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Prism or Plastiq for payments?

Regular Contributor

Prism or Plastiq for payments?

Hi, everyone.

I'm curious if anyone in the forums has used Prism to make a student loan payment with a credit card to Navient.

I am well aware that CC's are not acceptable payments for federal student loans, but if possible, I'd like to utilize one of my cash back cards for the obvious reason.

Prism gives an option to pay with my card under "Exclusive Payment Options," however there is a "small fee" attached to support the team, and additional costs.

I've read a few posts about Plastiq being an option, but I already have Prism. So, before looking deeper into Plastiq, I'm curious if anyone has been able to use Prism for the same purpose, and what was the outcome.

Thanks!

**PERSISTENCE & PATIENCE** NFCU Amex $25K || NFCU GoRewards $24K || Macy's $20K || CO QuickSilver $8750 || Amex ED $5500 || USAA Pref. Cash Rewards $2.5K || HHFCU Plat. CC $2K || Zales $2500 || Discover IT $2100 || VS $1500 Total: $93,850.00

NLOC $6K
US Alliance Sig. LOC $2K

OVERALL: $101,350.00

FICO 8 - 4/25/17: EQ 648 - EX 654 - TU 632
FICO 8 - 8/27/18: EQ 684 - EX 696 - TU 713

Student Loans: >$30K
Message 1 of 7
6 REPLIES
Regular Contributor

Re: Prism or Plastiq for payments?

I'm thinking about using Plastiq for rent, tax payments. It has a nice website, layout and a transparent fee policy. Based on what I've seen about Prism it seems like a very shady outfit. Limited contact information, they're consistently unreliable and the fact that they allow people to pay credit cards with credit cards gives me great pause. You said you've used it? I would take into account how your experience is so far and if you absolutely trust them to make the correct payment, on time, etc. Otherwise, it might be best to go with another service imo.



Message 2 of 7
Valued Contributor

Re: Prism or Plastiq for payments?


@iamdetermined wrote:
Hi, everyone.

I'm curious if anyone in the forums has used Prism to make a student loan payment with a credit card to Navient.

I am well aware that CC's are not acceptable payments for federal student loans, but if possible, I'd like to utilize one of my cash back cards for the obvious reason.

Prism gives an option to pay with my card under "Exclusive Payment Options," however there is a "small fee" attached to support the team, and additional costs.

I've read a few posts about Plastiq being an option, but I already have Prism. So, before looking deeper into Plastiq, I'm curious if anyone has been able to use Prism for the same purpose, and what was the outcome.

Thanks!


I would say it's generally not worth the effort. Any service like Plastiq/Prism is going to require an additional fee to offset the merchant fees that they're paying instead of Navient. That fee is going to offset any cashback gains you get, unless you happen to have some card that gives more than the fee for the payment.

Message 3 of 7
Regular Contributor

Re: Prism or Plastiq for payments?

Iced: Very true. If I weren't in my double cash back with Discover it wouldn't be worth it. They grey area is that Prism lets you pay a credit card with a credit card (although at least one bank is onto this). Technically you could stack the cash back. It might be allowed for now but Idk, I don't want any of my cards taken away for what's probably a violation of their TOS.



Message 4 of 7
Regular Contributor

Re: Prism or Plastiq for payments?

I honestly have used it once to pay a bill with no issue, but never deleted the app. I initially liked the app for being able to monitor everything in one, but extremely rare if I open it these days.

I agree that it's questionable that they allow paying a CC with a CC, and you raise some valid points.

Thanks Sabii!
**PERSISTENCE & PATIENCE** NFCU Amex $25K || NFCU GoRewards $24K || Macy's $20K || CO QuickSilver $8750 || Amex ED $5500 || USAA Pref. Cash Rewards $2.5K || HHFCU Plat. CC $2K || Zales $2500 || Discover IT $2100 || VS $1500 Total: $93,850.00

NLOC $6K
US Alliance Sig. LOC $2K

OVERALL: $101,350.00

FICO 8 - 4/25/17: EQ 648 - EX 654 - TU 632
FICO 8 - 8/27/18: EQ 684 - EX 696 - TU 713

Student Loans: >$30K
Message 5 of 7
Regular Contributor

Re: Prism or Plastiq for payments?

Makes perfect sense, iced! Putting it into perspective now, it would be pointless to go this route, especially because of the fee. Thank you iced!
**PERSISTENCE & PATIENCE** NFCU Amex $25K || NFCU GoRewards $24K || Macy's $20K || CO QuickSilver $8750 || Amex ED $5500 || USAA Pref. Cash Rewards $2.5K || HHFCU Plat. CC $2K || Zales $2500 || Discover IT $2100 || VS $1500 Total: $93,850.00

NLOC $6K
US Alliance Sig. LOC $2K

OVERALL: $101,350.00

FICO 8 - 4/25/17: EQ 648 - EX 654 - TU 632
FICO 8 - 8/27/18: EQ 684 - EX 696 - TU 713

Student Loans: >$30K
Message 6 of 7
Established Member

Re: Prism or Plastiq for payments?

Though it sounds like you've gotten your answer, just thought I'd add some personal experience with Prism.

 

I've been using Prism for a few months mostly as a way to keep track of all my accounts, but have used them to pay utility bills and some of my student loan payments with a credit card. As far as reliabilty, I've never had an issue with a missed payment. They do take longer to post payments than simply paying from your bank account, typically a couple days more. Each time I've done this the fee has been $1.99.


Starting Scores (AUG 18) EQ: 706 TU: 724 EX: 715 Goal Score 1: 760 Goal Score 2: 810
Message 7 of 7