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What is Plastiq and how Does It Do It Work? Advertiser disclosure You’re our first priority. Everytime. We believe that every person should be able to make sound financial decisions without hesitation. And while our site doesn’t feature every company or financial product on the market, we’re proud that the guidance we offer as well as the advice we offer as well as the tools we design are independent, objective, straightforward — and completely free. So how do we make money? Our partners compensate us. This can influence the products we review and write about (and the way they appear on the site) However, it doesn’t affect our suggestions or recommendations that are based on thousands of hours of research. Our partners are not able to be paid to ensure positive ratings of their goods or services. . What Is Plastiq and how Does It Function? For a fee, Plastiq lets you use debit or credit cards to pay for bills that typically don’t accept cards as payment. By Melissa Lambarena Lead Writer | Credit cards, loans Melissa Lambarena is a lead writer for the credit card team at NerdWallet. She has been enthusiastically covering credit card related topics for more than six years. Her prior experience includes nine years of experience as an author for various publications and websites. With her efforts, she strives to assist readers in extracting the value of credit cards to meet financial goals like increasing their budget, establishing credit, visiting dream destinations, and paying off debt. She explores these topics and others in and The Millennial Money column featured in The Associated Press. Her work has also appeared in The New York Times, Chicago Tribune, The Washington Post, USA Today and Yahoo Finance, among others. Melissa has a bachelor’s degree of sociology, from University of California, Los Angeles. University of California, Los Angeles. Dec 1st 2022 Edited by Kenley Young Assigning Editor Credit score, credit cards Kenley Young oversees the daily coverage of credit cards for NerdWallet. Prior to that, he worked as an editor of the homepage and digital content producer for Fox Sports, and before that a front page editor at Yahoo. He has decades of experience in digital and print media, with periods as a copy desk chief, a wire editor and an editor of the metro for McClatchy. McClatchy newspaper chain. Email:
. A majority or all of the products we feature are made by our partners who pay us. This influences which products we review and where and how the product is featured on the page. But this doesn’t affect our opinions. Our opinions are our own. Here is a list of and . is an online service that lets people and businesses use debit or credit cards to pay 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 at the time of writing, December 2022 . Of course that if you’re using a credit card and aren’t able to pay your bills off each month, you’ll incur interest at whatever rate your card charges. However, if you’re looking for relaxation while you wait for a paycheck or windfall to come in, Plastiq could be cheaper than a more expensive option with a high interest rate, such as or, assuming you are able to pay the bill promptly, especially in the case of the rewards credit card which can defray the processing fee. More: Plastiq: The basics Plastiq allows one-time or recurring payments for bills such as mortgage or other loans, utility bills, day care homeowner association fees, and other charges. You add a debit or credit/debit card in your Plastiq account and debit it with amounts equal to your charge, and then Plastiq will pay the business on your behalf using an option that the vendor accepts: , or a check written in paper. (Checks, for instance, are read to the seller as coming from you, and not coming from Plastiq.) The recipient does not need an account with Plastiq account to make payments. ” Plastiq is a service that lets businesses and individuals make use of credit and debit cards to pay for vendors who don’t otherwise accept those payment methods. ” Plastiq generally charges a 2.9 percent cost for debit and credit cards. Conditions apply. The service is compatible with Visa. Mastercard. American Express. Discover. . However, certain credit cards come with restrictions on the kind of bills that you can pay through Plastiq. For instance, Visa and American Express cannot be used to pay mortgage payments via Bill Pay. . Plus, Chase recently unveiled a and it’s not known what implications could have on transactions made with a Chase card using Plastiq. The process begins by creating a free account with Plastiq and adding your debit or credit card information. You can add more cards, and then choose one as your default. Also, you’ll need to add recipients, including the name of the vendor as well as the country. This information will be saved in your account for future use. ” Checks generally take around eight days to arrive according to Plastiq’s website and you should include some padding on the calendar to avoid having to pay late. ” When you want to make an installment, choose your recipient’s name, amount due, the recipient’s preferred payment method (ACH wire transfer, wire transfer or check) and the date you want the money to be received. It is also possible that you need specific information about the bill you’re paying, such as, for instance the loan reference number to pay for your mortgage or a unit number to pay rent due on an apartment, etc. You can add more details within”memo” section “memo” section. You can make a one-time payment or set them up to repeat automatically. For recipients that accept only checks sent by snail mail, you may need to make the payment earlier than the normal. Checks typically take eight days to arrive according to the website of Plastiq, so build in some space on your calendar to avoid paying on time. Plastiq gives the breakdown of charges, in the form of dollars as well as a percentage rate, on the screen for reviewing payments before you complete the transaction. When you instruct Plastiq to send the payment, you’ll get several email confirmations from the company throughout the way, including an acknowledgement of the initial transaction, a notice that a check has been physically sent to the seller for the payment and a message once the beneficiary cashes the check. (If you have a reason to believe that your payment cannot be completed, Plastiq will notify you.) Nerdy Tip Some credit cards may not be compatible with third-party bill payment services. Before you use one, make sure to read your card’s conditions and terms, or ask the issuer how (or what) the transaction will be processed. It might be treated as an advance in cash instead of an actual purchase. Plastiq claims that it informs customers and blocks payments before they are processed as cash advances. The costs For debit cards The helpfulness of charging a debit card via Plastiq is only limited. There’s a 2.9% processing fee that you’d be able to avoid by simply writing your own personal check payable to the merchant. (Plastiq was previously charging just 1% on debit cards, however, it raised the price to match that on credit cards on March 20, 2022.) But if you don’t care to order personal checks, buy stamps, go to the post office and so on., then Plastiq can cut these costs for you. Still, take care to use the service only if it doesn’t put you in danger of the account being overdrawn. Credit cards are a much more appealing option because they actually Plastiq allows you to pay for bills prior to having cash in your account. In addition, floating the cash with a credit card this way could be a less expensive alternative than other options like cash advances. ” Floating the money using credit card in this manner can be a cheaper alternative than other options like cash advances. But it’s certainly not without risk or cost. ” But it’s certainly not without cost or risk. To begin the 2.9 per cent processing cost may seem like a lot however, when you’re using Plastiq to cut a $2,000 rent check and you add $58 to the amount. Using a rewards card that earns, for instance, a lower cost, but you’ll be difficult to avoid it completely except if you’re receiving some kind of sign-up bonus through the purchase. In addition, if you cannot afford to pay off that $2,058 charge within your credit card’s billing cycle, you’ll get penalized by the card’s continuous interest rate. In addition, rewards cards tend to have the most high annual percentage rates and many of them exceed 20 percent. More Tips for Nerdy Credit Your credit card can give you some time to keep from paying interest. The grace period is the period of time that runs between the end the billing period until the time your due date for payment arrives. Grace periods do not apply to cash advances made by credit cards however, they may be applicable to a payment service such as Plastiq. Remember that, when you have an outstanding balance, your credit card issuer will cancel your grace period. The bottom line In short, Plastiq is a service best used strategically. It will help you hold in cash reserves when you need these in the near term and is relatively inexpensive relative to some alternatives for fast cash. However, making use of it to pay for expenses you’re not able to pay for in the first place is costly and not sustainable once revolving credit card interest starts to take effect. Author bio Melissa Lambarena is a credit card author at NerdWallet. She has had her work featured on The Associated Press, New York Times, Washington Post and USA Today. Similar to… Find the perfect credit card for you. If you’re looking to pay less interest or earn more reward points, the right card is available. Answer a few simple questions and we’ll narrow your selection for the right card for. Explore even more in Credit Cards Find out more money-savvy moves direct to your inbox. Join us and we’ll send you Nerdy articles about the financial topics that matter most to you as well as other methods to get the most from your money. Take the proper money-making decisions
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