Personal Finance

[Plastiq] Pay your rent or Mortgage. 1.75% Mastercard, 2.25% American Express

  • Last Updated:
  • Nov 7th, 2016 3:10 pm
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Dec 4, 2013
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Canada

[Plastiq] Pay your rent or Mortgage. 1.75% Mastercard, 2.25% American Express

Schedule 6 or more rent or mortgage payments by 11:59 p.m. PT on October 31, and lock in a lower Plastiq fee:

American Express = 2.25%
MasterCard = 1.75%

Details here:
https://www.plastiq.com/blog/2016/10/pr ... n-express/

It looks like you set up the info and they mail them the cheque. I have a 2% cashback mastercard, I might set it up for the 5$ a month free and I don't really like direct withdraws coming out of my bank account anyways.
Best deal I ever got was Edifier s3000pros for 544.51 All in shipped.
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Banned
Jul 18, 2016
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I see the point of the MasterCard offer, but whose benefiting from the 2.25% AMEX? Can somebody point me to the card I need to get?

(P.S. I just cancelled my AMEX SimplyCash card. I was amazed that they didn't make even a small effort to keep my business. Its all automated now. Call number. Listen to options. Select 0. Listen to options. Select "Cancel card". Listen to message. Hang up. Done. )
Last edited by bewiseman on Oct 13th, 2016 1:54 pm, edited 2 times in total.
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Aug 8, 2012
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bewiseman wrote: I see the point of the MasterCard offer, but whose benefiting from the 2.25% AMEX? Can somebody point me to the card I need to get?
Business Gold Amex with Plastiq chosen as one of your 3 suppliers earns 2 MR per dollar.

You can convert those to partner programs like Avios, Aeroplan, etc.

If you value those at say, 2c each, then you are making 4% back on Plastiq purchases.

SPG Amex I very conservatively value at 3% earnings value.
POLL: How frequent is your RRSP-matching?
Plastiq: Pay any bill with credit card for 0-2.5% fee (help meet min spending and keep old cards active!)
Rewards program transfer times (e.g. SPG->Aeroplan, Marriott->SPG, Amex MR->SPG...)
Banned
Jul 18, 2016
2014 posts
786 upvotes
ace604 wrote:
bewiseman wrote: I see the point of the MasterCard offer, but whose benefiting from the 2.25% AMEX? Can somebody point me to the card I need to get?
Business Gold Amex with Plastiq chosen as one of your 3 suppliers earns 2 MR per dollar.

You can convert those to partner programs like Avios, Aeroplan, etc.

If you value those at say, 2c each, then you are making 4% back on Plastiq purchases.

SPG Amex I very conservatively value at 3% earnings value.
Good to know. Thanks. I'll wait until my business' next tax return and then apply for this card.
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Oct 8, 2012
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Maybe a dumb question, but how do I change the payment of my mortgage for only six payments with my mortgage company when they auto withdrawal from my bank?
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angel_wing0 wrote: Got the invite too, think going to use it to pay for my condo management fees and treat that as rent :D Should work...
Yes, I added my strata fees (what we call it here in BC) and it worked fine. Got a reminder at the end of the last promo specifically encouraging me to schedule 6 payments for that specific payee to take advantage of the lower rate. My problem is I have positive FFD balance I need to burn through before getting to any benefit of the lower rate :)
POLL: How frequent is your RRSP-matching?
Plastiq: Pay any bill with credit card for 0-2.5% fee (help meet min spending and keep old cards active!)
Rewards program transfer times (e.g. SPG->Aeroplan, Marriott->SPG, Amex MR->SPG...)
Sr. Member
Dec 10, 2006
999 posts
492 upvotes
Mississauga
Am I calculating this correctly?

Let's say I have the Business AMEX card and set Plastiq as one of the suppliers.
Let's also say I pay $1000 mortgage per month.
So after 6 payments, I paid $6135 ($6000 + $135 from 2.25%)
But I gained 12270 points instead due to the 2x supplier bonus.

So basically, paying another $135 just gained me another 6135 points? Sounds like a great deal or is there something I'm missing?
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|Naruto| wrote: Am I calculating this correctly?

Let's say I have the Business AMEX card and set Plastiq as one of the suppliers.
Let's also say I pay $1000 mortgage per month.
So after 6 payments, I paid $6135 ($6000 + $135 from 2.25%)
But I gained 12270 points instead due to the 2x supplier bonus.

So basically, paying another $135 just gained me another 6135 12,270 points? Sounds like a great deal or is there something I'm missing?
[fixed one small mistake]

You are essentially buying MR for 1.1c each.

If you value them more, and need another 12,270 of them, then it's a good deal.

If a credit card has a $135 annual fee with a 12,270 signup bonus would you go for it?

If you do NOT already have the Business Gold Amex this would be a good time to get it and more easily qualify for the $5,000 min. spending requirement.

You wouldn't pay the fee for first year, and you'd get the 12,270 points above plus your 40,000 signup bonus points (or 25k if you aren't referred by someone).
POLL: How frequent is your RRSP-matching?
Plastiq: Pay any bill with credit card for 0-2.5% fee (help meet min spending and keep old cards active!)
Rewards program transfer times (e.g. SPG->Aeroplan, Marriott->SPG, Amex MR->SPG...)
Sr. Member
Dec 10, 2006
999 posts
492 upvotes
Mississauga
ace604 wrote:
|Naruto| wrote: Am I calculating this correctly?

Let's say I have the Business AMEX card and set Plastiq as one of the suppliers.
Let's also say I pay $1000 mortgage per month.
So after 6 payments, I paid $6135 ($6000 + $135 from 2.25%)
But I gained 12270 points instead due to the 2x supplier bonus.

So basically, paying another $135 just gained me another 6135 12,270 points? Sounds like a great deal or is there something I'm missing?
[fixed one small mistake]

You are essentially buying MR for 1.1c each.

If you value them more, and need another 12,270 of them, then it's a good deal.

If a credit card has a $135 annual fee with a 12,270 signup bonus would you go for it?

If you do NOT already have the Business Gold Amex this would be a good time to get it and more easily qualify for the $5,000 min. spending requirement.

You wouldn't pay the fee for first year, and you'd get the 12,270 points above plus your 40,000 signup bonus points (or 25k if you aren't referred by someone).

Actually that was intentional. I see it as spending $6000 will get me 6000 points. But paying an extra $135 will get me another 6135 points for a total of 12,270 points.

I already spent $5000, just waiting for my bonus points now....anything extra is always an added bonus. So is $135 for extra 6135 is worth it or not.

Did anyone already set this up, is the transfer transparent? Like will the bank know to stop deducting from me and know to get it from plastiq and then continue deducting from my account in 6 months?
Deal Guru
User avatar
Aug 8, 2012
10198 posts
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|Naruto| wrote:
ace604 wrote:
|Naruto| wrote: Am I calculating this correctly?

Let's say I have the Business AMEX card and set Plastiq as one of the suppliers.
Let's also say I pay $1000 mortgage per month.
So after 6 payments, I paid $6135 ($6000 + $135 from 2.25%)
But I gained 12270 points instead due to the 2x supplier bonus.

So basically, paying another $135 just gained me another 6135 12,270 points? Sounds like a great deal or is there something I'm missing?
[fixed one small mistake]

You are essentially buying MR for 1.1c each.

If you value them more, and need another 12,270 of them, then it's a good deal.

If a credit card has a $135 annual fee with a 12,270 signup bonus would you go for it?

If you do NOT already have the Business Gold Amex this would be a good time to get it and more easily qualify for the $5,000 min. spending requirement.

You wouldn't pay the fee for first year, and you'd get the 12,270 points above plus your 40,000 signup bonus points (or 25k if you aren't referred by someone).

Actually that was intentional. I see it as spending $6000 will get me 6000 points. But paying an extra $135 will get me another 6135 points for a total of 12,270 points.

I already spent $5000, just waiting for my bonus points now....anything extra is always an added bonus. So is $135 for extra 6135 is worth it or not.

Did anyone already set this up, is the transfer transparent? Like will the bank know to stop deducting from me and know to get it from plastiq and then continue deducting from my account in 6 months?
Your intentional mistake is still a mistake. Can you normally otherwise spend $6000 on your mortgage on your Amex? No. So this is 100% new $6000 spending that would otherwise not be on your credit card. Right?

$6000 to mortgage from bank = $0 fees, 0 points
$6000 to mortgage from Amex = $135 cost, 12,270 points
POLL: How frequent is your RRSP-matching?
Plastiq: Pay any bill with credit card for 0-2.5% fee (help meet min spending and keep old cards active!)
Rewards program transfer times (e.g. SPG->Aeroplan, Marriott->SPG, Amex MR->SPG...)
Deal Addict
Oct 13, 2006
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Would Tangerine Mastercard treat this as a recurring bill payment?
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Aug 8, 2012
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amplified wrote: Would Tangerine Mastercard treat this as a recurring bill payment?
no, search Tangerine thread for "plastiq" for data points.
POLL: How frequent is your RRSP-matching?
Plastiq: Pay any bill with credit card for 0-2.5% fee (help meet min spending and keep old cards active!)
Rewards program transfer times (e.g. SPG->Aeroplan, Marriott->SPG, Amex MR->SPG...)
Sr. Member
Dec 10, 2006
999 posts
492 upvotes
Mississauga
ace604 wrote:
|Naruto| wrote:
ace604 wrote:
[fixed one small mistake]

You are essentially buying MR for 1.1c each.

If you value them more, and need another 12,270 of them, then it's a good deal.

If a credit card has a $135 annual fee with a 12,270 signup bonus would you go for it?

If you do NOT already have the Business Gold Amex this would be a good time to get it and more easily qualify for the $5,000 min. spending requirement.

You wouldn't pay the fee for first year, and you'd get the 12,270 points above plus your 40,000 signup bonus points (or 25k if you aren't referred by someone).

Actually that was intentional. I see it as spending $6000 will get me 6000 points. But paying an extra $135 will get me another 6135 points for a total of 12,270 points.

I already spent $5000, just waiting for my bonus points now....anything extra is always an added bonus. So is $135 for extra 6135 is worth it or not.

Did anyone already set this up, is the transfer transparent? Like will the bank know to stop deducting from me and know to get it from plastiq and then continue deducting from my account in 6 months?
Your intentional mistake is still a mistake. Can you normally otherwise spend $6000 on your mortgage on your Amex? No. So this is 100% new $6000 spending that would otherwise not be on your credit card. Right?

$6000 to mortgage from bank = $0 fees, 0 points
$6000 to mortgage from Amex = $135 cost, 12,270 points

Ah I see what you're doing, and you're right. I was looking at another way but doesn't make since after you put it this way.

what about setting this up in plastiq, how does my bank know to stop getting money from my account?
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Aug 8, 2012
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|Naruto| wrote:
ace604 wrote:
|Naruto| wrote:


Actually that was intentional. I see it as spending $6000 will get me 6000 points. But paying an extra $135 will get me another 6135 points for a total of 12,270 points.

I already spent $5000, just waiting for my bonus points now....anything extra is always an added bonus. So is $135 for extra 6135 is worth it or not.

Did anyone already set this up, is the transfer transparent? Like will the bank know to stop deducting from me and know to get it from plastiq and then continue deducting from my account in 6 months?
Your intentional mistake is still a mistake. Can you normally otherwise spend $6000 on your mortgage on your Amex? No. So this is 100% new $6000 spending that would otherwise not be on your credit card. Right?

$6000 to mortgage from bank = $0 fees, 0 points
$6000 to mortgage from Amex = $135 cost, 12,270 points

Ah I see what you're doing, and you're right. I was looking at another way but doesn't make since after you put it this way.

what about setting this up in plastiq, how does my bank know to stop getting money from my account?
My bank doesn't accept cheque payments believe it or not :) LOL. So I didn't set this up with my mortgage, but strata fees (what we call "condo fees" in BC).
I contacted the property management company to cancel the PAD agreement.

You'd have to contact your bank to make sure they accept cheques, and if they allow you to suspend the PAD.
POLL: How frequent is your RRSP-matching?
Plastiq: Pay any bill with credit card for 0-2.5% fee (help meet min spending and keep old cards active!)
Rewards program transfer times (e.g. SPG->Aeroplan, Marriott->SPG, Amex MR->SPG...)
Sr. Member
Dec 10, 2006
999 posts
492 upvotes
Mississauga
Lol good point! I'll check with my bank first. Thanks for the help!
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Mar 23, 2004
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Markham
ace604 wrote:
angel_wing0 wrote: Got the invite too, think going to use it to pay for my condo management fees and treat that as rent :D Should work...
Yes, I added my strata fees (what we call it here in BC) and it worked fine. Got a reminder at the end of the last promo specifically encouraging me to schedule 6 payments for that specific payee to take advantage of the lower rate. My problem is I have positive FFD balance I need to burn through before getting to any benefit of the lower rate :)
Scheduled 12 payments as I am sure the promo will come up again in 2017. Guess if I sell the house during that time then I will suck it up, cancel and take the 0.5% hit for the remaining/overall payments.
Sr. Member
Dec 27, 2007
725 posts
573 upvotes
ace604 wrote:
bewiseman wrote: I see the point of the MasterCard offer, but whose benefiting from the 2.25% AMEX? Can somebody point me to the card I need to get?
Business Gold Amex with Plastiq chosen as one of your 3 suppliers earns 2 MR per dollar.

You can convert those to partner programs like Avios, Aeroplan, etc.

If you value those at say, 2c each, then you are making 4% back on Plastiq purchases.

SPG Amex I very conservatively value at 3% earnings value.
If I understand this promo correctly :
  • with 2% cashback card I am earning (2-1.75) 0.25% net which is $2.50 per $1000 paid
  • with SPG Amex I am getting 1000 SPG pts per $1000 paid which cost me $22.5 in fees to Plastiq. The lowest SPG Free nights in North America are 2000pts so I am effectively paying ~$50 per night which is decent.

How do you come at the 3% earnings value? Thanks!
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kkostadinof wrote:
ace604 wrote:
bewiseman wrote: I see the point of the MasterCard offer, but whose benefiting from the 2.25% AMEX? Can somebody point me to the card I need to get?
Business Gold Amex with Plastiq chosen as one of your 3 suppliers earns 2 MR per dollar.

You can convert those to partner programs like Avios, Aeroplan, etc.

If you value those at say, 2c each, then you are making 4% back on Plastiq purchases.

SPG Amex I very conservatively value at 3% earnings value.
If I understand this promo correctly :
  • with 2% cashback card I am earning (2-1.75) 0.25% net which is $2.50 per $1000 paid
  • with SPG Amex I am getting 1000 SPG pts per $1000 paid which cost me $22.5 in fees to Plastiq. The lowest SPG Free nights in North America are 2000pts so I am effectively paying ~$50 per night which is decent.

How do you come at the 3% earnings value? Thanks!
My standard example is a hotel at $200/nt USD + tax + exchange ~= $300 CAD which costs 10,000 points.
$300/10k = 3c each ... 3% earnings value since you earn 1 SPG per $ spent.
POLL: How frequent is your RRSP-matching?
Plastiq: Pay any bill with credit card for 0-2.5% fee (help meet min spending and keep old cards active!)
Rewards program transfer times (e.g. SPG->Aeroplan, Marriott->SPG, Amex MR->SPG...)
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Mar 23, 2004
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Markham
Looks like damn plastiq is catching on with the condo fees:
Thank you for using Plastiq. To ensure cardholder security, your recent payment to ABCDEFGH has been put on hold for further review. Please send us a copy of the invoice, bill, or rental agreement for the goods or services that were provided. You can include your documentation as an attachment to your reply email.
Careholder security my ass.

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