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.
Fico8: EX~EQ~TU~840 (12 month goal~850).
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.
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.
@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.
@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.
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.