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PSA: Plastiq and Visa

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Anonymous
Not applicable

Re: PSA: Plastiq and Visa


@longtimelurker wrote:

@DaveInAZ wrote:

@longtimelurker 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.


That's the problem right there!  The sentence contradicts itself!

What is a cash advance that isn't a cash advance, that's what the Chase CSR said, it's either one or the other, there is no in-between.  So either Plastiq needs to acknowledge this BS is a CA or caution users about Visa in general. 

Message 11 of 21
kdm31091
Super Contributor

Re: PSA: Plastiq and Visa

https://help.plastiq.com/hc/en-us/articles/360005215254-Visa-Personal-Card-Changes

 

This isn't new, has been this way for a little while now with Visa and Plastiq.

Message 12 of 21
Anonymous
Not applicable

Re: PSA: Plastiq and Visa


@kdm31091 wrote:

https://help.plastiq.com/hc/en-us/articles/360005215254-Visa-Personal-Card-Changes

 

This isn't new, has been this way for a little while now with Visa and Plastiq.


So it looks like Chase has decided they don’t want people paying their mortgages and such with their cards to hit minimum spend anymore. That document says it was updated 12 days ago and still has the cash advance limit with full rewards verbiage for all Chase cards. 

Message 13 of 21
jdbkiang
Established Contributor

Re: PSA: Plastiq and Visa

Visa hasn’t worked with mortgages paid through Plastiq for a while. Student loans seem to be different. CIP also hasn’t earned 3x for a few months now.






[2/2019]
Message 14 of 21
longtimelurker
Epic Contributor

Re: PSA: Plastiq and Visa

OK, now I remember and it makes sense.     With some portals, opening bank accounts (and I guess Plastiq) a charge is initially coded as a cash advance and is thus subject to the cash advance limit.   It is later converted to a purchase (rewards, no fees etc) but if your initial charge was above the say 20% CA limit, the transaction would be denied.

 

OP, so it actually posted as a cash advance?    (Rather than Chase CSR saying it would?)

Message 15 of 21
Anonymous
Not applicable

Re: PSA: Plastiq and Visa


@longtimelurker wrote:

OK, now I remember and it makes sense.     With some portals, opening bank accounts (and I guess Plastiq) a charge is initially coded as a cash advance and is thus subject to the cash advance limit.   It is later converted to a purchase (rewards, no fees etc) but if your initial charge was above the say 20% CA limit, the transaction would be denied.

 

OP, so it actually posted as a cash advance?    (Rather than Chase CSR saying it would?)


Yes, I called chase the moment the purchase posted and asked what kind of coding it was and the CSR said it was indeed a CA.  Mind this that I had already emailed the CSR on Plastiq's end and they ensured me that no fees or interests would be implemented on the transaction.  So, Plastiq really does need to explicitly say that Visa cards will incur a fee through the bank and stop with this BS language.  Why can't people just answer questions as 'yes' or 'no'?  

Message 16 of 21
FinStar
Moderator Emeritus

Re: PSA: Plastiq and Visa


@Anonymous wrote:

@longtimelurker wrote:

OK, now I remember and it makes sense.     With some portals, opening bank accounts (and I guess Plastiq) a charge is initially coded as a cash advance and is thus subject to the cash advance limit.   It is later converted to a purchase (rewards, no fees etc) but if your initial charge was above the say 20% CA limit, the transaction would be denied.

 

OP, so it actually posted as a cash advance?    (Rather than Chase CSR saying it would?)


Yes, I called chase the moment the purchase posted and asked what kind of coding it was and the CSR said it was indeed a CA.  Mind this that I had already emailed the CSR on Plastiq's end and they ensured me that no fees or interests would be implemented on the transaction.  So, Plastiq really does need to explicitly say that Visa cards will incur a fee through the bank and stop with this BS language.  Why can't people just answer questions as 'yes' or 'no'?  


Except, as per their list and other collective DPs, it only impacts specific FIs and those respective Visa cards, but not all of them.  Some FIs, like Barclays, for instance, are not impacted.

Message 17 of 21
red259
Super Contributor

Re: PSA: Plastiq and Visa


@longtimelurker wrote:

@DaveInAZ wrote:

@longtimelurker 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.


When I read it this is exactly what I understand the sentence to mean. 

;
Starting Score: EQ: 714, TU 684
Current Score: EQ: 725 7/30/13, TU 684 6/2013, Exp 828 5/2018, Last App 8/5/17
Goal Score: 800 (Achieved!) In garden until Sepetember 2019
Message 18 of 21
red259
Super Contributor

Re: PSA: Plastiq and Visa


@Anonymous wrote:

@longtimelurker wrote:

OK, now I remember and it makes sense.     With some portals, opening bank accounts (and I guess Plastiq) a charge is initially coded as a cash advance and is thus subject to the cash advance limit.   It is later converted to a purchase (rewards, no fees etc) but if your initial charge was above the say 20% CA limit, the transaction would be denied.

 

OP, so it actually posted as a cash advance?    (Rather than Chase CSR saying it would?)


Yes, I called chase the moment the purchase posted and asked what kind of coding it was and the CSR said it was indeed a CA.  Mind this that I had already emailed the CSR on Plastiq's end and they ensured me that no fees or interests would be implemented on the transaction.  So, Plastiq really does need to explicitly say that Visa cards will incur a fee through the bank and stop with this BS language.  Why can't people just answer questions as 'yes' or 'no'?  


You were put on notice with that language. A google search would have shown you a number of articles talking about this as well as people being hit with cash advance fees. Could they be clearer? Sure, but there was enough there to flag the issue for you to investigate further. No way in hell am I submitting a card to Plastiq when they tell me it may cause a cash advance unless I am 100% certain it won't. Anyone who is going to use plastiq should check which cards can be used for which things prior to submitting any charges. Some of these issues relate to Chase and other plastiq issues relate to Visa. Other than people using plastiq to pay off credit cards or something I don't really see why credit card companies are taking issue here. They are getting paid for the transactions. 

;
Starting Score: EQ: 714, TU 684
Current Score: EQ: 725 7/30/13, TU 684 6/2013, Exp 828 5/2018, Last App 8/5/17
Goal Score: 800 (Achieved!) In garden until Sepetember 2019
Message 19 of 21
Anonymous
Not applicable

Re: PSA: Plastiq and Visa

Hi Everyone - My name is Bobby and I'm with Plastiq. Our team is excited to be a part of the MyFICO community! We're here to help answer questions or solve any issues you may have with using our service, when able. For the fastest response, please be sure to reach out to our support team directly. You'll find their contact information on our user profile page.

 

@Kuso29 Sorry to hear about your negative experience with Plastiq and for the confusion with cash advance treatment. Your feedback and the feedback from other users who replied is much appreciated. Regarding your issue, we would definitely like to help you further. Can you please reach out to us either via the live chat on our website or by e-mailing support@plastiq.com? Thanks and we look forward to hearing from you soon.

Message 20 of 21
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