastiq is bill pay with benefits,” cofounder Eliot Buchanan told Business Insider. “Our account makes it accessible for business owners and adeptness consumers to use a acclaim agenda for around any bulk that commonly requires a check.”
That’s right, Plastiq allows you to pay for annihilation with a acclaim card, including mortgages, rent, tuition, auto loans, utilities, and alike taxes. Buchanan and Dan Choi, both Harvard grads, founded Plastiq in 2012. In May 2018 the aggregation aloft $27 actor in its better allotment annular to date.
Plastiq has an A appraisement from the Better Business Bureau and the app is simple to use. Aloof add your acclaim agenda information, again access capacity about the almsman (an alone or company) and the bulk you’re paying. Plastiq accuse the acclaim agenda on book and delivers the money to the merchant by your best of check, wire transfer, or automated-clearinghouse transfer.
If it sounds too acceptable to be true, it ability be if you accede the 2.5% fee Plastiq accuse for anniversary credit-card transaction. However, the app occasionally runs promotions for lower ante (like a contempo 1.5% advance for Mastercard payments of at atomic $500), and there are added allowances that may accomplish the fee account it.
If you’re a adeptness acclaim agenda user who loves to comedy the rewards game, Plastiq can be a abundant apparatus aback it comes to cutting up points.
Travel hacker Keith Rosso purchased a Tesla Model 3 for $58,857 application his Chase Ink Business Preferred agenda through Plastiq. This move becoming him 180,000 Chase rewards points, according to $1,800 in banknote aback or at atomic $5,000 in airfare, hotels, or car rentals.
If he chose banknote back, he’d alone get $330 in accumulation afterwards accounting for the Plastiq fee, but he can get added amount through Chase’s biking partners, application the credibility for seven nights at the Park Hyatt Maldives or a round-trip business-class accolade flight on United.
“We accept a dentist who uses Plastiq to pay for aggregate from accessories to services,” said Buchanan. “By putting these costs on his acclaim card, he was able to use the agenda rewards becoming to booty his ancestors on vacation to Petra, Jordan.”
Credit agenda experts accede that Plastiq ability be advantageous for addition aggravating to accommodated a minimum absorb on a new acclaim agenda to acquire a sign-on bonus. Holly Johnson of The Simple Dollar wrote that it alone makes faculty to pay bills with Plastiq aback you charge to hit a minimum spending requirement, aback you’re aggravating ability a spending absolute to acquire status, and aback the rewards you acquire are added admired than the fee.
But you should still booty abeyance aback because Plastiq aloof to bound arbor up points. Dan Miller of the blog Credibility with a Crew told CreditCards.com that credibility are about account $0.01 to $0.02 cents each, depending on the deal. So if you’re advantageous $.025 per point, you may accept a adamantine time accepting abundant amount alike for an advancing basis.
If you’re not careful, your fees could end up above the rewards you earn. Blogger Miguel Quinones at The Frugal Biking Guy can’t absolve application Plastiq if fees are aloft 2%, although he makes an barring aback he’s aggravating to accommodated a minimum absorb claim for a sign-on bonus.
But credibility aren’t the alone account of Plastiq.
Allan Backman, apprenticeship administrator for the Association of Certified Fraud Examiners in Austin, Texas, told CreditCards.com that Plastiq could additionally be accessible aback a bill is due afore you accept the money to pay it. Because Plastiq accuse your acclaim card, it’s a way of blockage the ultimate acquittal and affairs yourself some time, he said. Still, you should alone do that if you’re abiding you will accept the banknote by the time your acclaim agenda bill is due.
There are additionally accurate advantages for baby business owners, who broadly use Plastiq, according to Buchanan. “Most baby and midsize businesses like to pay vendors, suppliers, and contractors, all of which can be paid on a card, again adjourned electronically application Plastiq’s new ACH and wire features. Since they accept the advantage to write-off the Plastiq fee as a business expense, our account makes alike added faculty for them to use.”
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