topic Re: Paying with Plastiq via NFCU.... in Credit Cards

Paying with Plastiq via NFCU....

Anonymous — Tue, 19 Mar 2019 15:31:07 GMT

Hello all!

Curious if anyone had any input on this... does anyone have any success or horror stories using Plastiq to pay rent/ make mortgage payments or anything like that to utilize thier CC benefits?

Cheers!

Re: Paying with Plastiq via NFCU....

Anonymous — Tue, 19 Mar 2019 15:59:42 GMT

I only use Plastiq to pay my student loans. I've used it several times now with no problems.

Re: Paying with Plastiq via NFCU....

Anonymous — Tue, 19 Mar 2019 16:11:57 GMT

@Anonymous wrote:
I only use Plastiq to pay my student loans. I've used it several times now with no problems.

I'm not too familiar with manufactured spending but for some reason I thought using that platform might fall under that category.

Thank you for the input!!!

Re: Paying with Plastiq via NFCU....

Gmood1 — Tue, 19 Mar 2019 17:00:47 GMT

I've used several Navy CCs to pay my mortgage without issues. The key is you need it to be a MasterCard.If it's not, it will be a no go!

Re: Paying with Plastiq via NFCU....

Anonymous — Tue, 19 Mar 2019 17:07:29 GMT

@Gmood1 wrote:
I've used several Navy CCs to pay my mortgage without issues. The key is you need it to be a MasterCard.If it's not, it will be no go!

Thanks @Gmood1. I was thinking about using the Plastiq platform for the bigger things. I have some student loans that I could use it for as well as my mortgage.

I only have Visa Sig though and hopeing that if I choose to go this route, the plastiq platform it wont matter...

Re: Paying with Plastiq via NFCU....

Anonymous — Tue, 19 Mar 2019 17:16:08 GMT

Check out this thread. It shows what cards can and can’t be used for what with Plastiq.

https://ficoforums.myfico.com/t5/Credit-Cards/Handy-Plastiq-Chart/m-p/5530982#M1627374

Re: Paying with Plastiq via NFCU....

Anonymous — Tue, 19 Mar 2019 17:23:17 GMT

@Anonymous wrote:
Check out this thread. It shows what cards can and can’t be used for what with Plastiq.

https://ficoforums.myfico.com/t5/Credit-Cards/Handy-Plastiq-Chart/m-p/5530982#M1627374

@Saeren to the rescue!! Thanks man that gets rid of alot of my questions I had...

Thanks alot!

Re: Paying with Plastiq via NFCU....

Gmood1 — Tue, 19 Mar 2019 17:47:08 GMT

You should be fine with student loans. For mortgage it won't work. Even auto loans through a lender who does mortgages won't work.

Re: Paying with Plastiq via NFCU....

Anonymous — Tue, 19 Mar 2019 17:56:16 GMT

@Gmood1 wrote:
You should be fine with student loans. For mortgage it won't work. Even auto loans through a lender who does mortgages won't work.

Based on my card being a VSig? Or the CU being NFCU?

I'm trying not to overcomplicate things here but if I were to take that chart from Plastiq at face value I using my current card I should be able to...

Re: Paying with Plastiq via NFCU....

dynamicvb — Tue, 19 Mar 2019 18:11:11 GMT

Not to change the subject, but I don't understand what the logic is with this. You pay Plastiq 2.5% for using their service, but not many cards offer that much in cashback and the ones that do are normally limited to specific categories such as Groceries, etc.. It would allow you to put a lot of spend on the cards, but I don't see how it helps financially, unless I'm just missing something.

Re: Paying with Plastiq via NFCU....

FinStar — Tue, 19 Mar 2019 18:13:04 GMT

@Anonymous, it would have nothing to do with the tier level, Visa Signature, Platinum, Gold or Classic . More or less, the restrictions with Plastiq and network based on the payment type/coding with the issuer.

In the past, there were far less restrictions.

Re: Paying with Plastiq via NFCU....

Anonymous — Tue, 19 Mar 2019 18:25:26 GMT

@FinStar wrote:
@Anonymous, it would have nothing to do with the tier level, Visa Signature, Platinum, Gold or Classic . More or less, the restrictions with Plastiq and network based on the payment type/coding with the issuer.

In the past, there were far less restrictions.

I'm starting to feel like I missed the party lol. Thank you for the info...it's appreciated!!

Re: Paying with Plastiq via NFCU....

FinStar — Tue, 19 Mar 2019 18:29:41 GMT

Of course, you're welcome to try it with whomever you are paying via Plastiq, but you'll see toward the end of the final stage of payment processing (before you click submit) how the payment will be applied (or if not accepted).

Re: Paying with Plastiq via NFCU....

Anonymous — Tue, 19 Mar 2019 18:33:55 GMT

@dynamicvb wrote:
Not to change the subject, but I don't understand what the logic is with this. You pay Plastiq 2.5% for using their service, but not many cards offer that much in cashback and the ones that do are normally limited to specific categories such as Groceries, etc.. It would allow you to put a lot of spend on the cards, but I don't see how it helps financially, unless I'm just missing something.

@dynamicvb Depending on what card you use the 2.5% may or may not be covered. If said card had a sub of some sort it might be worth it to some to perhaps use Plastiq to pay for bills that would be paid anyways....just use a CC instead of cash or personal check.

I do know the rules for these types of things are fluid and ever changing and it's getting harder to pay for certain transactions with CC's.

Re: Paying with Plastiq via NFCU....

Gmood1 — Tue, 19 Mar 2019 18:36:05 GMT

Depending on the card you have with Navy. You might be able to switch it over to a MasterCard. No guarantees, they do give you an option to choose Visa or MasterCard while applying for the GO rewards or Cash rewards CC's.

Re: Paying with Plastiq via NFCU....

Anonymous — Tue, 19 Mar 2019 18:37:02 GMT

@FinStar wrote:
Of course, you're welcome to try it with whomever you are paying via Plastiq, but you'll see toward the end of the final stage of payment processing (before you click submit) how the payment will be applied (or if not accepted).

Yea, I've personally never used it. I've found some older posts and it seems as though it used to be easy to do with virtually anything!

I may try it just to be stubborn and see for myself but as long as it shows me prior to the entire transaction being processed how it will be applied......I would NOT enjoy finding myself with a 1k cash advance transaction on my account. lol

thanks again!

Re: Paying with Plastiq via NFCU....

Anonymous — Tue, 19 Mar 2019 18:38:45 GMT

@Gmood1 wrote:
Depending on the card you have with Navy. You might be able to switch it over to a MasterCard. No guarantees, they do give you an option to choose Visa or MasterCard while applying for the GO rewards or Cash rewards CC's.

Yea...and thats where I've always said Visa... lol it's not the end of the world just trying to plan.

Re: Paying with Plastiq via NFCU....

Anonymous — Tue, 19 Mar 2019 18:57:24 GMT

@Gmood1 wrote:
Depending on the card you have with Navy. You might be able to switch it over to a MasterCard. No guarantees, they do give you an option to choose Visa or MasterCard while applying for the GO rewards or Cash rewards CC's.

I don’t remember being given this option, I got the VISA and that was it.

Re: Paying with Plastiq via NFCU....

pinkandgrey — Tue, 19 Mar 2019 18:58:15 GMT

I paid off a car using Plastiq. No issues for me

Re: Paying with Plastiq via NFCU....

Anonymous — Tue, 19 Mar 2019 19:07:52 GMT

@Anonymous wrote:
@dynamicvb wrote:
Not to change the subject, but I don't understand what the logic is with this. You pay Plastiq 2.5% for using their service, but not many cards offer that much in cashback and the ones that do are normally limited to specific categories such as Groceries, etc.. It would allow you to put a lot of spend on the cards, but I don't see how it helps financially, unless I'm just missing something.

@dynamicvb Depending on what card you use the 2.5% may or may not be covered. If said card had a sub of some sort it might be worth it to some to perhaps use Plastiq to pay for bills that would be paid anyways....just use a CC instead of cash or personal check.

I do know the rules for these types of things are fluid and ever changing and it's getting harder to pay for certain transactions with CC's.

Yes, plastiq can make sense if the sign up bonus on the card is sufficiently big, and organic spending is either impossible (e.g too little time, too many other SUBs going on) or you want the award as soon as possible (need miles for a trip), and then the fee is acceptable. (Similarly for those cards for which there is an added bonus for reaching some spending level in a year). Some cards at some time may pay 3% in which case using it outside of SUBs can make sense. And finally Plastiq offers specials from time to time, e.g. a 1.5% fee, and a lot of cards will be net positive at that level