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Plastiq for making Car Payments

Thatficotho
Valued Member

Re: Plastiq for making Car Payments

I was so excited when I got my gold delta Amex because I would earn so many miles by paying my capital one car loan, but then I found that plastiq doesn’t allow Amex to be used Smiley Sad((
Message 21 of 24
imaximous
Valued Contributor

Re: Plastiq for making Car Payments


@Thatficotho wrote:
I was so excited when I got my gold delta Amex because I would earn so many miles by paying my capital one car loan, but then I found that plastiq doesn’t allow Amex to be used Smiley Sad((

I wouldn't be so broken up about it. The amount that you'd be paying in fees would negate any rewards you could earn on that card. I don't keep up with values of every point currency, but paying 2.5% in cash fees to Plastiq to earn only 1% back isn't a very good idea. You're losing money on every transaction. The only times anyone would suggest you use a rewards card is if you're trying to meet a SUB, your rewards program exceeds Plastiq's fee or maybe if you're very close to getting the number of miles/points needed for a reward and you just need a top-off.

AMEX | BofA | Barclays | Cap One | Chase | Citi | Discover | GS | PenFed | SYNCB (PP MC, Lowe's, Amazon, PP Credit) | US Bank
Message 22 of 24
Chiclets
Regular Contributor

Re: Plastiq for making Car Payments


@imaximous wrote:

@Thatficotho wrote:
I was so excited when I got my gold delta Amex because I would earn so many miles by paying my capital one car loan, but then I found that plastiq doesn’t allow Amex to be used Smiley Sad((

I wouldn't be so broken up about it. The amount that you'd be paying in fees would negate any rewards you could earn on that card. I don't keep up with values of every point currency, but paying 2.5% in cash fees to Plastiq to earn only 1% back isn't a very good idea. You're losing money on every transaction. The only times anyone would suggest you use a rewards card is if you're trying to meet a SUB, your rewards program exceeds Plastiq's fee or maybe if you're very close to getting the number of miles/points needed for a reward and you just need a top-off.


Many SUBs are worth 15-20% or more.  Of course it makes sense to pay 2.5% to Plastiq if you need to generate enough spend to achieve the SUB.  

Message 23 of 24
imaximous
Valued Contributor

Re: Plastiq for making Car Payments


@Chiclets wrote:

@imaximous wrote:

@Thatficotho wrote:
I was so excited when I got my gold delta Amex because I would earn so many miles by paying my capital one car loan, but then I found that plastiq doesn’t allow Amex to be used Smiley Sad((

I wouldn't be so broken up about it. The amount that you'd be paying in fees would negate any rewards you could earn on that card. I don't keep up with values of every point currency, but paying 2.5% in cash fees to Plastiq to earn only 1% back isn't a very good idea. You're losing money on every transaction. The only times anyone would suggest you use a rewards card is if you're trying to meet a SUB, your rewards program exceeds Plastiq's fee or maybe if you're very close to getting the number of miles/points needed for a reward and you just need a top-off.


Many SUBs are worth 15-20% or more.  Of course it makes sense to pay 2.5% to Plastiq if you need to generate enough spend to achieve the SUB.  


Well, isn't that what I said there? 

AMEX | BofA | Barclays | Cap One | Chase | Citi | Discover | GS | PenFed | SYNCB (PP MC, Lowe's, Amazon, PP Credit) | US Bank
Message 24 of 24
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