What Is Plastiq and How Does It Work? Advertiser disclosure You’re our first priority. Every time. We believe that everyone should be able to make sound financial decisions with confidence. Although our website does not include every financial or company product on the market, we’re proud of the advice we provide as well as the advice we offer and the tools we create are objective, independent simple, and cost-free. How do we earn money? Our partners compensate us. This can influence the products we review and write about (and the way they appear on our website) however it does not affect our recommendations or advice, which are grounded in hundreds of hours of study. Our partners cannot pay us to guarantee favorable ratings of their goods or services. . What Is Plastiq and How Does It work? For a fee, Plastiq lets you use debit or credit cards to pay bills which don’t normally accept credit cards as payment. By Melissa Lambarena Lead Writer | Credit cards and credit cards, Melissa Lambarena is a lead writer for the credit card team of NerdWallet. She has enthusiastically covered credit card-related topics for over six years. Her previous experience includes nine years as an author for various websites and magazines. In her writing, she aims to assist readers in extracting benefits from credit cards in order to meet financial goals like stretching their budget, building credit, traveling to dream destinations and repaying debt. She has a look at these issues and others in and The Millennial Money column featured in The Associated Press. Her writing has also been featured in The New York Times, Chicago Tribune, The Washington Post, USA Today and Yahoo Finance, among others. Melissa has a bachelor’s degree in sociology at the University of California, Los Angeles. December 1 2022 Edited by Kenley Young Credit score, credit cards Kenley Young directs daily credit cards coverage for NerdWallet. Prior to that, he worked as a homepage editor and digital content producer at Fox Sports, and before being a front-page editor for Yahoo. He has years of experience in both digital and print media. This includes stints as the chief of the copy desk, a wire editor and metro editor of The McClatchy Newspaper chain. Email:

. A majority or all of the items featured here come from our partners, who pay us. This impacts the types of products we write about as well as the place and way the product is featured on a page. But this doesn’t affect our assessments. Our views are our own. Here’s a list of and . is a service that lets individuals and companies use debit and credit cards to make payments to vendors that do not normally accept payment methods. As a way to make this easier, Plastiq charges you a processing fee that can be expensive — as of December 2022 . Also when you’re using a credit or debit card and can’t pay those bills off each month then you’ll be charged interest at whatever rate your card charges. If you’re in need of relaxation while you wait for a pay check or windfall to arrive, Plastiq could be cheaper than a more expensive option with a high interest rate, such as or — as long as you are able to pay the bill off quickly, and especially if you use an rewards credit card that can defray the processing fee. >> MORE: Plastiq: The basics Plastiq facilitates one-time or recurring payment of bills like mortgage, utilities, day care homeowners association fees, day care, and other charges. It is possible to add a debit card or credit/debit card in your Plastiq account and debit to the value of your bill and then Plastiq will pay the business on your behalf via an option that the vendor can accept: or an old-fashioned check written in paper. (Checks can, for instance, be appear to the vendor as being from you, not coming from Plastiq.) The customer does not need to have a Plastiq account to be able to accept payments. ” Plastiq is a service that lets businesses and individuals use debit or credit cards to pay for vendors who do not normally accept these payment methods. ” Plastiq generally charges a 2.9 percent fee for credit and debit cards. Terms apply. The service works with: Visa. Mastercard. American Express. Discover. . But, certain credit cards are restricted in the kinds of bills you can pay through Plastiq. For example, Visa and American Express cannot be used to make mortgage payments via Plastiq’s bill-pay service. . Additionally, Chase recently unveiled a and it’s not known what implications that may have for transactions made with the Chase card through Plastiq. How it works Start by making a free account through Plastiq and then adding your debit or credit card details. You can also add multiple cards and select one as your default. It is also necessary to add recipients, which includes the name of the vendor as well as the country. The information you provide will be stored within your accounts for later use. ” Checks typically take eight days to be delivered according to the website of Plastiq, so build in some padding on the calendar to avoid paying on time. ” To send a payment, select your recipient’s name, amount due, the recipient’s preferred payment method (ACH wire transfer, wire transfer, or check) and a time for the funds to arrive. You may also need specific details regarding the amount you’re paying including, for example the loan number for the mortgage and a unit code for rent due for an apartment, or any other. It is possible to add additional details within”memo” section “memo” part. You can create a one-time payment, or set it up to repeat automatically. If you are a recipient who accepts checks sent by snail mail, you may need to make the payment earlier than the normal. Checks generally take 8 days to arrive according to the website of Plastiq Therefore, you should include extra time on your calendar to avoid making payments on time. Plastiq provides the breakdown of fees, in the form of dollars as well as the percentage rate in the screen for reviewing payments prior to completing the transaction. After you have instructed Plastiq to process the money, you’ll receive several email confirmations from the company throughout the way, including an acknowledgement of the initial transaction, a notice when a check is physically mailed to the vendor for the payment and a confirmation when the recipient has deposited it. (If there is a reason why your payment cannot be accepted, Plastiq will notify you.) A nerdy tip Some credit cards may not work with third-party bill payments. Before making a purchase, you should go over the terms and conditions or inquire with the issuer about how (or whether) the payment will be processed. It may be regarded as cash advances instead of the purchase. Plastiq claims that it informs customers and blocks payments before they are processed as cash advances. The cost for debit cards The utility of the debit card charge through Plastiq is restricted. You’ll get hit with the 2.9 processing fees of 3, which you’d otherwise save by sending your personal check to the merchant. (Plastiq used to charge just 1% on debit cards, however, it increased the cost to match that on credit card transactions in the month of March.) If you’re not a fan of having to purchase personal checks, purchase stamps, travel to the post office or the post office, etc., then Plastiq can cut these corners for you. However, be sure to use the service only if it will not risk exceeding your credit card balance. Credit cards are a much more intriguing option as, in effect, Plastiq lets you pay off bills prior to having cash in your account. Then, floating your money using a credit card in this way could be a cheaper alternative to other options like cash advances. ” Floating yourself the money with credit card in this manner is a potentially less expensive alternative to other alternatives like cash advances. But it’s certainly not without cost or risk. ” But it’s certainly not free of risk or cost. For starters the 2.9 per cent processing cost may not sound like much however, in the event that you use Plastiq to cut a $2,000 rent check and you add $58 to the total. Utilizing a rewards card that earns, for instance, a lower cost, but you’ll very difficult to get rid of it unless you are collecting a sign-up bonus via the purchase. In addition, if you cannot afford to pay off the $2,058 bill in the course of your credit card’s bill cycle, you’ll be hit with the card’s ongoing interest rate — and rewards cards generally have the most expensive annual percentage rates, many in excess of 20%. >> MORE Information: A Nerdy Tip The credit card you have can grant you time to avoid incurring interest charges. A grace period is the window of time between the conclusion of your billing cycle until the date your payment is due. Grace periods don’t apply to credit card cash advances, but they could apply to a payment service such as Plastiq. Remember that in the event that you are carrying an outstanding balance, your credit card issuer will cancel your grace period. The bottom line, Plastiq is a service which is best utilized strategically. It’s a great way to hold on to your cash reserves in case you require these in the near term, and it’s fairly inexpensive relative to some alternatives for fast cash. However, making use of it to pay for bills you can’t afford in the first place is expensive and insufferable when the revolving interest on credit cards starts to take effect. About the author: Melissa Lambarena is a credit card journalist at NerdWallet. Her work has been covered on The Associated Press, New York Times, Washington Post and USA Today. On a similar note… Discover the perfect credit card that is right for you. Whether you want to pay less interest or earn rewards, the right card’s available. Answer a few simple inquiries and we’ll be able to narrow down the results for you. Explore even more in Credit Cards Get more smart money moves right to your inbox. Subscribe and we’ll email you Nerdy articles about the money topics which matter to you the most along with other ways to get the most from your money. Take all the appropriate financial decisions

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