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Plastiq?

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Plastiq?

Hi all,

 

Super new to this all. I signed up for Plastiq in hopes of paying off a personal loan with a credit card with OneMain Financial who told me they don't take cc payments, only checking account/debit card payments. I have to hit a 4k spend in 3 months and I owe 4k, so it's perfect (as I was going to just pay it in cash anyhow in April), but for my life I can't understand how Plastiq works. It says I need the recipients wire information or bank/routing information or address to mail a personal check. For OneMain, how does that work? I can't seem to comprehend how it will then be 'tagged' to my account if I say, sent a check or wired money. Like I envision it goes to the (very large) bank, and then what? How is my account paid off then? Ack, sorry this is such a newb question. 

Message 1 of 8
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Valued Contributor

Re: Plastiq?


@dukesilver wrote:

Hi all,

 

Super new to this all. I signed up for Plastiq in hopes of paying off a personal loan with a credit card with OneMain Financial who told me they don't take cc payments, only checking account/debit card payments. I have to hit a 4k spend in 3 months and I owe 4k, so it's perfect (as I was going to just pay it in cash anyhow in April), but for my life I can't understand how Plastiq works. It says I need the recipients wire information or bank/routing information or address to mail a personal check. For OneMain, how does that work? I can't seem to comprehend how it will then be 'tagged' to my account if I say, sent a check or wired money. Like I envision it goes to the (very large) bank, and then what? How is my account paid off then? Ack, sorry this is such a newb question. 


It would be "tagged" to your account by providing plastiq with your loan account number 

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Message 2 of 8
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Member

Re: Plastiq?

Ahhhhhhh. Duh. I could not understand the concept haha.

 

So I need to get either wire info/bank info for One Main first, then submit it through Plastiq, and they take care of the rest and done? 

Message 3 of 8
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Re: Plastiq?

Follow up to my own question - can I even pay a personal loan with Plastiq? I can't figure it out as I go through the steps of 'sending a check' - basically I'm trying to hit a sub for 4k and owe 4k. I was going to pay in full in cash next month so instead will pay off the card but can't figure out if this is possible. I know no debt with debt but I thought Plastiq circumvented that.

Message 4 of 8
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Senior Contributor

Re: Plastiq?


@dukesilver wrote:

Follow up to my own question - can I even pay a personal loan with Plastiq? I can't figure it out as I go through the steps of 'sending a check' - basically I'm trying to hit a sub for 4k and owe 4k. I was going to pay in full in cash next month so instead will pay off the card but can't figure out if this is possible. I know no debt with debt but I thought Plastiq circumvented that.


I've used Plastiq for a couple years now - I pay my mortgage monthly payment, and that is clearly paying a loan with a credit card through Plastiq. I recommend having Plastiq mail a check to One Main, there's places in the check where you can enter your One Main loan # to ensure it is credited correctly, and make sure the mailing address you use is for One Main to accept payments.

 

BUT you need to be very careful using a Plastiq payment to meet your 4k spend requirement to get the bonus on your new credit card. Credit card companies watch carefully for "manufactured spend" (MS) on the spend requirement to get a sign-up bonus on new cards. MS typically involves buying gift cards to meet spend requirements, and issuers like American Express closely scrutinize this. I of course have no idea if your CC issuer will consider a Plastiq payment as MS and not qualifying for your 4k spend requirement, but a $4,000 charge on a fairly new card will certainly be reviewed. And Plastiq usually charges a 2.5% fee for payments made by credit cards, so this will cost you $100 to have Plastiq send a $4k payment, cutting into you credit card bonus.


Message 5 of 8
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Re: Plastiq?

Thank you for the tip. I'll consider both - I could pay it in increments also. 

 

When using Plastiq, it asks for the category of service - which do you normally select? ie clubs and memberships, cars/boats/trains, insurance, business purchases/franchise fees, commerical rent etc. i'm not sure where personal loans would fall. and would a mis-category end in any kind of rejection?

Message 6 of 8
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Senior Contributor

Re: Plastiq?

I don't think Plastiq will necessarily reject a payment for chosing an incorrect category for a payment, that's more for them to choose which merchant category to use to code the purchase to the credit card. Try Professional Services, when I've used a credit card to fund a new bank account that's how it often codes. 


Message 7 of 8
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Senior Contributor

Re: Plastiq?

I've used my AAdvantage MC to make my car payment several times, once you register the card info then you can pay whoever by selecting "send check" option. Just make sure to do this at least 8 days prior to the due date. 

 

The other method would be to find out One Main's routing number, then just enter your acct number etc.

 

I just find the check option much easier. And yes you should keep in mind that some CCC 's can/will reject certain payment types. 






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