Plastiq is a credit card payment service where you can use your credit card to pay for services that do not accept credit card as a form of payment. Using Plastiq you can meet your credit card minimum spend to unlock the signup bonus. Since the mortgage is one of largest monthly payment which does not accept credit card as a form of payment, Plastiq services come in handy to pay for mortgages and unlock our signup bonus.
Not only you can use Plastiq to unlock the signup bonus if you are running short of cash and your mortgage payment is due you can use the Plastiq service to pay the mortgage. The Plastiq service comes with a service fee of 2.5%
Using Credit to Pay Mortgage Using Plastiq
I have used Plastiq service to pay for other services in the past like property tax payment. But I have not paid my mortgage payment using the Plastiq service. Paying mortgage through Plastiq has a big advantage as it helps you to earn a lot of credit card miles or points as long as the service fee of 2.5% offsets the miles or points earned.
Now MilestoMemories reports that Plastiq has sent out the following information which states we can no longer use VISA cards to pay for the mortgage using Plastiq payment services.
|VISA has just informed Plastiq that use of a VISA card for the mortgage will no longer be supported via Plastiq and will not process going forward. I’m very sorry for this. the only use of another card type such as MasterCard, Amex, Discover or even VISA debit will allow your future mortgage payments to process using Plastiq. We are complying with recent directives from VISA regarding not allowing mortgage payments via the use of a VISA card with Plastiq.|
If you have already setup an automatic payment to pay your mortgage using a Visa card the payment will not be affected as of now. But if you cancel and reschedule your mortgage payment or make a change to your mortgage payment using a Visa card you will not be able to schedule the transaction.
No such restrictions are imposed if you use any bank card issued by MasterCard, American Express or Discoverer. Also as of now, there are no restrictions for using VISA card to pay your income tax, property tax, utility bills or payment to any other services.
The mortgage payment is one of the largest payment we can pay through Plastiq and collect a boatload of miles or points. Now the option is closed for paying through Visa cards. Hope the restriction on mortgage payment through Visa cards does not spread to other forms of payment like Utilities, Water Bills etc.
|Service Fee Discount Referral. If you use my special referral link to open a Plastiq account, you will receive $500 fee free payment credit after you pay the service fee for the first $500, a saving of $6.25. You do not have to use the Plastiq service to pay the entire $1000 at one time all your payments are cumulative after you paid the service fee for the first $500 using the Plastiq payment service, the next $500 will be fee-free without any service charge. I will be getting $1000 fee free credit from Plastiq for using my referral link. Thank you for using my referral link to open the Plastiq payment service account.|
Update #1: Harlen of OutandOut blog says the mortgage payment works for some visa cards. As long as the “Submit Payment” button is not grayed out you should be able to use your Visa card and pay the mortgage. Please note you need to check and see whether it works with your Visa card.