topic Re: Plastiq and Ritz-Carlton experiment in Credit Cards

Plastiq and Ritz-Carlton experiment

Appleman — Sun, 04 Sep 2016 14:07:14 GMT

Hello all,

I recently aquired my Ritz-Carlton card and decided to get the $10K of spend to maintain Gold Elite Status next year as well.

I hit the $5,000 spend already and calculated that I could pay my mortgage with Platiq to get the next $5,000 in spend to keep Gold Elite status. It will cost me $125 in fees from Plastiq.

I paid October's mortgage payment today to ensure delivery prior to the due date.

I will keep the board posted on how this works out and if I received value from the Gold Elite to offset my fees.

Anyone else have experience with Plastiq? Plastiq and Chase?

Re: Plastiq and Ritz-Carlton experiment

Anonymous — Sun, 04 Sep 2016 14:26:44 GMT

Nope I've never tried it. Definitely keep us posted.

Re: Plastiq and Ritz-Carlton experiment

Anonymous — Sun, 04 Sep 2016 14:35:44 GMT

@Appleman wrote:
Hello all,
I recently aquired my Ritz-Carlton card and decided to get the $10K of spend to maintain Gold Elite Status next year as well.

I hit the $5,000 spend already and calculated that I could pay my mortgage with Platiq to get the next $5,000 in spend to keep Gold Elite status. It will cost me $125 in fees from Plastiq.

I paid October's mortgage payment today to ensure delivery prior to the due date.

I will keep the board posted on how this works out and if I received value from the Gold Elite to offset my fees.

Anyone else have experience with Plastiq? Plastiq and Chase?

While some people have been able to use their Chase cards with Plastiq there are quite a few others that have had the payments blocked by Chase. You might want to check out FlyerTalk. They have a thread dealing with Plastiq and there are quite a few posts about users experiences with Chase

Re: Plastiq and Ritz-Carlton experiment

lhcole77 — Sun, 04 Sep 2016 14:48:55 GMT

@Anonymous wrote:
@Appleman wrote:
Hello all,
I recently aquired my Ritz-Carlton card and decided to get the $10K of spend to maintain Gold Elite Status next year as well.

I hit the $5,000 spend already and calculated that I could pay my mortgage with Platiq to get the next $5,000 in spend to keep Gold Elite status. It will cost me $125 in fees from Plastiq.

I paid October's mortgage payment today to ensure delivery prior to the due date.

I will keep the board posted on how this works out and if I received value from the Gold Elite to offset my fees.

Anyone else have experience with Plastiq? Plastiq and Chase?
While some people have been able to use their Chase cards with Plastiq there are quite a few others that have had the payments blocked by Chase. You might want to check out FlyerTalk. They have a thread dealing with Plastiq and there are quite a few posts about users experiences with Chase

Agreed. I don't have personal experience with Plastiq and Chase (I pay my rent with Citi DC) but I have read that Chase is not keen to it.

Re: Plastiq and Ritz-Carlton experiment

Gmood1 — Sun, 04 Sep 2016 14:56:47 GMT

I haven't tried it with any of my Chase cards. IHG is the only one I'd consider, since it's a MasterCard.
I've used it with Barclay's and Citi without issue. You can schedule the payment around the 21st of the month. It will get there well ahead of time. Mine was at the mortgage company by the 27th last month and credited.

It works like a charm for me..I've never had any issues. It's worked so well. I've prescheduled payments this way for the next 3 years.

Re: Plastiq and Ritz-Carlton experiment

Anonymous — Sun, 04 Sep 2016 15:21:16 GMT

@Gmood1 wrote:
I haven't tried it with any of my Chase cards. IHG is the only one I'd consider, since it's a MasterCard.
I've used it with Barclay's and Citi without issue. You can schedule the payment around the 21st of the month. It will get there well ahead of time. Mine was at the mortgage company by the 27th last month and credited.

It works like a charm for me..I've never had any issues. It's worked so well. I've prescheduled payments this way for the next 3 years.

How much lead time is needed is very dependent on whether your payee accepts ACH transfers for that particular account. If not and Plastiq has to send a check, it takes much longer for the payment to go thru

Re: Plastiq and Ritz-Carlton experiment

Gmood1 — Sun, 04 Sep 2016 15:30:04 GMT

@Anonymous wrote:
@Gmood1 wrote:
I haven't tried it with any of my Chase cards. IHG is the only one I'd consider, since it's a MasterCard.
I've used it with Barclay's and Citi without issue. You can schedule the payment around the 21st of the month. It will get there well ahead of time. Mine was at the mortgage company by the 27th last month and credited.

It works like a charm for me..I've never had any issues. It's worked so well. I've prescheduled payments this way for the next 3 years.
How much lead time is needed is very dependent on whether your payee accepts ACH transfers for that particular account. If not and Plastiq has to send a check, it takes much longer for the payment to go thru

Very true, I forgot to mention mine is paid by check in the mail. So ACH would be even faster.

Re: Plastiq and Ritz-Carlton experiment

ezdoesit — Sun, 04 Sep 2016 20:32:49 GMT

I briefly looked into plastiq to pay my mortgage but I decided that I dont want to take a chance with my Chase or Amex cards they are my main and best reward cards and don't want to wake a sleeping giant. They might one day think this is MS and shut me down. Plus I don't want to take a chance of my mortgage payment being late because I am leaving it up to a third party to make my payment for me.

Re: Plastiq and Ritz-Carlton experiment

Gmood1 — Sun, 04 Sep 2016 21:06:01 GMT

^^^^
It's pretty difficult to be late on a mortgage these days. They give roughly a two week grace period.
My mortgage company sends an alert email notifying me when a payment post.
Also I can't be the only one that used my CUs bill pay to pay my mortgage on autopay? It's really no difference except the funds stay in my account longer.
I understand your point on MS, even though this really isn't that. It's no different than paying your auto insurance with a CC or a utility bill.

Other than my car payments. Everything in my household is paid for with CC's. If I could figure out a way to pay them with CC's. They'd be paid the same way.

Re: Plastiq and Ritz-Carlton experiment

Anonymous — Sun, 04 Sep 2016 21:44:01 GMT

The bottom of my last AMEX statement there was a tombstone ad for Plastiq encouraging us the use your AMEX with Plastiq. I'm assuming that means AMEX is cool with it.

Re: Plastiq and Ritz-Carlton experiment

ezdoesit — Sun, 04 Sep 2016 23:30:57 GMT

@Gmood1 wrote:
^^^^
It's pretty difficult to be late on a mortgage these days. They give roughly a two week grace period.
My mortgage company sends an alert email notifying me when a payment post.
Also I can't be the only one that used my CUs bill pay to pay my mortgage on autopay? It's really no difference except the funds stay in my account longer.
I understand your point on MS, even though this really isn't that. It's no different than paying your auto insurance with a CC or a utility bill.

Other than my car payments. Everything in my household is paid for with CC's. If I could figure out a way to pay them with CC's. They'd be paid the same way.

Your right it is hard but at the end of the day your leaving the biggest investment of your life in someone else's hands. Oops sorry we had a computer glitch and payments weren't sent out. We might get notification but that is all it is. Especially if they had to mail out a check.

So you pay your mortgage on plastiq? If so why not your car payment?

Also the insurance and utility bill is accepted directly from the company. If banks wanted it to be paid that why wouldn't they just accept CC payments directly?

Re: Plastiq and Ritz-Carlton experiment

Gmood1 — Mon, 05 Sep 2016 00:09:21 GMT

Not all insurance companies or utility companies accept cards directly. Some go through 3rd party companies during the payment process. My electric and water company uses 3rd parties.

When I did my auto loans which are through PenFed. They were both setup on automatic drafts when I signed the loan papers. I probably could figure out a way to do it. I've been too lazy to look into it.lol

Your payment can be botched by the mortgage company themselves. It does happen. It's not that serious for me. I have three bank accounts setup to send payments to my mortgage company. All it takes is a few clicks. I watch my bills too closely to miss paying my mortgage, two weeks late. Now it gets paid 5 days early using Plastiq.

Re: Plastiq and Ritz-Carlton experiment

Appleman — Mon, 05 Sep 2016 00:11:18 GMT

I understand the concerns about on time payments. That is why I am paying my October 1 payment this weekend. Even if there is some complete failure i can still pay online via checking on October 1st.

I will look into Flyertalk. Thanks

Re: Plastiq and Ritz-Carlton experiment

ezdoesit — Mon, 05 Sep 2016 00:29:21 GMT

@Gmood1 wrote:
Not all insurance companies or utility companies accept cards directly. Some go through 3rd party companies during the payment process. My electric and water company uses 3rd parties.

When I did my auto loans which are through PenFed. They were both setup on automatic drafts when I signed the loan papers. I probably could figure out a way to do it. I've been too lazy to look into it.lol

Your payment can be botched by the mortgage company themselves. It does happen. It's not that serious for me. I have three bank accounts setup to send payments to my mortgage company. All it takes is a few clicks. I watch my bills too closely to miss paying my mortgage, two weeks late. Now it gets paid 5 days early using Plastiq.

Your right I don't know about insurance companies I have really on had State Farm, Liberty, or Geico and they accepted CC. My utility companies does accept CC thru western pay but I believe the is a $3.95 charge so I would lose going that route.

You talked me into trying this month. LOL

Re: Plastiq and Ritz-Carlton experiment

Gmood1 — Mon, 05 Sep 2016 00:38:15 GMT

Lmao...once you see how easy it is. You'll be hooked!

You can pay your mortgage a month early every month, if you know how to work the system. 😉

Re: Plastiq and Ritz-Carlton experiment

ezdoesit — Mon, 05 Sep 2016 00:49:17 GMT

@Gmood1 wrote:
Lmao...once you see how easy it is. You'll be hooked!
You can pay your mortgage a month early every month, if you know how to work the system. 😉

I am thinking about all the points I will acrue $3800 a month on my Freedom U. 68k a year in points then transfer that to my CSR for travel.

Re: Plastiq and Ritz-Carlton experiment

ezdoesit — Mon, 05 Sep 2016 01:28:58 GMT

@Gmood1 wrote:
Lmao...once you see how easy it is. You'll be hooked!
You can pay your mortgage a month early every month, if you know how to work the system. 😉

What does the cc transaction code as with plastique, type pf merchant does it show up as?

And how does Plastique make money when they have to pay the CC fees?

Re: Plastiq and Ritz-Carlton experiment

Imperfectfuture — Mon, 05 Sep 2016 01:56:04 GMT

@ezdoesit wrote:
@Gmood1 wrote:
Lmao...once you see how easy it is. You'll be hooked!
You can pay your mortgage a month early every month, if you know how to work the system. 😉
What does the cc transaction code as with plastique, type pf merchant does it show up as?

And how does Plastique make money when they have to pay the CC fees?

CC fees are less than 1%, depending on card network. So, unless meeting a good bonus, want to make sure using card that gives more than they charge percentage wise.

Re: Plastiq and Ritz-Carlton experiment

Gmood1 — Mon, 05 Sep 2016 02:10:09 GMT

@ezdoesit wrote:
@Gmood1 wrote:
Lmao...once you see how easy it is. You'll be hooked!
You can pay your mortgage a month early every month, if you know how to work the system. 😉
What does the cc transaction code as with plastique, type pf merchant does it show up as?

And how does Plastique make money when they have to pay the CC fees?

I checked Barclay's and it coded as REAL ESTATE AGENTS AND MGRS-RENTALS.

They charge fees for the service. MasterCards are the best to use with Plastiq at the moment. They give promotional discounts for MasterCards.

Re: Plastiq and Ritz-Carlton experiment

ezdoesit — Mon, 05 Sep 2016 02:11:30 GMT

@Imperfectfuture wrote:
@ezdoesit wrote:
@Gmood1 wrote:
Lmao...once you see how easy it is. You'll be hooked!
You can pay your mortgage a month early every month, if you know how to work the system. 😉
What does the cc transaction code as with plastique, type pf merchant does it show up as?

And how does Plastique make money when they have to pay the CC fees?
CC fees are less than 1%, depending on card network. So, unless meeting a good bonus, want to make sure using card that gives more than they charge percentage wise.

I just looked and the fees are up to 2.5% how does that become worth it to use a CC with plastique. Am I missing something?