I actually intended this to be a post about my first experience using Plastiq. I don’t want to get to deep into each and every feature of Plastiq, but basically Plastiq is a service that allows people to use their credit cards to make payments where they otherwise wouldn’t be able to use them. While most companies are adapting to the technology that requires credit card payments, there are still certain companies that won’t accept credit card as a form of payment — mortgages being one of the largest.
Another one of the major upsides in Plastiq is the earning potential when using these points. Multiple data points suggest that when submitting a payment through Plastiq with one of the Chase premier products — Sapphire Reserve, Sapphire Preferred, or Ink Preferred for Business — it will count towards bonus spend and thus earn you 2x or 3x the Ultimate Rewards. This is the real reason I decided to use the service, as there is nothing I pay for that restricts credit card payments.
But there was one major thing I overlooked.
The basics of the service are that you provide Plastiq with recipient information as well as your credit card information, and you charge your card towards Plastiq. Plastiq will charge your credit card, giving you the bonus points hopefully, and then send off a check to the recipient. Yes, I said check. Which I missed in my research, but does make sense considering the companies are being used here because of their lack in technology. And ultimately, paying with a check means relying on the ole’ fashioned mail carriers of America. Which is where I really went wrong.
Because of this method in payment, Plastiq takes up to 10 days for your payment to arrive — and for me that wasn’t going to cut it. I intended on paying rent for my apartment through Plastiq, but like any legitimate apartment complex they only give you a limited amount of days after the first of the month to pay your rent. And given that I logged into Plastiq the day before the 1st of the month, I was S-O-L.
Moral of the story:
- Always read the fine print — like anything in this travelling world, it helps to read the fine print. In this case they aren’t out to trick you (like some other particular travel companies), as they definitely want your business, there is only so much they can do to get a payment to an otherwise ancient company.
- Plan ahead. Once again, goes without saying that you must ahead. Which is what I intent to do next month.
My plan is to try this service again, but set it up very soon as a “future” payment. You are able to designate when you want the payment to go out and they will send out the check with that in mind.
On that note, stay tuned for my Plastiq review!