topic Re: Plastiq for making Car Payments in Credit Cards

Plastiq for making Car Payments

Blackswizz750 — Wed, 09 May 2018 16:03:34 GMT

I want to look into using possibly one of my Navy Visa's or one or my BCE to make a car payment next month and wanted to know if anyone had any troubles. I think Visa is not accepted for mortgages but not sure on capr payments. I didnt fine anything on auto payment.

Re: Plastiq for making Car Payments

FinStar — Wed, 09 May 2018 16:15:34 GMT

It should work for most car payments using Visa or MC, not sure if AMEX works yet or not. Just keep in mind that not all entities or financing companies (i.e. payees) are participants in the program.

When you set up your payee, it'll let you know how the payment will be remitted. If it's not a participating entity, then your payment will be coded as a cash advance versus a purchase, just be aware.

Re: Plastiq for making Car Payments

Blackswizz750 — Wed, 09 May 2018 16:37:46 GMT

Thanks for the information. I will try it and see how if comes out.

Re: Plastiq for making Car Payments

Saleen099 — Wed, 09 May 2018 16:43:51 GMT

@Blackswizz750 wrote:
I want to look into using possibly one of my Navy Visa's or one or my BCE to make a car payment next month and wanted to know if anyone had any troubles. I think Visa is not accepted for mortgages but not sure on capr payments. I didnt fine anything on auto payment.

Question what will they charge you for processing a payment using your credit card?

Re: Plastiq for making Car Payments

Blackswizz750 — Wed, 09 May 2018 16:49:20 GMT

I am still checking that out. I believe 2 or 2.5%. I am not sure if the extra cost would be worth it if it codes as a cash advance.

Re: Plastiq for making Car Payments

TheBoondocks — Wed, 09 May 2018 17:06:33 GMT

Just pay with your credit card for the car payments, you don't have to use Plastiq...

Re: Plastiq for making Car Payments

FinStar — Wed, 09 May 2018 17:14:02 GMT

@TheBoondocks - most auto financing companies do not accept CCs for payments on a car loan or lease.

Re: Plastiq for making Car Payments

imaximous — Wed, 09 May 2018 17:22:08 GMT

Anyone tried using the PayPal business debit card using the 2% CB card as a backup?
If my math is right, you'd get 1% back from PayPal debit card (if run as credit) and 2% from the CB card as backup source. That's 0.5% net after Plastiq's 2.5% fee. It doesn't sound like a lot, but if you run your mortgage/rent plus car payments, it's 0.5% of a few thousand bucks.

I'm not too familiar with Plastiq and still reading about it, but I also read that the fee is lowered to 1% if you use a debit card. So, in the example above, it'd be even better. You wouldn't get the 1% back for the debit transaction since it has to be run as credit, but you'd get the full 2% using the PayPal CB card as backup, so it turns out to be 1% net after paying the fee.

Any feedback on my assumption above?

Re: Plastiq for making Car Payments

UncleB — Wed, 09 May 2018 17:51:55 GMT

@imaximous wrote:
Anyone tried using the PayPal business debit card using the 2% CB card as a backup?
If my math is right, you'd get 1% back from PayPal debit card (if run as credit) and 2% from the CB card as backup source. That's 0.5% net after Plastiq's 2.5% fee. It doesn't sound like a lot, but if you run your mortgage/rent plus car payments, it's 0.5% of a few thousand bucks.

I'm not too familiar with Plastiq and still reading about it, but I also read that the fee is lowered to 1% if you use a debit card. So, in the example above, it'd be even better. You wouldn't get the 1% back for the debit transaction since it has to be run as credit, but you'd get the full 2% using the PayPal CB card as backup, so it turns out to be 1% net after paying the fee.

Any feedback on my assumption above?

If the Paypal Business debit card is processed as PIN-less debit (which would likely be the case with Plastiq) then there are no cash rewards, and as far as I know it wouldn't trigger backup funding, either.

Back when I was in "credit purgatory" I used my Paypal Business debit card almost exclusively, and that's how it worked then. Things might have changed, though.

Re: Plastiq for making Car Payments

DaveInAZ — Wed, 09 May 2018 18:04:37 GMT

@imaximous wrote:
Anyone tried using the PayPal business debit card using the 2% CB card as a backup?
If my math is right, you'd get 1% back from PayPal debit card (if run as credit) and 2% from the CB card as backup source. That's 0.5% net after Plastiq's 2.5% fee. It doesn't sound like a lot, but if you run your mortgage/rent plus car payments, it's 0.5% of a few thousand bucks.

I'm not too familiar with Plastiq and still reading about it, but I also read that the fee is lowered to 1% if you use a debit card. So, in the example above, it'd be even better. You wouldn't get the 1% back for the debit transaction since it has to be run as credit, but you'd get the full 2% using the PayPal CB card as backup, so it turns out to be 1% net after paying the fee.

Any feedback on my assumption above?

Yes, I've been using my PayPal business debit card using the 2% CB card as a backup for my mortgage payment for a couple months now. It works, I get 1% from the debit card and 2% on the MC, (Plastic charges the PP Debit as credit, not PIN-less debit). To me it just covers the Platiq fees with a little bit extra. I limit using the PP debit w/2% CB card as I'm concerned if I went crazy using the combo it could raise some red flags with PayPal and/or Synchrony. My mortgage is under $500/mo., and I can't pay my car payment using that combo as my 1/2 point discount with DCU requires online payment from a DCU account. My Plastiq mortgage payment does NOT code as a cash advance, on the PP Debit transaction it is coded as a purchase with Plastiq as the merchant, and the 2% CB MC the transaction is listed as "PyPal Backup funding".

When I first added my PP Debit card in Plastiq I used online chat to ask if it would qualify for the 1% fee for debit. I was told that for a debit card to qualify for the 1% fee it has to be a debit card from a "brick & mortar" bank, which to me seems to defeat the purpose of using Plastiq - if I wanted the funds taken immediately from a bank account I'd make an ACH or paper check payment and avoid the 1% fee. With my 2% CB MC billing cycle & mortgage due date I get at least 45 days to PIF and avoid any interest.

Re: Plastiq for making Car Payments

Anonymous — Wed, 09 May 2018 18:12:58 GMT

I used a MC through Plastiq to make a bunch of car payments and mortgage payments. Never tried a Visa though, although I wouldn't anticipate a difference.

Re: Plastiq for making Car Payments

imaximous — Wed, 09 May 2018 18:22:02 GMT

@UncleB wrote:
@imaximous wrote:
Anyone tried using the PayPal business debit card using the 2% CB card as a backup?
If my math is right, you'd get 1% back from PayPal debit card (if run as credit) and 2% from the CB card as backup source. That's 0.5% net after Plastiq's 2.5% fee. It doesn't sound like a lot, but if you run your mortgage/rent plus car payments, it's 0.5% of a few thousand bucks.

I'm not too familiar with Plastiq and still reading about it, but I also read that the fee is lowered to 1% if you use a debit card. So, in the example above, it'd be even better. You wouldn't get the 1% back for the debit transaction since it has to be run as credit, but you'd get the full 2% using the PayPal CB card as backup, so it turns out to be 1% net after paying the fee.

Any feedback on my assumption above?
If the Paypal Business debit card is processed as PIN-less debit (which would likely be the case with Plastiq) then there are no cash rewards, and as far as I know it wouldn't trigger backup funding, either.

Back when I was in "credit purgatory" I used my Paypal Business debit card almost exclusively, and that's how it worked then. Things might have changed, though.

Just to satisfy my curiosity, I opened a Plastiq account, and added the PP business debit card. I went through the whole process of making a car payment, and it gave me a 2.5% fee at the end. So they're processing the transaction as credit

I was hoping it'd be debit so I could get 1% rather than .5%

Re: Plastiq for making Car Payments

imaximous — Wed, 09 May 2018 18:20:24 GMT

@DaveInAZ wrote:
@imaximous wrote:
Anyone tried using the PayPal business debit card using the 2% CB card as a backup?
If my math is right, you'd get 1% back from PayPal debit card (if run as credit) and 2% from the CB card as backup source. That's 0.5% net after Plastiq's 2.5% fee. It doesn't sound like a lot, but if you run your mortgage/rent plus car payments, it's 0.5% of a few thousand bucks.

I'm not too familiar with Plastiq and still reading about it, but I also read that the fee is lowered to 1% if you use a debit card. So, in the example above, it'd be even better. You wouldn't get the 1% back for the debit transaction since it has to be run as credit, but you'd get the full 2% using the PayPal CB card as backup, so it turns out to be 1% net after paying the fee.

Any feedback on my assumption above?
Yes, I've been using my PayPal business debit card using the 2% CB card as a backup for my mortgage payment for a couple months now. It works, I get 1% from the debit card and 2% on the MC, (Plastic charges the PP Debit as credit, not PIN-less debit). To me it just covers the Platiq fees with a little bit extra. I limit using the PP debit w/2% CB card as I'm concerned if I went crazy using the combo it could raise some red flags with PayPal and/or Synchrony. My mortgage is under $500/mo., and I can't pay my car payment using that combo as my 1/2 point discount with DCU requires online payment from a DCU account. My Plastiq mortgage payment does NOT code as a cash advance, on the PP Debit transaction it is coded as a purchase with Plastiq as the merchant, and the 2% CB MC the transaction is listed as "PyPal Backup funding".

When I first added my PP Debit card in Plastiq I used online chat to ask if it would qualify for the 1% fee for debit. I was told that for a debit card to qualify for the 1% fee it has to be a debit card from a "brick & mortar" bank, which to me seems to defeat the purpose of using Plastiq - if I wanted the funds taken immediately from a bank account I'd make an ACH or paper check payment and avoid the 1% fee. With my 2% CB MC billing cycle & mortgage due date I get at least 45 days to PIF and avoid any interest.

Sweet. Just what I wanted to know for confirmation. Instead of just making assumptions, I appreciate the real life transaction.

I think I can make a little extra cash using this method. My mortgage and car payments do add up to a few K a month, so even .5% will earn me some cash for doing the same thing I'd be doing paying directly from my bank. Plus, the billing cycle also works in my favor like you. Thanks!

Re: Plastiq for making Car Payments

UncleB — Wed, 09 May 2018 19:37:35 GMT

@DaveInAZ wrote:
@imaximous wrote:
Anyone tried using the PayPal business debit card using the 2% CB card as a backup?
If my math is right, you'd get 1% back from PayPal debit card (if run as credit) and 2% from the CB card as backup source. That's 0.5% net after Plastiq's 2.5% fee. It doesn't sound like a lot, but if you run your mortgage/rent plus car payments, it's 0.5% of a few thousand bucks.

I'm not too familiar with Plastiq and still reading about it, but I also read that the fee is lowered to 1% if you use a debit card. So, in the example above, it'd be even better. You wouldn't get the 1% back for the debit transaction since it has to be run as credit, but you'd get the full 2% using the PayPal CB card as backup, so it turns out to be 1% net after paying the fee.

Any feedback on my assumption above?
Yes, I've been using my PayPal business debit card using the 2% CB card as a backup for my mortgage payment for a couple months now. It works, I get 1% from the debit card and 2% on the MC, (Plastic charges the PP Debit as credit, not PIN-less debit). To me it just covers the Platiq fees with a little bit extra. I limit using the PP debit w/2% CB card as I'm concerned if I went crazy using the combo it could raise some red flags with PayPal and/or Synchrony. My mortgage is under $500/mo., and I can't pay my car payment using that combo as my 1/2 point discount with DCU requires online payment from a DCU account. My Plastiq mortgage payment does NOT code as a cash advance, on the PP Debit transaction it is coded as a purchase with Plastiq as the merchant, and the 2% CB MC the transaction is listed as "PyPal Backup funding".

When I first added my PP Debit card in Plastiq I used online chat to ask if it would qualify for the 1% fee for debit. I was told that for a debit card to qualify for the 1% fee it has to be a debit card from a "brick & mortar" bank, which to me seems to defeat the purpose of using Plastiq - if I wanted the funds taken immediately from a bank account I'd make an ACH or paper check payment and avoid the 1% fee. With my 2% CB MC billing cycle & mortgage due date I get at least 45 days to PIF and avoid any interest.

Great data points here... thanks!

Re: Plastiq for making Car Payments

Anonymous — Wed, 09 May 2018 19:51:59 GMT

@Anonymous wrote:
I used a MC through Plastiq to make a bunch of car payments and mortgage payments. Never tried a Visa though, although I wouldn't anticipate a difference.

No Visa or Amex for mortgage payments.

Re: Plastiq for making Car Payments

Anonymous — Tue, 28 Aug 2018 18:34:04 GMT

@DaveInAZ wrote:

Yes, I've been using my PayPal business debit card using the 2% CB card as a backup for my mortgage payment for a couple months now. It works,

Interesting. My car lease can be paid with a debit card (but not a credit card). I wonder if I can sidestep Plastiq altogether and just use PayPal Debit with a back up card where I am trying to earn a SUB . . .

Re: Plastiq for making Car Payments

imaximous — Tue, 28 Aug 2018 18:41:27 GMT

@Anonymous wrote:
@DaveInAZ wrote:

Yes, I've been using my PayPal business debit card using the 2% CB card as a backup for my mortgage payment for a couple months now. It works,
Interesting. My car lease can be paid with a debit card (but not a credit card). I wonder if I can sidestep Plastiq altogether and just use PayPal Debit with a back up card where I am trying to earn a SUB . . .

PP Debit won't let you add any other credit cards as back up except PP credit card. It'd be wonderful if you could do that.

Re: Plastiq for making Car Payments

Anonymous — Tue, 28 Aug 2018 19:13:14 GMT

@imaximous wrote:
@Anonymous wrote:
@DaveInAZ wrote:

Yes, I've been using my PayPal business debit card using the 2% CB card as a backup for my mortgage payment for a couple months now. It works,
Interesting. My car lease can be paid with a debit card (but not a credit card). I wonder if I can sidestep Plastiq altogether and just use PayPal Debit with a back up card where I am trying to earn a SUB . . .
PP Debit won't let you add any other credit cards as back up except PP credit card. It'd be wonderful if you could do that.

Hmmm. But it works if Plastiq charges the PP Debit as a credit card? I'm confused.

EDIT. Now I see. PayPal offers its own 2% credit card.

Re: Plastiq for making Car Payments

Anonymous — Wed, 29 Aug 2018 00:00:54 GMT

I use my IHG Mastercard every month to pay both of my car notes and my personal loan at my local credit union.
My credit union does not accept Visa for any type of loan payments and the IHG is the only Mastercard credit card that I have at the present time.
Works for me and still gets me points.

Re: Plastiq for making Car Payments

Anonymous — Wed, 29 Aug 2018 04:56:45 GMT

@DaveInAZ wrote:
When I first added my PP Debit card in Plastiq I used online chat to ask if it would qualify for the 1% fee for debit. I was told that for a debit card to qualify for the 1% fee it has to be a debit card from a "brick & mortar" bank, which to me seems to defeat the purpose of using Plastiq - if I wanted the funds taken immediately from a bank account I'd make an ACH or paper check payment and avoid the 1% fee. With my 2% CB MC billing cycle & mortgage due date I get at least 45 days to PIF and avoid any interest.

My guess is that "brick&mortar" really means "No gift cards" as I doubt plastiq can have a list of what banks have a physical location (many internet banks do have one or so offices somewhere in the US, but you are not expected to use them!)