Within this summer, Plastiq hurled at VISA cardholders quite the unexpected tragedy of denying processing of any form of VISA deemed cards to pay our mortgages with and further disallowing earning points from it. Any attempt to knowingly miscategorize mortgage payments would also have resulted in worst case scenario, termination of your Plastiq account.
Stretching into the end of November, reports have been coming through that VISA mortgage payments are now allowable on Plastiq. Definitely great news, however, at this very moment, I can’t say for sure that you’ll be earning points for making such payments. Let’s not forget that Plastiq has a 2.5% fee attached and typically, the Chase Sapphire Reserve was the go-to for offsetting the fee with the 3x category that used to be coded as Lodging/Travel.
I can say for sure that paying your mortgage with a VISA via Plastiq is unfortunately YMMV. Some reports points towards utilizing smaller, under-the-radar credit unions as a catalyst, but others have been successful with even Wells Fargo. Could very well be specific VISA Credit Cards that aren’t eligible via Plastiq.
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Plastiq Visa Mortgage Payment Option Timeline:
- VISA will no longer be processed as mortgage payments via Plastiq (June, 2017)
- Rent Payments with VISA are still eligible
- VISA now works for mortgage payments via Plastiq (November, 2017)
- Notion that small bank cards that run VISA may still be able to process as mortgage payments via Plastiq (YMMV)
- Notion that certain VISA cards are not eligible for mortgage payments
- Points earning from mortgage payments via Plastiq is not specified
- Plastiq’s newest website update insinuates earning points for paying off larger bills.
Key Features:
- MasterCard – 2.5% service fees for payments using a MC card (standard rate)
- Visa – 2.5% service fee for payments using a Visa card (standard rate)
- American Express – 2.5% service fee for payments using a AMEX card (standard rate)
How To Work Plastiq:
- Submit or schedule a payment for ANY bill.
- You can see the “Processing Date” when you hover over a date in the calendar.
- Use any ELIGIBLE card to make the payment.
Final Analysis:
I would say that Plastiq is definitely back on their feet since the summer. Just took some time to allow VISA cardholders to pay their mortgages with their services again. Now, we’re really just assuming that Plastiq allows points earning on VISA cards because their site basically says so. If you’ve had any recent experiences paying your mortgage with a VISA via Plastiq, we’d really appreciate it if you let us know in the comment section below! Don’t forget to check out our full list of Credit Card Bonuses if you’re not interested at the moment.
