@Anonymous wrote:I recently started using Platiq to pay bills/utilities with my credit card to rack up points/mile but I'm wondering if you can use Plastiq to pay off credit card balances using a credit card. It's similar to balance transfers except a lot easier. Has anyone tried this?
Why bother using Plastiq for the sole purpose to rack up points? whatever you earn is negated by the 2.5% Fee they charge you per transaction.
I removed a pretty non FSR comment from this thread. Please be respectful of one another and welcome to myFico OP 
Well, trying to generate rewards by using Plastiq makes no sense, but the OP wants to meet an initial spend. Obviously, it would be better to get the sign-on bonus through normal spending, but its still worth it to pay 2.5% to get 40k points. OP, I don't know whether you could use Plastiq to pay other cards.
I would say the biggestred flag is that OP is carrying balances on other cards. In most cases, carrying balance and paying CC interest neutralizes any benefits from using the cards.
@happypill wrote:
I would say the biggestred flag is that OP is carrying balances on other cards. In most cases, carrying balance and paying CC interest neutralizes any benefits from using the cards.
It depends on which direction one approaches the question:
If one is carrying a balance on a card, and has the ability to route some spend that is going to happen anyway so that it earns rewards that are not available on other cards, then the rewards could be seen as a way to reduce the interest cost
Bank of America, AMEX, and Citi all have various "mini bonus" spend opportunities that crop up with merchants or categories that I sometimes find useful, even if I happen to risk a bit of extra interest cost for it.
@Closingracer99 wrote:
@Anonymous wrote:I recently started using Platiq to pay bills/utilities with my credit card to rack up points/mile but I'm wondering if you can use Plastiq to pay off credit card balances using a credit card. It's similar to balance transfers except a lot easier. Has anyone tried this?
Why bother using Plastiq for the sole purpose to rack up points? whatever you earn is negated by the 2.5% Fee they charge you per transaction.
I won't be using Plastiq for the entire $4,000 but even if I did, I would be profiting $400. Let's say I only use Plastiq to pay $2,500 worth of bills. That's $50 in fees and $450 in earned points. It's worth it if you have nothing else to spend it on and it's much better to use Plastiq and reach the $4,000 than not use it and waste the opportunity.
I'm currently using plastiq to meet my min spend by paying my rent with it. I paid one month already and I am looking at upcoming expenses to see if I want to pay another month of rent (which will result in me meeting my min spend and allow me to use my rent money to pay down other cards while I wait for some additional client payments to come in) or if I will try to make the rest of the min spend in another way forgoing some large cat bonuses in the process. I do have some utility payments I need to make (my utility company charges way too much to use a credit card) and at one point there was an offer that Plastiq would wave the fee if you setup a recurring utility payment with a MC. Is that still the case? I knowwas an offer to make payments with a MC for 1.9%, which I will use if the first option is gone.
Update: I looked through the Plastiq website. Apparently all the offers are gone and it is back to 2.5% for everything. For people who want to take advantage of a Plastiq offer make sure to jump on them quickly, because they have a habit of advertising special offers and making them for a very limited duration.
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@Anonymous wrote:
@red259 wrote:I'm currently using plastiq to meet my min spend by paying my rent with it. I paid one month already and I am looking at upcoming expenses to see if I want to pay another month of rent (which will result in me meeting my min spend and allow me to use my rent money to pay down other cards while I wait for some additional client payments to come in) or if I will try to make the rest of the min spend in another way forgoing some large cat bonuses in the process. I do have some utility payments I need to make (my utility company charges way too much to use a credit card) and at one point there was an offer that Plastiq would wave the fee if you setup a recurring utility payment with a MC. Is that still the case? I knowwas an offer to make payments with a MC for 1.9%, which I will use if the first option is gone.
Update: I looked through the Plastiq website. Apparently all the offers are gone and it is back to 2.5% for everything. For people who want to take advantage of a Plastiq offer make sure to jump on them quickly, because they have a habit of advertising special offers and making them for a very limited duration.
Yea all the offers are gone but the 1.9% is still in effect for MC and AMX. I read an article that claims the 0% to be in effect also. I'm not sure if you can post links here but it can be found searching google.
I don't see anything about being able to get 1.9%. I checked some articles and they said you had to signup by Sept 30th.