Hey RJ! 1st I have to say it was so REFRESHING to watch your vid. No begging to subscribe, long intros or begging to buy credit courses. New subbie 💗Happy Sunday! 🌻
@@RJFinancial I want to pay off a loan with Navy Federal credit union with my Navy credit card and NFCU won't let me do that. Can Plastiq help me with that?
If you look at the terms of the intro bonuses you’ll often see that you’re not allowed to use plastiq like services. So a good idea is to get cards when you’re planning big trips or around Christmas and put ALL of your expenses on the card you’re trying to get a bonus on
Well made video and tutorial. I've been thinking about using Plastiq for commercial rent payments to help me get to the Delta Amex minimum spend however, was a bit unsure about the paper check method. After watching, I went ahead and made it happen! Easy and it worked, lol.
Interesting thought... I wonder if the BILT rewards card would care that it's commercial rent and not residential? I was surprised that GM didn't have an ACH option but the checks did deliver and post maybe about a week after doing this.
Thank you very much for this video. I could not figure out how to use this website. I was trying to pay my mortgage. Now I will use this video to pay my car loan. Keep these videos coming!
Auto Payments Personal Visa credit cards cannot be used for any kind of Automobile payment. You can use a Business Visa credit card or debit card for some auto payments (eg. lease payments, purchases). However, Auto loan payments are not supported on any Visa credit card, whether Personal or Business. Look like we cannot do this anymore
RJ thanks for the video! I can see the value in using this to achieve those high spending requirements for welcome bonuses, but without that need, the fee makes it slightly not worth it in my opinion.
Great video. Been wondering how i could pull this off myself but unless there’s a free version of plastiq i can t justify it after the 60 days. Sucks. Wish there were more ways to make this work for regular people
Plastiq accounts are free. There is a biz version but it's not necessary for what we do. You only get charged a processing fee when making the payments. Apologies if I didn't make that part clear
I wish i had found plastiq and understood credit a year ago like when this video was posted. Plastiq still works but my chase ink preferred shut this option down as well as any other cash like transaction. Quick question, do you use or know any business cards that will link with plastiq in 2023? Thanks for the video always appre😮
Amex outright stopped working with them. I thought other cards would work but certain transactions were blocked, like debt repayments. Mortgages and auto loans specifically. Granted it's been awhile since I've tried. This system is basically nerfed to your point.
I have a question about using Plastiq. If I pay my $3,200 monthly mortgage with Plastiq, and they charge 2.9% fee or $92.80 with my Capital One Venture X card, I will receive 6,400 bonus miles or $64. How does using Plastiq make sense financially? Thanks in advance
Unfortunately the payment networks and issuers block debt payments with Plastiq now. To your question it only made sense for intro offers or free night awards. Then, the payouts would be much larger than the processing fee hit
Hey RJ, if they have the option for debit payment you may be able to use PayPal Key before they shut it down on the 20th. I’ve successfully been able to pay my student loans with a credit card using PPK for a number of months with no fee. Also a follow up on Plastiq, were the dates provided in the estimate accurate to when the merchant received the payment? I may potentially use this in the future but was weary about a paper check being delivered late
Hey, the dates proved to be close. GM deposited the check maybe a day after it was scheduled to arrive. Which makes sense. I was concerned about paper check as well but it all worked out on both payments. PPK would be a good move. I think Plastic added a higher debit card fee or will be soon, which will likely kill that off. However it it's still low then this is a great play
I have a scenario where I owe 4 workers 2 weeks pay and I'm thinking about using plastiq.Being I'm paying 4 people can I just add the payment once on my credit cards to plastiq and plastiq then breaks up the payments and sends out the 4 individual payments to the guys ?? Or I will have to do each payment individually and be charged individual fees ?? Thanks and keep up the great content
Probably individually. I never used this for its intended purpose but I assume since the payments are all going to different places, it would need different entries for each
Hi RJ, how would you handle using Plastiq to pay a contractor (i.e. plumber) that only takes cash or check, and would take said payment generally in person? Do you envision a scenario where you offer to have the check sent to the business before services are rendered? Just trying to see how I can use this to my advantage for necessary work while cash is tight/non-existent. Thanks for the great videos.
Personally, I don't love paying in full for services before complete. Also never know if they'll need another part and the cost may change. You could perhaps have the check made out to the plumbing service and then mail it to yourself. I don't see an issue with that. It'll take about a week to arrive.
@@RJFinancial I guess it's in the favor of the banks to block payments because I'm paying 17.35% on a $10,000 loan and I can get 0 API from paying it off with a card and the banks are not allowing it. Last night after I watched a video I went and tried to apply for a payment through PLASTIQ It would let me do everything except put the card information in. I appreciate your time and help Thank you
I don’t see why not. Thinking is why would Plastic care as long as everything clears. If you have a player 2 it could be a safer bet to put it in their name but again I don’t see why this wouldn’t work
@@RJFinancial thanks RJ for your reply. How does NAV help business credit? Also which industries do lenders not like? Do you have videos on these topics?
@@FrankOAddo I don't have anything on biz credit as most of use are simply calling ourselves sole props to get the cards but I can look into it. Industries banks don't like are typically the ones they ask directly about - check cashing, gaming, pot, adult entertainment, things like that.
Hey, that's awesome! They don't have one in my state so I made an appointment and am gonna drive to IL to get it. Planning on hitting a BMO Harris along the way to make it worth it
Plastiq has since removed the ability to pay auto loans. I'm not sure how they'd look at making a check payable to a dealership. If you were doing private sale and making the check out to another person or even smaller auto dealer, then sure.
Would love to see a video on Citi TY points. Specifically, how to get the max value. Each card's reward balance is listed independently. They don't combine points like Amex does. You can send/share up to 100k pts/yr and receive up to 100k pts/yr. But it clearly says if you transfer any points to the Rewards+ card, that those points don't get the +10% bonus. So the theory of using the Citi DC & Citi Custom Cash cards...and then using the Rewards+ card to get the +10% bonus...does not seem to be valid/possible. Which makes a Citi setup less valuable. Chase continues to be the king of maximizing value. A CSR+CIC+CF+CIU/CFU 4 card setup is hard to beat with the +50% redemption value on the CSR.
I think you know more than me as is lol. I can look into it. I would be a good idea to refresh the Citi overview vid that I have and cover this kinda stuff. I know they're changing the DC to earn TY points and they can be moved but I don't know of a cool points boost like chase gets. I still kinda see Citi as a cash back play myself after the prestige was cut.
Everything worked out, took about a week for the check to be posted to my GM account. If I had a big signup bonus to hit I'd use this again. Not worth paying the 2.85% outside of that use case.
Hey Rj Just try to pay my mortgage to get the sign on bonus with Amex Platinum....They said I can't pay it with Amex. Do you know why they stopped it. Thanks Thanks
@@sharisefaniel2871 The lenders pushed back on the payment networks to stop allowing payment of debt with a card. Plastiq announced earlier this week that you can no longer pay auto loans with visa... which is what I did in the original vid.
Not 100%... the site says they can facilitate cross border transactions so I feel like that should cover it but they don't come right out and say it www.plastiq.com/user-agreement/
@@kunjomani I would image you'd have to go the secured card route to start. US Bank altitude go or cash + are good options. They also graduate to unsecured as you go. Capital One is also worth a look
Can I do this with a bank account? Most gyms require u to pay using your bank account but I don't wanna give out my bank details out to the gyms so was wondering if this would allow me to make those payments. And if they do will the same 2.9% fee be charged or is it only for credit cards?
The gyms that I see usually want to ACH the money out themselves. I don't think this would work for that because plastic is all user initiated for bill pay. It doesn't hold money or give an account number that a gym could use from what I know. You could offer to pay in full for a year at a time in cash. If it's a smaller gym sometimes they'll do it. You could also see about initiating the payment on your end vs the gym taking it out. Then it's you setting up a bill pay on your end to send the money. Lot of it will depend on the gym. Major chain will say procedure is procedure. Smaller ones maybe if you can talk to an owner.
Great video RJ!!! I think I want to use this but check this out, I don't know if Chase will kick me out, lol My mortgage was transferred to Chase, I want to apply for the Chase Premier, once approved, I will use this card via Plastiq to pay for my mortgage with Chase, do you think Chase will shut me down? Lol
I like how you think but sadly Visa ordered Plastic to stop allowing mortgage payments. Not sure why other than companies usually don't like paying debt with debt. So it coulda been the issuers who pushed back on Visa. I don't think the charge will even go thru as plastic can tell who/what your paying
Anyone can signup. They don't do any checking or verification about a business. The original intent was for businesses but they have to know people like us use it as they market it for credit card rewards as much as accounts payable.
Here's the lasted info they have - support.plastiq.com/s/article/supported-payments-by-card-brand I believe insurance should be fine. Amex is the most restrictive but they're usually only mad about things that you normally couldn't pay with a card. Mortgages and things like that.
@@RJFinancial thanks. This might be a selfish request but you think you could do a video about car insurance which one to get and what not to get. I feel like I always get screwed and pay for stuff I don't need. Mainly full cover.
@@guaparra2 I love you my guy but problem with that is it's super off topic for most folks here. Let me think about it. There may be a way to make it work. I do appreciate you think I'd be able to do it tho I have Progressive because it was easy to signup for and they've been easy to deal with for home and auto incidents I've had. The best move is like we say with banks, no loyalty. If you bounce around, you usually can get better deals as they always want to steal you from the last place.
Hello! i set up my plastiq account and tried to pay my car note. I received the following message: (Visa does not permit Plastiq to process mortgage, home equity, auto loan, student loan, or credit card payments on Visa credit cards.)....what would be the work around for this. I went back to look at the bank account option, is that linking my personal bank account to plastiq? Thank you!
Sadly since I've done this vid as recently as last week actually, Visa no longer allows us to make debt with debt transactions on their network. If you're trying to hit a bonus I'd say the next easiest thing is to make the check payable to yourself or a player 2. I don't know why Plastic would care about that.
You can mail the check to yourself or the land lord. As long as they accept checks then should be no problem. Could also look at the BILT rewards card that allows you to pay rent with a CC for 1x back
i'm sure somebody could come up with a strategy but it wouldn't make it too far. This is really only good for hitting bonuses. Anything else and the fee hurts too much
Do we have a credit limit to use on Plastiq also? What if I need to make a car purchase of $70K-$80K, and all my credit cards have 40K limit in total? Do we need to make payment to plastiq right away or it gives us some time like other credit card companies do?
Plastic charges your card directly and as soon as you press the button to send the check. You'd likely have to cut three checks in this scenario. Even with a $40k limit you have to account for the 2.85% processing fee that will be tacked on.
@@sam10818 As part of the intro bonus most cards have a 0% APR period ranging from 12-18 months. Chase has 15 months on the Freedom cards + 5x on gas as the signup bonus. Chase Slate has 18 months 0%APR for 18 months. May be able to find longer if you look. If Chase interests you, here's a link, it is a personal referral but no pressure - www.referyourchasecard.com/18a/6AVFPXYUD0
Should work. Up to the dealer on how they want the funds. If they support ACH that's easy enough. Sometimes they want certified checks which this is technically not. So it could maybe add a few days onto the completion of the deal but it will all spend the same in the end
Probably depends on who the debt holder is. Many debt payments are blocked now but it may still be possible with random companies that aren't obviously a mortgage, auto loan, etc
@@wtfitnessbodies My guess is probably but you'll have to be the data point you want to see. Alternatively you could cut a check from Plastic to yourself or a family member. Then cash it, and pay PNC