topic Re: Pay Mortgage thru Plastiq in Credit Cards

Pay Mortgage thru Plastiq

8Hunnid — Sun, 02 Jan 2022 14:51:08 GMT

I want to pay my mortgage with a credit card using Plastiq. Mastercard is the only network that allows mortgage payments. I searched through 300+ Mastercards and found only a few that might make the Plastiq fee worth it.

Citi double Cash for 2x. As long as I can redeem for 1.4cpp, I'll break even on the Plastiq fee. If I add the Citi Rewards+, the 10% redemption bonus would help me come out ahead. Down the line I'd add the Premier for transfers.

Best Western Rewards Premium. 2x points and 40k bonus points every year after $5k is spent. I've seen redemptions from .6cpp to .8cpp on average. At .6cpp I'd be $3 ahead after the annual fee and the Plastiq fee.

Key Bank is 5x points but the points are only .2cpp. So that's not going to work.

I'm leaning towards Best Western because it would be a much less complex redemption process.

Any other Mastercards that I'm missing?
Am I missing anything from these cards/programs?

Re: Pay Mortgage thru Plastiq

xenon3030 — Sun, 02 Jan 2022 15:30:26 GMT

Using Plastiq might be risky due to possible delays, missed payments and even wrong multiple payments. You may find its reviews and issues online and it is not always straightforward to dissolve the issues. I would put my mortgage and autoloan on ACH instead of Plastiq, without hassle. The damage can be very high in case of having one of those issues and it might not be worth.

Re: Pay Mortgage thru Plastiq

Hoben02 — Sun, 02 Jan 2022 15:53:51 GMT

When I had a mortgage I used to use plastiq and citi double cash for my mortgage payment never any issues was doing it for a few years. Trouble is the plastiq fee is now 2.85% I didn't think it made sense at that point, but I stuck with it since I was grandfathered in at the old rate. I have a ton of thank you points as of now

i used to use cap one venture and plastiq to pay my mortgage before that was shutdown my justification is that at the end of the year I would call about waiving the annual fee and never an issue also my card was the old $59/year fee

Re: Pay Mortgage thru Plastiq

xenon3030 — Sun, 02 Jan 2022 16:20:45 GMT

I guess one of those issues e.g. late or incorrect mortgage payment should be sufficient to ruin the entire of credit profile and fixing that would be a hassle.

Re: Pay Mortgage thru Plastiq

MrDisco99 — Sun, 02 Jan 2022 16:22:33 GMT

I've used Plastiq for mortgage payments when struggling to meet a signup bonus in the past, but otherwise it's really not worth the fee or the risk.

Re: Pay Mortgage thru Plastiq

Crowhelm — Sun, 02 Jan 2022 16:46:44 GMT

@8Hunnid wrote:
I want to pay my mortgage with a credit card using Plastiq. Mastercard is the only network that allows mortgage payments. I searched through 300+ Mastercards and found only a few that might make the Plastiq fee worth it.

Citi double Cash for 2x. As long as I can redeem for 1.4cpp, I'll break even on the Plastiq fee. If I add the Citi Rewards+, the 10% redemption bonus would help me come out ahead. Down the line I'd add the Premier for transfers.

Best Western Rewards Premium. 2x points and 40k bonus points every year after $5k is spent. I've seen redemptions from .6cpp to .8cpp on average. At .6cpp I'd be $3 ahead after the annual fee and the Plastiq fee.

Key Bank is 5x points but the points are only .2cpp. So that's not going to work.

I'm leaning towards Best Western because it would be a much less complex redemption process.

Any other Mastercards that I'm missing?
Am I missing anything from these cards/programs?

Why would you consider doing this unless you at least get 1% extra out of it? Breaking even makes no sense whatsoever since after the initial 25-day delay you are back to having to make a mortgage payment every month. Assuming you PIF. If not then this gets even crazier.

Re: Pay Mortgage thru Plastiq

Anonymous — Sun, 02 Jan 2022 16:57:14 GMT

@Crowhelm wrote:
Why would you consider doing this unless you at least get 1% extra out of it? Breaking even makes no sense whatsoever since after the initial 25-day delay you are back to having to make a mortgage payment every month. Assuming you PIF. If not then this gets even crazier.

Ignoring any increased risk, I would assume that the key is that mortgage payments can be large, so much less than 1% can be considered worth it. We get here people getting excited over $25 a quarter (in FREE MONEY!!). With a $4000 a month mortgage payment, a .5% spread would be $240 a year, so the question would be (again ignoring risk, which you shouldn't!) "why not get that?"

Re: Pay Mortgage thru Plastiq

Crowhelm — Sun, 02 Jan 2022 17:10:46 GMT

@Anonymous wrote:
@Crowhelm wrote:
Why would you consider doing this unless you at least get 1% extra out of it? Breaking even makes no sense whatsoever since after the initial 25-day delay you are back to having to make a mortgage payment every month. Assuming you PIF. If not then this gets even crazier.
Ignoring any increased risk, I would assume that the key is that mortgage payments can be large, so much less than 1% can be considered worth it. We get here people getting excited over $25 a quarter (in FREE MONEY!!). With a $4000 a month mortgage payment, a .5% spread would be $240 a year, so the question would be (again ignoring risk, which you shouldn't!) "why not get that?"

Good point. I was thinking about our mortgage payment which is just a bit over $1300 a month with taxes and insurance included. I still wouldn't do it because I don't want to look risky to my mortgage provider.

Re: Pay Mortgage thru Plastiq

Hoben02 — Sun, 02 Jan 2022 17:29:46 GMT

@Crowhelm wrote:
@Anonymous wrote:
@Crowhelm wrote:
Why would you consider doing this unless you at least get 1% extra out of it? Breaking even makes no sense whatsoever since after the initial 25-day delay you are back to having to make a mortgage payment every month. Assuming you PIF. If not then this gets even crazier.
Ignoring any increased risk, I would assume that the key is that mortgage payments can be large, so much less than 1% can be considered worth it. We get here people getting excited over $25 a quarter (in FREE MONEY!!). With a $4000 a month mortgage payment, a .5% spread would be $240 a year, so the question would be (again ignoring risk, which you shouldn't!) "why not get that?"
Good point. I was thinking about our mortgage payment which is just a bit over $1300 a month with taxes and insurance included. I still wouldn't do it because I don't want to look risky to my mortgage provider.

I'm missing something here about looking risky to the mortgage provider, never heard a peep from my mortgage provider which was nationstar. I didn't care that it was breakeven I basically was getting something for free from my mortgage payment the cap one points covered a lot of my hotel/hostel/Airbnb expenses. As for the citi thank you points they are just sitting there nothing I'm interested in

Re: Pay Mortgage thru Plastiq

xenon3030 — Sun, 02 Jan 2022 17:40:22 GMT

It is more about risk management instead of free money. Do you risk possible late mortgate payments or incorrect three mortgage payments in a row for some free money? How do you fix those issues, late fees and late payment notes in your credit report? How do you explain it to your nationstar mortgate provider? If you want risky free money, they go a head and use it for mortage. Several people do while the risk may hit some.

Re: Pay Mortgage thru Plastiq

Hoben02 — Sun, 02 Jan 2022 17:50:01 GMT

@xenon3030 wrote:
It is more about risk management instead of free money. Do you risk possible late mortgate payments or incorrect three mortgage payments in a row for some free money? How do you fix those issues, late fees and late payment notes in your credit report? How do you explain it to your nationstar mortgate provider? If you want risky free money, they go a head and use it for mortage. Several people do while the risk may hit some.

Look there is a set schedule when my mortgage payment is due, then there is the few days it takes for plastiq to make the payment. So you use the automated scheduler in plastiq that will make a charge to your credit card at a certain date and then forward the payment to your mortgage provider if anything you get the float for the time when your credit card payment is due. The only issue I had was that I was grandfathered in at the 2.5% plastiq fee, but I could not make any changes in those payments since I had an adjustable I was actually paying a few dollars more then was needed each month. Plastiq had issues once, and I had to cancel that payment and pay directly but this was over 7+ years and no late payments.

Re: Pay Mortgage thru Plastiq

Crowhelm — Sun, 02 Jan 2022 17:50:13 GMT

@Hoben02 wrote:
@Crowhelm wrote:
@Anonymous wrote:
@Crowhelm wrote:
Why would you consider doing this unless you at least get 1% extra out of it? Breaking even makes no sense whatsoever since after the initial 25-day delay you are back to having to make a mortgage payment every month. Assuming you PIF. If not then this gets even crazier.
Ignoring any increased risk, I would assume that the key is that mortgage payments can be large, so much less than 1% can be considered worth it. We get here people getting excited over $25 a quarter (in FREE MONEY!!). With a $4000 a month mortgage payment, a .5% spread would be $240 a year, so the question would be (again ignoring risk, which you shouldn't!) "why not get that?"
Good point. I was thinking about our mortgage payment which is just a bit over $1300 a month with taxes and insurance included. I still wouldn't do it because I don't want to look risky to my mortgage provider.
I'm missing something here about looking risky to the mortgage provider, never heard a peep from my mortgage provider which was nationstar. I didn't care that it was breakeven I basically was getting something for free from my mortgage payment the cap one points covered a lot of my hotel/hostel/Airbnb expenses. As for the citi thank you points they are just sitting there nothing I'm interested in

As long as you make the payment and pay their extra fee for doing so with a credit card of course you won't hear a peep from them. Paid is paid. That doesn't mean you aren't on their radar for using a credit card for what many would consider their most important payment each month. But hey, I could be 100% wrong as well. I guess if I was the lender that would concern me. As far as getting something for free? How? You said you break even, that is not getting something for free. Or are you getting more out of it than if you just paid it directly without an extra credit card fee?

Re: Pay Mortgage thru Plastiq

OmarGB9 — Sun, 02 Jan 2022 19:06:38 GMT

@Crowhelm wrote:
@Hoben02 wrote:
@Crowhelm wrote:
@Anonymous wrote:
@Crowhelm wrote:
Why would you consider doing this unless you at least get 1% extra out of it? Breaking even makes no sense whatsoever since after the initial 25-day delay you are back to having to make a mortgage payment every month. Assuming you PIF. If not then this gets even crazier.
Ignoring any increased risk, I would assume that the key is that mortgage payments can be large, so much less than 1% can be considered worth it. We get here people getting excited over $25 a quarter (in FREE MONEY!!). With a $4000 a month mortgage payment, a .5% spread would be $240 a year, so the question would be (again ignoring risk, which you shouldn't!) "why not get that?"
Good point. I was thinking about our mortgage payment which is just a bit over $1300 a month with taxes and insurance included. I still wouldn't do it because I don't want to look risky to my mortgage provider.
I'm missing something here about looking risky to the mortgage provider, never heard a peep from my mortgage provider which was nationstar. I didn't care that it was breakeven I basically was getting something for free from my mortgage payment the cap one points covered a lot of my hotel/hostel/Airbnb expenses. As for the citi thank you points they are just sitting there nothing I'm interested in
As long as you make the payment and pay their extra fee for doing so with a credit card of course you won't hear a peep from them. Paid is paid. That doesn't mean you aren't on their radar for using a credit card for what many would consider their most important payment each month. But hey, I could be 100% wrong as well. I guess if I was the lender that would concern me. As far as getting something for free? How? You said you break even, that is not getting something for free. Or are you getting more out of it than if you just paid it directly without an extra credit card fee?

With all due respect, I'm not sure you fully understand how Plastiq works. The lender wouldn't know you paid by credit card. The lender gets either an ACH or a physical check.

From Plastiq's site:

Plastiq sends a check, ACH bank transfer, or wire transfer. Unlock your existing credit and pay important suppliers faster while extending your time to pay bills by up to 60 days.

Re: Pay Mortgage thru Plastiq

8Hunnid — Sun, 02 Jan 2022 19:18:12 GMT

The Citi 1.4 cpp Redemption is going be a lot of work. That's why I said that I am leaning towards the Best Western card, where the lowest redemption rate has me coming out ahead, barely. I saw 1.2cpp frequently, and that would put me at over $300 in the positive.

As far as the risk factor, I'm fine with a little risk. I'm going to setup the payment 15 days in advance. I already check all of my accounts at least twice a month, so I'll see if the payment made it on time. If not, I'll pay it before the due date. If for some crazy reason I don't catch the missed payment by the due date, I'll most definitely see it before it hits 30 days late and affects my credit report. I'd eat the $35 late fee and it'll be a lesson learned.

And honestly, I dont care how the lender sees me, as long as they see me as "paid". People on here churn and burn, not worrying. Or app sprees. I'll be fine, I'm dealing with these banks to make money.

Re: Pay Mortgage thru Plastiq

MrDisco99 — Sun, 02 Jan 2022 20:42:04 GMT

@8Hunnid wrote:
The Citi 1.4 cpp Redemption is going be a lot of work. That's why I said that I am leaning towards the Best Western card, where the lowest redemption rate has me coming out ahead, barely. I saw 1.2cpp frequently, and that would put me at over $300 in the positive.

As far as the risk factor, I'm fine with a little risk. I'm going to setup the payment 15 days in advance. I already check all of my accounts at least twice a month, so I'll see if the payment made it on time. If not, I'll pay it before the due date. If for some crazy reason I don't catch the missed payment by the due date, I'll most definitely see it before it hits 30 days late and affects my credit report. I'd eat the $35 late fee and it'll be a lesson learned.

And honestly, I dont care how the lender sees me, as long as they see me as "paid". People on here churn and burn, not worrying. Or app sprees. I'll be fine, I'm dealing with these banks to make money.

Fair enough. It's your business.

Just seems like a lot of unnecessary hassle for $3.

Re: Pay Mortgage thru Plastiq

8Hunnid — Sun, 02 Jan 2022 20:49:13 GMT

We'll see how it goes. The $3 was the lowest. If it doesn't work I'll just stop using plastiq. It's not permanent and set in stone

Re: Pay Mortgage thru Plastiq

Anonymous — Sun, 02 Jan 2022 21:02:28 GMT

@8Hunnid wrote:
The Citi 1.4 cpp Redemption is going be a lot of work. That's why I said that I am leaning towards the Best Western card, where the lowest redemption rate has me coming out ahead, barely. I saw 1.2cpp frequently, and that would put me at over $300 in the positive.

As far as the risk factor, I'm fine with a little risk. I'm going to setup the payment 15 days in advance. I already check all of my accounts at least twice a month, so I'll see if the payment made it on time. If not, I'll pay it before the due date. If for some crazy reason I don't catch the missed payment by the due date, I'll most definitely see it before it hits 30 days late and affects my credit report. I'd eat the $35 late fee and it'll be a lesson learned.

And honestly, I dont care how the lender sees me, as long as they see me as "paid". People on here churn and burn, not worrying. Or app sprees. I'll be fine, I'm dealing with these banks to make money.

Yes, I think the risk factor is probably overblown, and as you say, can be mitigated, providing you have the money to make two payments if necessary (as Plastiq takes the money first). People also argue against autopay....

Re: Pay Mortgage thru Plastiq

Anonymous — Sun, 02 Jan 2022 21:04:31 GMT

@MrDisco99 wrote:
@8Hunnid wrote:
The Citi 1.4 cpp Redemption is going be a lot of work. That's why I said that I am leaning towards the Best Western card, where the lowest redemption rate has me coming out ahead, barely. I saw 1.2cpp frequently, and that would put me at over $300 in the positive.

As far as the risk factor, I'm fine with a little risk. I'm going to setup the payment 15 days in advance. I already check all of my accounts at least twice a month, so I'll see if the payment made it on time. If not, I'll pay it before the due date. If for some crazy reason I don't catch the missed payment by the due date, I'll most definitely see it before it hits 30 days late and affects my credit report. I'd eat the $35 late fee and it'll be a lesson learned.

And honestly, I dont care how the lender sees me, as long as they see me as "paid". People on here churn and burn, not worrying. Or app sprees. I'll be fine, I'm dealing with these banks to make money.
Fair enough. It's your business.

Just seems like a lot of unnecessary hassle for $3.

It's probably not THAT much extra hassle. Instead of scheduling from the bank, you schedule with Plastiq that charges your card. In both cases, you might want to check that the payment worked....

Re: Pay Mortgage thru Plastiq

creditfan — Sun, 02 Jan 2022 21:18:28 GMT

since there has paypal key is MC you can get any card network that offer more reward. Such as, AOD 3% visa, fnbo evergreen business card 3% if you can spend 10k annually.

https://www.doctorofcredit.com/fnbo-evergreen-business-card-with-2-cashback-more-100-bonus-annually/

Re: Pay Mortgage thru Plastiq

jmw1 — Sun, 02 Jan 2022 21:30:47 GMT

@8Hunnid

When are you going to pay the mortgage? Due date is usually the 1st. Last day of the grace period is the 16th. On the 17th, the late fee hits.

The tricky part is that the 29th is the last day you are on-time. On the 30th, you get a late on your credit report even though the 16th is in the grace period because the due date is the 1st. A payment on the 16th is still late, but you are not charged a fee nor is it reported to the credit bureaus. At two months late, your online access to your mortgage may be locked and you may have to pay by certified funds or Western Union or they will refuse the payment.

Are you married? If you die, will it be hard for your spouse to undo this mess to make $3/month? Is your spouse interested in $3/month?

If you drink just one fewer Starbucks coffee once a month or one fewer fast food burger once a month, you save the $3 or more. This isn't worth it.