cancel
Showing results for 
Search instead for 
Did you mean: 

Question about meeting SUB spend requirements

Estimate your FICO® Score range for free

FICO® Score Estimator

Auto Loans for ANY Credit Situation. Immediate Response.
Advertiser disclosure
Regular Contributor

Question about meeting SUB spend requirements

So I'm getting ready to pull the trigger on a pre-qual offer for a Chase Sapphire Preferred (thanks to this wonderful community helping me get my credit on track). That card has a 4K in 90 days SUB requirement. I could hit that no problem by paying my student loans and mortgage over the next 3 months... but of course, neither Wells Fargo nor my student loan holders accept credit card payments. I don't spend much on groceries or travel (certainly not enough to hit 4K in 90 days). Someone told me about this Plastiq website where you can pay them using your credit card and they will pay any bill for you for a 2.5% fee (this would wind up being $100). The math works out for me. If I do that, does anyone know if those transactions will count as "purchases" for the purposes of hitting the SUB requirement? Anyone on here ever done anything like that before successfully? Or have a better idea? Thanks in advance!

Message 1 of 34
33 REPLIES 33
Established Contributor

Re: Question about meeting SUB spend requirements

Plastiq = purchases 

500K+ TCL / 800+ FCOs
Message 2 of 34
Moderator

Re: Question about meeting SUB spend requirements

Unfortuntately, for the two payees in question, this may not work on the Visa network with Plastiq.  Perhaps @Plastiq can leverage some clarity in the event there's been any recent changes.

Message 3 of 34
Regular Contributor

Re: Question about meeting SUB spend requirements

The website says you can pay any bill though, so I guess I'm confused...

Message 4 of 34
Established Contributor

Re: Question about meeting SUB spend requirements

Message 5 of 34
Moderator

Re: Question about meeting SUB spend requirements


@felipestrong wrote:

The website says you can pay any bill though, so I guess I'm confused...


The tuition might work, the mortgage will likely not.  Reference link below:

 

https://ficoforums.myfico.com/t5/Credit-Cards/Handy-Plastiq-Chart/m-p/5530982

Message 6 of 34
Contributor

Re: Question about meeting SUB spend requirements

Might be best to hold off on the application until you have an unusual large expense coming up (car down payment, attending a wedding, throwing a big party, a new computer or TV, putting a hit on someone (wait...no...assassins prefer cash/no paper trail...ignore that one), buying a bunch of new clothes, car repairs, holiday shopping, a vacation, etc.).
Message 7 of 34
Valued Contributor

Re: Question about meeting SUB spend requirements

^^^ This.

 

But be aware that Sapphire cards typically don't offer 0% APR on purchases so interest starts accumulating after the first month.  Unless you plan to pay the large balance immediately, its wise to have a BT card where you can transfer the spend and pay off at your own pace.





Message 8 of 34
Regular Contributor

Re: Question about meeting SUB spend requirements

Thanks everyone! I totally forgot that I plan on buying a new car in the next 45 days, and I plan on putting 30K down. I can just put some of it on the CSP and pay that off immediately with the cash.

Message 9 of 34
Valued Contributor

Re: Question about meeting SUB spend requirements


@felipestrong wrote:

Thanks everyone! I totally forgot that I plan on buying a new car in the next 45 days, and I plan on putting 30K down. I can just put some of it on the CSP and pay that off immediately with the cash.


That's awesome.  Put as large a deposit as possible on your CSP to get the UR points for the purchase in addition to meeting the SUB.  Just make sure you call Chase to get the purchase authorized before going to the dealer.  I met the SUB on my CSR by making a down payment on a new truck.





Message 10 of 34
Advertiser Disclosure: The offers that appear on this site are from third party advertisers from whom FICO receives compensation.