All payments in the following categories can be paid on ANY card and dont have ANY cash advance issues: For all other categories, heres a list of cards that currently work for paying bills on Plastiq without any cash advance issue (as of 5/29/19): Aside from the issue of which cards earn rewards and dont have cash advance fees, theres a separate issue of which bills you can pay; some card issuers have rules about which bills can be paid using their card. Expires 9/15. How To Pay Your Mortgage With A Credit Card | Bankrate Sadly, they charge a whopping 2.85% when you use a credit card. Also they dont have a customer service number. If you want to use your credit card to pay your mortgage company, there are two main strategies you can use. To begin, simply visit Plastiq.com to sign up for your account. Recipients already showing in the system are sometimespaid via ACH and sometimes via check. This will lead to greater accumulation of interest, as your funds will remain in the bank for longer. There are also fees for using Plastiq to make payments. You must first spend $5,000 in payment processing and then the $1,500 in free processing will be applied automatically to your account. Bank Accounts That Can Be Funded With A Credit Card, List Of Methods Banks Count As Direct Deposits. At the time I got the card, it had a welcome bonus of 80,000 Delta SkyMiles after spending $6,000 in the first three months. 8 Ways to Pay Rent With a Credit Card Most landlords and mortgage companies won't accept credit card payments for rent or mortgage payments. Manage, track and organize your finances. Be sure to pay any bill well in advance of the due date, and check that the payment cleared in time. In terms of managing your budget, mortgage payments are generally the most costly bill of the month, often taking more than one third of pre-tax income. It will depend on your own personal valuation whether you value 2x Membership Rewards or 2x Starpoints over 3x ThankYou points, Dont Miss: How Do Banks Calculate Mortgage Payments. Paying every bill with credit -- expenses like car insurance, health insurance premiums, groceries, gas, and internet service -- can add up to huge rewards that could cover extra expenses like travel experiences or large purchases. Some recipients mightget nervous, but its really just a standard check, no different than had you sent the check yourself. Wtf? I was nearing the end of the three months of holding the card and was around $1,800 short to complete the welcome offer. How do I go about adresing that. Personally, I use the Citi AT& T Access More card, which gives 3x ThankYou points on online purchases. Hotel elite statuses can offer things like late check-out, free night stays, and room upgrades when they're available. Therefore, we wont factor category bonuses into this equation. All Credit Cards. Plastiq is a third-party service which allows you to pay your mortgage via credit card, which lenders generally dont allow. 1285 West Broadway, Suite 600, Vancouver, BC V6H 3X8 And I can confirm: I only got 1X for last months mortgage payment. If you use a debit card, on the other hand, your Plastiq fee will only be 1% of each bill you pay. Learn how to keep it safe. For most other bills, this is the easiest and cheapest way of paying with a card. Fees and interest could apply, depending on your card and making large payments may have an effect on your credit score as well. Check your mortgage statement for the company's official website. Or youre close to having enough points and decide to make the payment to secure the award. Plastiq is an online service that lets you make credit card payments to send checks to companies that bill you. By paying your mortgage lender with a credit card, youll reduce the impact mortgage payments typically have on your budget, allowing you more time to make the payments. This includes regular bills, such as your rent/mortgage payment and utilities, as well as other expenses like tuition, and even your income taxes! If you need more than the 15-day grace period to pay your mortgage but want to avoid a late fee and credit score damage, you could pay your mortgage with a credit card on the 14th to buy yourself about 25 more days to make your mortgage payment, assuming you're not carrying a balance on your card. Plastiq will mail out a check to the selected address. Some companies, like utilities, even charge fees of 3% or more when you swipe -- fees that usually cost more than any rewards you'd earn. Even if you paid all $4,000 in bills through Plastiq to earn the welcome bonus, you'd fork over $114 in fees to earn $636 in travel. Your credit card offers ongoing cash back (or the equivalent in points or miles) of 3.0% or more on this payment. Using a credit card to pay mortgage? : r/RealEstate - Reddit The novelty of Plastiq is that it's possible to pay any bill with a credit card; rent, mortgage, taxes, tuition, loans (car, student, home equity, etc. Make & Accept Payments at Low or No Cost | Plastiq | All in One Place For example, if you get a bill from a company that doesnt accept credit cards, you can enter the companys details, tell Plastiq how much you want to pay, and let Plastiq charge your card. Instead of taking making an enormous payment all at once, youll now have the ability to control & stagger payments according to your schedule & financial needs, and pay your mortgage like you would any other credit card bill. Not so long ago, the fee to use Plastiq.com was only 2.5%, so this increased . The content on Money Crashers is for informational and educational purposes only and should not be construed as professional financial advice. At 1X, its not a wash any more, but a losing proposition. Money orders also incur a cost. Plastiq provides the one way to pay mortgage with a credit card. Plastiq makes paying your mortgage with a credit card a reality. You definitely can pay rent with a credit card if you're willing to jump through enough hoops, but that doesn't mean you should. So are there any good options left for paying mortgages through Plastiq? This article will answer all of your questions about charging your monthly mortgage payment. August 17, 2021. It's a great option for earning points on spending that you normally can't put on a credit card. Do you want to pay your mortgage with a credit card? How We Earned $2,000 in Credit Card Rewards Paying Off Our Mortgage. An extension of the idea above is to pay your mortgage with a credit card to avoid foreclosure. American Express cards and Visa credit cards are not accepted for these payments. The 3X was sweet because Plastiqs fee is 2.5%. Redemptions start at 12,000 points for a $100 payment or contribution to an existing CIBC . And in tough times, you might use your credit cards grace period to extend your effective mortgage payment due date giving yourself a bit more time to come up with the cash you need to pay the bill. Between paying by card and paying via free bank transfer, youll never send another check again. Even though your lender might not accept a credit card for payment, it's possible to pay your mortgage using Plastiq, a third-party payment service . She is an adjunct professor at Connecticut State Colleges & Universities, Maryville University, and Indiana Wesleyan University. If you cant pay your credit card balance in full by the due date, your card will be a very expensive way to make your mortgage payment. However, there was a 3% upcharge to pay the apartment ownership company with a credit card. Alas, Plastiq doesn't offer this service out of the kindness of their hearts. As of now (3/8/19), Im not aware of any card that earns bonus points with Plastiq, its just the regular rewards rate. Paying rent and mortgages with a credit card - The Points Guy If you do sign up through my link, I of course appreciate it. But I knew if I used Plastiq, Id only be charged 2.5%. William Charles / Chuck I got an email from Plastiq yesterday, subject Get your mittens on more FFDs, offering one FFD for every $10. Once you register for the service, you can get started by sharing your referral code with others. Check payments take around 2 weeks to get to the recipient while ACH payments take around one week. it wasnt previously in the system, like your caterer or a bank they didnt have in the system) will be sent via mailed check. Mesh routers vs. Wi-Fi routers: What's best for your home office? 1. A financial advisor could help you create a financial plan for your home buying needs and goals. Plastiq is a bill payment service which allows us to pay any bill with a credit or debit card for a 2.90% processing fee. You can set up automatic payments that take place on a certain date every month for a specific amount, or you can make every credit payment manually through the service. Dont miss out on news that could impact your finances. ", Club Thrifty. Pay your Mortgage, Rent, or Student Loans using your Credit Card via However, many lenders give borrowers until the 15th to make their payment without a late fee. All rights reserved. Bank-to-bank ACH transfers or EFTs: Free. Only under limited circumstances will the average person potentially benefit from charging mortgage payments to a credit card. Next, confirm how youll make payments: for your business, yourself or a combination of both. It was updated in March 2022.]. PAYING MORTGAGE OR RENT WITH CREDIT CARD USING PLASTIQIf you want to learn how to pay your mortgage, rent, car note, or any bills watch this plastiq tutorial.As long as you have available funds on your credit card you can use plastiq to pay your bills. Please dont leave your referrals here, rather, head over to our dedicated Plastiq Referral Thread and leave it there. Join the thousands of people who subscribe to our once-daily email or our with all the best travel news. Thanks to readers Frank, Amar, and Kenfor sharing experiences with their Citi AT& T Access More cards only earning 1X points for mortgage payments via Plastiq this month. Plastiq 4. Why Pay Your Mortgage with a Credit Card? View the full list of applicable transaction types for American Express & other cardholders. Merchant description: REAL ESTATE AGENTS AND MANAGERRENTALS This means that the first $500 in payments will not be free. Plastiq is an online bill-pay service that allows customers to pay their expenses for a fee. You'll face a few problems as you try to pay your mortgage with a credit card. Andthenyour rewards are on their way! How late fees work and how to avoid them. My experiences using Plastiq to pay my mortgage for "free" money For example, not being able to pay your utility bills with a credit card can be quite frustrating. Plastiq is a service that allows you to pay bills with credit cards, even where cards are not accepted by the lender, creditor, or vendor. And when is it worthwhile? A credit card balance is the total amount of money that you owe to your credit card company. Plastiq. Plastiq has a referral program which offers Fee Free Dollars, meaning theyll process some of your payments free if you refer a friend. Traditionally, borrowers paid their mortgages every month with cash or a check. Thus, they typically wont trigger any bonus category spending. That means youll fork over $28.50 for every $1,000 in bills you pay. Plastiq Alternative Pay Any Business With Credit Card - Online Check Writer While some people can easily spend $4,000 in three months paying regular bills, others with low expenses might struggle to reach that threshold without putting a big expense like rent or mortgage payments on the card. Walmart caps fees at $1 per transaction. You also might be able to buy a money order with your credit card and deposit it at your bank or send it to your mortgage servicer. Is Using Plastiq Worth It For The Rewards? There are only a few situations where it makes sense. In some cases, even if a vendor accepts credit cards, Plastiq may still pencil out as a better option after you compare the associated transaction fees. Third-party payment providers may accept your card payment and then cut a check to your mortgage servicer, but the convenience fee you'll pay may not be worth it. Credit Cards vs. Debit Cards: Whats the Difference? How Does The Process Of Paying With Plastiq Work? If you use a credit card on the platform, youll pay a Plastiq fee of 2.85% for each purchase you make. "Learn About Supported Payment Types by Card Brand on Plastiq. The fee I incurred was $45, but that was outweighed by me earning 80,000 Delta SkyMiles. Doretha Clemons, Ph.D., MBA, PMP, has been a corporate IT executive and professor for 34 years. The following rates are available beginning today: American Express and MasterCard - 1.99% service fee for payments using an American Express or MasterCard. How do you do it? When he's not writing about all things personal finance, he enjoys cooking, esports, soccer, hockey, and games of the video and board varieties. If you dont, you could end up in worse financial circumstances by paying credit card interest, depending on how long it takes you to repay what you owe. Each payment you put on your card means more credit card points, miles or cash back for you. How Does Plastiq Pay Your Recipient? Enter his or her full name and address to mail the paper check. (Update) Bluebird Adds $3.74 Fee For Walmart Reloads, Giftcards.com Claws Back Portal Reward Earnings, Giftcards.com: Save 10% On Visa eGiftcards $100 Denomination Only (Promo Code SUMMER, SUMMER23, YAYSUMMER), [Expired] Staples: No Purchase Fee On $200 Visa Gift Cards (6/25 7/1 ; Max 8), American Express Clawing Back Points Earned From Gift Card Purchases, Kroger.com: $10 Off $150 On Visa & Mastercard (JUNE2023), Amazon Prime: Fire TV Stick 4K Max For $24.99. Best Cash Back . Who doesnt love a reward? Losing this one stings. Plastiq fees depend largely on how you use the platform to pay bills. Benefits You want choices? But you can still use any credit card to make rent or HOA payments. RentMoola 8. When you buy through our links, we may earn a commission. Most important, credit cards usually have higher interest rates than mortgages. PayPal Digital Gifts (PPDG): $50 Chipotle Giftcard [Targeted] AmEx Offer: Save 10% At HP, Up To $500 Chase Ultimate Rewards 10-15% Gift Card Redemption [Targeted] Citi Sears: Earn 10% Back On Gas, Grocery A Beginners Guide To Bank Account Bonuses [2021 Best Current Credit Card Sign Up Bonuses & View Your Pre-Approved & Pre-Qualified Credit Best High Yield Savings Accounts up to 5.00% Shopping Cart Trick 2023 Get Credit Cards Comenity Bank Credit Cards 2023: A List, Best Cards Chase $600 Checking + Savings Bonus (Available [Expired] Citi $300/$700/$1,500 Personal You can not pay a friend with Plastiq, but you can pay any business who providesgoods or services.