What is Plastiq and How Does It Do It Work? Advertiser disclosure You're our first priority. Everytime. We believe that everyone should be able make financial decisions without hesitation. And while our site doesn't feature every company or financial product available on the market however, we're confident that the guidance we offer and the information we offer and the tools we develop are objective, independent simple, and completely free. So how do we earn money? Our partners compensate us. This may influence which products we write about (and the places they are featured on the website) however it does not affect our advice or suggestions, which are grounded in many hours of research. Our partners are not able to be paid to ensure positive ratings of their goods or services. . What is Plastiq and how Does It Function? For a fee, Plastiq lets you use debit or credit cards to pay for bills which don't normally accept credit cards as payment. This article was written by Melissa Lambarena Lead Writer | Credit cards and credit cards, Melissa Lambarena is a lead writer for the credit card group at NerdWallet. She has been a passionate writer covering credit card-related topics for over six years. Her previous experience includes nine years as an editor for several websites and publications. With her efforts, she aims to assist readers in extracting value from credit cards for financial goals such as expanding their budgets, building credit, traveling to their dream destinations, and paying off debt. She focuses on these subjects as well as others in the Millennial Money column featured in The Associated Press. Her work has also been published on The New York Times, Chicago Tribune, The Washington Post, USA Today and Yahoo Finance, among others. Melissa holds a bachelor's degree of sociology, from The University of California, Los Angeles. Dec 1, 2022 Edited by Kenley Young Credit cards, credit scores Kenley Young directs daily coverage of credit cards for NerdWallet. Previously, he was a homepage editor and digital content producer at Fox Sports, and before being a front-page editor at Yahoo. He has a wealth of experience in digital and print media. This includes times as the chief of the copy desk as well as a wire editor, and an editor of the metro at the McClatchy newspapers chain. Email:
. The majority of products featured here are from our partners who compensate us. This impacts the types of products we feature and the location and manner in which the product appears on the page. But this doesn't influence our evaluations. Our opinions are our own. Here's a list and . is an online service that lets people and businesses use debit or credit cards to pay vendors that do not normally accept payment methods. For this ease, Plastiq charges you a processing fee, which can be expensive at the time of writing, December 2022 . Also when you're using a credit card and can't pay those bills off each month then you'll be charged interest at the rate that the card charges. But if you need some breathing room as you wait for a paycheck or windfall to come in, Plastiq could be cheaper than a high-interest option like a or -- assuming that you're able to pay it off in a short time, and particularly if you use a rewards credit card that can defray the processing fee. More: Plastiq: The basics Plastiq allows one-time or recurring payment of bills like , mortgage or other loans, utility bills, day care homeowner association fees, and other costs. You can add a debit or credit card into your Plastiq account, and then charge amounts equal to your charge, and then Plastiq pays the company on your behalf through an option that the vendor can accept: or a paper check. (Checks can, for instance, be read to the vendor as coming from you, and not from Plastiq.) The recipient does not need an account with Plastiq account to be able to accept payments. " Plastiq is a service that allows businesses and individuals to use debit or credit cards to pay vendors that don't otherwise accept those payment methods. " Plastiq generally charges a 2.9 per cent cost for debit and credit cards. Conditions apply. The service works with: Visa. Mastercard. American Express. Discover. . But, certain credit cards come with restrictions on the types of bills you can pay through Plastiq. For example, Visa and American Express cannot be used to pay mortgage payments using Plastiq's bill-pay service. . Plus, Chase recently unveiled a and it's not known what implications that may have for transactions made with the Chase card using Plastiq. The process begins by opening a free account on Plastiq and adding your credit or debit card information. You can also add multiple cards and select one as your default. You'll also need to add recipients, which includes the name of the vendor as well as the country. This information will be stored in your account for later use. " Checks generally take around eight days to reach you, according to Plastiq's website and you should include some time on your calendar to avoid having to pay in the late hours. " To make a payment, select your recipient's name, amount owed and the preferred payment method (ACH wire transfer, wire transfer, or check) and the date you want the funds to reach them. There may be additional details regarding the invoice you're paying including, for example an loan reference number to pay for your mortgage and a unit code for the rent due on an apartment, or any other. You can add more details under the "memo" part. You can create a one-time payment or schedule them to repeat automatically. For recipients that accept only cheques via snail mail, you may need to make the payment sooner than normal. Checks generally take 8 days to reach you according to the website of Plastiq So, make sure to include some extra time on your calendar to avoid making payments on time. Plastiq gives a breakdown of charges, in the form of dollars and the percentage rate, on the screen for reviewing payments prior to completing the transaction. Once you tell Plastiq to send the payment, you'll receive multiple email confirmations from the business along the way, including a confirmation of the initial transaction, as well as a notification that a check has been physically mailed to the vendor for the payment and another message when the recipient has deposited the check. (If for some reason your payment cannot be completed, Plastiq will notify you.) A nerdy tip Certain credit cards might not work with third-party bill payment services. Before you use one, make sure to review the terms and conditions, or inquire with the issuer about how (or what) the transaction will be handled. It may be regarded as an advance in cash instead of an actual purchase. Plastiq says that it notifies customers of this and stops payments prior to when they are considered cash advances. The charges for debit cards The helpfulness of charging a debit card via Plastiq is limited. The cost is 2.9 processing fees of 3, which you'd otherwise save by sending your own personal check payable to the vendor. (Plastiq initially charged only 1% for debit cards, but increased the cost to match that on credit card transactions in the month of March.) But if you don't care to make personal checks, buy stamps, visit the post office, etc. If so, Plastiq does cut those corners for you. Still, take care to use the service only if it will not expose you to the risk of overdrawing your account. For credit cards Credit cards offer an interesting use case because Plastiq, in essence, Plastiq lets you pay for bills prior to having the cash available. Then, floating your money by using a credit card this way is a potentially less expensive alternative than other options such as cash advances. " Floating the cash using the credit card this way can be a cheaper alternative to other alternatives like cash advances. However, it's definitely not without cost or risk. " But it's definitely not free of risk or cost. For starters the 2.9 percent processing cost might not seem like much but if you're using Plastiq to cut a $2,000 rent check that adds $58 to your final total. A rewards card that earns like, say, points, could reduce the fee, but you'll be difficult to avoid it completely unless you're claiming an incentive to sign up through the purchase. In addition, if you cannot be able to pay for that $2,058 charge during your credit card's billing cycle, you'll be penalized by the card's continuous interest rate -- and rewards cards tend to have the most high annual percentage rates, many in excess of 20 percent. More: Nerdy Tip The credit card you have can grant you a few minutes to avoid incurring interest charges. Grace periods are the period of time that runs between the conclusion of your billing cycle until the date the payment due. Grace periods aren't applicable to credit card cash advances however, they may be applicable with a service like Plastiq. Remember, however, that if you carry the balance on your card, the issuer will eliminate the grace period. The bottom line, Plastiq is a service that should be used in a strategic manner. It can help you hang on to your cash reserves in case you're in need of these in the near term and is relatively inexpensive when compared to other options for cash in a hurry. However, making use of it to pay for expenses you're not able to manage to pay in the first instance is expensive and insufferable when the revolving interest on credit cards starts to take effect. The author's bio: Melissa Lambarena is a credit card journalist at NerdWallet. Her work has been featured on The Associated Press, New York Times, Washington Post and USA Today. Similar to... Choose the right credit card for you. Whether you want to pay lower interest or earn rewards, the perfect card is out there. Answer a few simple concerns and we'll refine your results for the right card for. Dive even deeper in credit Cards Get more smart money moves - right to your inbox. Subscribe and we'll email you Nerdy content on the financial topics which matter to you the most along with other ways to help you get more from your money. Take all the appropriate money moves

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