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So I was checking out PLASTIQ.
I thought with a 3% CB card, maybe I would charges some bills here and there and make 0.5% (I know, no biggie ).
So I got a referral that alotted me $50 referral dollars. To test it out, got my account all set up, sent $50 and it worked perfectly. Charged my card $50 and my fees were covered by the referral. (2.5% = $1.25)
That was a few weeks ago. So today I go back to try it again for the same bill - and it says I have $0 in my referral balance. Did online chat with CSR and he is telling me I used it all up on my first check. I was like "what??" $50 on a $50 check. I double checked my CC and I saw it was charged $50, so its not like I got a freebie. So I asked him "If I sent a check for $2000 say, and the fee would be 2.5% meaning it would $50, how much would that cost me in referral" He was like "Oh, that would be $2000 in referral money.
WHAT?? Can someone who uses PLASTIQ tell me what this is all about. Thank G** I didn't plan on using this all the time and was just toying with it to see how it works.
No sure of referrals I typically use plastiq or use to to meet min spend requirements for sign-up bonuses 3-5k and pay mortgage or rent or whatever on them, but since they have become more restrictive or shall we say card issuers or networks have.. Now I just use them during the 1-1.5% promo periods and use my Citi DC MC as mastercard is good with them and either profit from .5-1% on 1500-2k charges for whatever time frame they usually are. Usually these offers are for like 3 months up to 10k or whatever so you set them up in advance such as rent or house payments set and forget and profit. MC is safest network these days by far and needs to be over a 2% card or have some kinda sub to use imo..
Plastiq dollars is not the same as regular dollars. lol. Its fee-free dollars(FFD) or something like that. So your 50 ffds gets you that much in fee waivers.
I have used them for my rents monthly for the past year and a half and for $1,400 the regular fee is $35 but sometimes when I've accumulated ffds or utilize some offers I can get it totally waived or reduced. Like you said up here I have mostly used it with Chase freedom unlimited for a 3% cashback. So I'm just contented with getting the 0.5% back, holding on to my cash as long as possible and paying my landlord over in Florida, on time without even thinking about it.
It has also been my most reliable way of knocking off my SUB spend on new cards I get. So I guess for me the 2.5% is an acceptable cost of convenience.
@Credit_Flavours wrote:Plastiq dollars is not the same as regular dollars. lol. Its fee-free dollars(FFD) or something like that. So your 50 ffds gets you that much in fee waivers.
So going by what you said is true & per the CSR, how can a $50 check be $50 in FFD? Something doesn't add up.
@Wavester64 I'm gonna go ahead and merge your thread with other Plastiq threads 😐
Kiddin' 😐
Referal dollars are dollars put through the system, not dollars charged by plastiq as a fee.
If you have 50 referal dollars, it means you can send someone $50 dollars on plastiq without being charged a fee.
If you have 50 referal dollars and send someone $2000 dollars, plastiq will charge you a fee on $1950. The other $50 of the $2000 won't be charged a fee.
@ChazzieT wrote:Referal dollars are dollars put through the system, not dollars charged by plastiq as a fee.
If you have 50 referal dollars, it means you can send someone $50 dollars on plastiq without being charged a fee.
If you have 50 referal dollars and send someone $2000 dollars, plastiq will charge you a fee on $1950. The other $50 of the $2000 won't be charged a fee.
Thank you - now THAT makes sense. Though I do like it better if it were $50 towards fees, which is what I thought it was
Glad to help!