PSA: Plastiq and Visa

Anonymous · ‎02-19-2019

Just wanted to get it out there after my own problem going through this trying to hit the SUB on my CSP. I usually try to use Plastiq for rent payments to hit the SUB and those were generally through AMEX or Mastercard. This was my first time going through Plastiq with Visa and after hearing stories of Visa coding Plastiq as Cash advance, I went and read the FAQs on their website and the language on it rather contricts itself. They say that it would code as a cash advance but without fees and interest and full rewards will be given. However that is not the case as I will explain...

I got off the phone with Chase and they said that the payment that I had submitted and now posting on my account is indeed a CA along with the fees and interests associated with it. It was a long call that they had to transfer me to the dispute center to remove the charge since Plastiq lied about the fees and interests. The CSR worked with me and has sent a form out for me to fill to complete the dispute and the charge reversed. I have also reached out to Plastiq, talked to the same rep who explicitly said no fees or interests will be charged and told him to cancel the check.

In full summary, Plastiq needs to update their FAQs about Visa cards being coded as CA and remove the bolded term stating that fees and interests will not be placed on the charge, that is complete BS. Hopefully, people are able to still use the other 3 (AMEX, MC, Disc) without problems.

Though, this got me wondering, how did the coding for the Ink preferred work...??

Anonymous · ‎02-19-2019

Sorry for that incovenience but Thank you for sharing this experience!!!

I don't have any history with Plastiq so hopefully people will answer your question

Anonymous · ‎02-19-2019

Interesting. That is not been my experience. I use plastiq with my Visa to pay my student loans.

Anonymous · ‎02-19-2019

@Anonymous wrote:
Interesting. That is not been my experience. I use plastiq with my Visa to pay my student loans.

Who is your issuing bank may I ask? Also, have you made sure that it is not a CA with Interests and Fees?

Gmood1 · ‎02-19-2019

Visa nor Amex play well with Plastiq and Mortgage coded companies.
I stick with MasterCard when using them. I get a pop up warning when trying to use either Visa or Amex.
I recently paid my auto loan out 4 months with Plastiq. Plastiq considers some lenders as mortgage companies and will not allow Amex or Visa to process.
I used my US bank MasterCard without any issues to process payments to Penfed.
Citi MasterCards work as well.
Sorry for your troubles.

Anonymous · ‎02-19-2019

Wow. I too asked explicity whether my Visa could be used with cash advance fee. I have not had this issue. I pay student loans with Ink Preferred. Granted this is only my second month using Plastiq. However, I did notice that it did not code as 3x rewards like some of the blogs said it would.

FinStar · ‎02-19-2019

@Gmood1 wrote:
Visa nor Amex play well with Plastiq and Mortgage coded companies.
I stick with MasterCard when using them. I get a pop up warning when trying to use either Visa or Amex.
I recently paid my auto loan out 4 months with Plastiq. Plastiq considers some lenders as mortgage companies and will not allow Amex or Visa to process.
I used my US bank MasterCard without any issues to process payments to Penfed.
Citi MasterCards work as well.
Sorry for your troubles.

This exactly ^^^^. Depending on who the merchant is and whatnot, I'm sure the outcome could vary. Some issuers can be quirky, but I've never encountered any issues processing any transactions using Visa, AmEx or MC, even with Chase. I primarily stick to MC, especially when they run certain Plastiq promotions

Anonymous · ‎02-19-2019

@Anonymous wrote:
Just wanted to get it out there after my own problem going through this trying to hit the SUB on my CSP. I usually try to use Plastiq for rent payments to hit the SUB and those were generally through AMEX or Mastercard. This was my first time going through Plastiq with Visa and after hearing stories of Visa coding Plastiq as Cash advance, I went and read the FAQs on their website and the language on it rather contricts itself. They say that it would code as a cash advance but without fees and interest and full rewards will be given. However that is not the case as I will explain...

I got off the phone with Chase and they said that the payment that I had submitted and now posting on my account is indeed a CA along with the fees and interests associated with it. It was a long call that they had to transfer me to the dispute center to remove the charge since Plastiq lied about the fees and interests. The CSR worked with me and has sent a form out for me to fill to complete the dispute and the charge reversed. I have also reached out to Plastiq, talked to the same rep who explicitly said no fees or interests will be charged and told him to cancel the check.

In full summary, Plastiq needs to update their FAQs about Visa cards being coded as CA and remove the bolded term stating that fees and interests will not be placed on the charge, that is complete BS. Hopefully, people are able to still use the other 3 (AMEX, MC, Disc) without problems.

Though, this got me wondering, how did the coding for the Ink preferred work...??

Can you post a link to the FAQ in question (or the text) as I can't see it.

I'm not sure what it would mean to be a cash advance without the fee or interest but with rewards. That sounds just like a purchase!

DaveInAZ · ‎02-19-2019

@Anonymous wrote:
Can you post a link to the FAQ in question (or the text) as I can't see it.

I'm not sure what it would mean to be a cash advance without the fee or interest but with rewards. That sounds just like a purchase!

Plastiq doesn't have an actual FAQ, you click Support on the bottom left and search. I searched for "visa" and they list terms for many CC issuers. For Chase CSP they do say: "Payments made through Plastiq may be subject to a lower cash advance limit (typically ~20% of your total card limit). Your transaction will otherwise be treated with full rewards, and not incur any additional fees."

Which is nonsense, if a charge is treated as a cash advance there are fees and certainly no rewards. I use Plastiq for a couple payments but I have enough MCs to use. Many CC issuers allow you to set your csh advance limit, when they do I always set mine to $0, or $1 if they require an amount.

Anonymous · ‎02-19-2019

@DaveInAZ wrote:
@Anonymous wrote:
Can you post a link to the FAQ in question (or the text) as I can't see it.

I'm not sure what it would mean to be a cash advance without the fee or interest but with rewards. That sounds just like a purchase!
Plastiq doesn't have an actual FAQ, you click Support on the bottom left and search. I searched for "visa" and they list terms for many CC issuers. For Chase CSP they do say: "Payments made through Plastiq may be subject to a lower cash advance limit (typically ~20% of your total card limit). Your transaction will otherwise be treated with full rewards, and not incur any additional fees."

Which is nonsense, if a charge is treated as a cash advance there are fees and certainly no rewards. I use Plastiq for a couple payments but I have enough MCs to use. Many CC issuers allow you to set your csh advance limit, when they do I always set mine to $0, or $1 if they require an amount.

Thanks. Interesting language. It's perhaps correct but useless if parsed as "Payments MAY be subject to a lower cash advance limit (i.e. treated as a cash advance). Otherwise (i.e. if they are NOT treated as a cash advance) they will get full rewards and no fees". But more likely it is just wrong.