What Is Plastiq and how Does It Work? Advertiser disclosure You're our first priority. Each time. We believe everyone should be able make financial decisions without hesitation. And while our site doesn't include every financial or company product available on the market We're pleased that the advice we provide, the information we provide and the tools we create are objective, independent, straightforward -- and cost-free. So how do we make money? Our partners pay us. This may influence which products we review and write about (and the way they appear on the website), but it in no way affects our recommendations or advice which are based on thousands of hours of research. Our partners are not able to promise us favorable review of their services or products. . What Is Plastiq and how Does It Work? For a cost, Plastiq lets you use credit or debit cards to pay for expenses which don't normally accept credit cards as payment. This article was written by Melissa Lambarena Lead Writer | Credit cards, credit cards, Melissa Lambarena is a lead writer on the credit cards team of NerdWallet. She has been a passionate writer covering credit card related topics for more than six years. Her previous experiences include nine years as a content creator for several websites and publications. Through her work, she aims to help readers extract benefits from credit cards in order to help them achieve financial goals such as increasing their budget, establishing credit, traveling to dream destinations, and repaying debt. She has a look at these issues and others in and her Millennial Money column featured in The Associated Press. Her writing has also been featured in The New York Times, Chicago Tribune, The Washington Post, USA Today and Yahoo Finance, among others. Melissa has a bachelor's degree in sociology from University of California, Los Angeles. University of California, Los Angeles. Dec 1 2022, edited by Kenley Young Assigning Editor  Credit cards, credit scores Kenley Young directs daily coverage of credit cards for NerdWallet. Prior to that, he worked as an editor on the homepage as well as a digital content producer at Fox Sports, and before that a front page editor for Yahoo. He has a wealth of experience in digital and print media. This includes periods as an editor at the copy desk as well as a wire editor, and a metro editor at The McClatchy Newspaper chain. Email:
. Many or all of the products we feature are made by our partners, who pay us. This affects the products we feature and the location and manner in which the product is featured on the page. But, it doesn't affect our opinions. Our opinions are entirely our own. Here's a list and . is a service that lets customers and companies use debit or credit cards to pay vendors who don't normally accept these payment methods. For this ease, Plastiq charges you a processing fee, which could be expensive at the time of writing, December 2022 . Of course when you're using a credit/debit card and aren't able to pay your bills every month, you'll incur interest at whatever ongoing rate your card charges. However, if you're looking for relaxation while you wait for a pay check or windfall to arrive, Plastiq could be cheaper than a more expensive option with a high interest rate, such as or -- as long as you are able to pay the bill off quickly, and especially when you have a rewards credit card that can defray the processing fee. More: Plastiq: The basics Plastiq allows one-time or recurring payments for bills such as , mortgage, utilities, day care homeowners association fees, day care, and other expenses. You add a debit or credit card into your Plastiq account and charge it in amounts equal to your bill and then Plastiq pays the company on your behalf through a method that the vendor can accept: or a check written in paper. (Checks, for instance, are read to the seller as coming from you, and not through Plastiq.) The buyer does not require an account with Plastiq account to be able to accept payments. " Plastiq is a service that lets individuals and businesses make use of credit or debit cards to pay vendors that do not normally accept these 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. . However, 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 through the bill pay service. . Plus, Chase recently unveiled a and it's not clear what consequences this could have for transactions made with a Chase card using Plastiq. The process begins by making a free account through Plastiq and then adding your debit or credit card details. You can add multiple cards and select one as your default. You'll also need to add recipients. This includes vendor name and country. This information will be saved within your accounts for later use. " Checks usually take 8 days to be delivered according to Plastiq's website and you should include some time on your calendar to avoid having to pay late. " To send a payment, select who you want to pay, how much owed, the recipient's preferred payment method (ACH, wire transfer or check) and a time for the funds to reach them. It is also possible that you need specific information about the bill you're paying, like, for example, a loan number for the mortgage and a unit code for rent due for an apartment, etc. You can include additional information in"memo" section "memo" part. You can create a one-time payment or schedule them to automatically repeat. If you are a recipient who accepts checks sent by postal mail, you might have to submit the payment sooner than normal. The average time for checks is eight days to reach you according to the website of Plastiq So, make sure to include some padding on the calendar to avoid having to pay late. Plastiq provides a breakdown of fees, which are in the form of dollars as well as a percentage rate on the screen for reviewing payments prior to completing the transaction. Once you tell Plastiq to send the payment, you'll get multiple emails from the business along the way, including a confirmation of the initial transaction, a notice that a check has been physically sent to the seller for the payment and a confirmation when the beneficiary cashes the check. (If there is a reason why your payment isn't completed, Plastiq will notify you.) Nerdy Tip Some credit cards may not be compatible with bill payment services from third parties. Before you use one, make sure to go over the conditions and terms, or inquire with the issuer about how (or how) the transaction will be handled. It might be treated as a cash advance instead of the purchase. Plastiq claims that it informs customers and blocks payments before they are processed as cash advances. The cost for debit cards The helpfulness of using a debit card through Plastiq is only limited. The cost is 2.9 processing fees of 3 that you could avoid by simply writing your own personal check payable to the merchant. (Plastiq used to charge just 1% for debit cards, but raised the fee to the same level as credit cards in March 2022.) If you're not looking to make personal checks, buy stamps, go to the post office and so on. Then Plastiq does cut those costs for you. But, you must use the service only if it won't expose you to the risk of overdrawing your account. Credit cards are a much more intriguing option as they actually Plastiq lets you pay bills before you have the cash available. And floating yourself the money by using a credit card this way is a potentially cheaper alternative to other options like cash advances. " Floating your money using a credit card this way can be a cheaper alternative to other options such as cash advances. However, it's not without risk or cost. " But it's certainly not without cost or risk. To begin, the 2.9 percent processing cost might not sound like much but in the event that you use Plastiq to cut a $2,000 rent check, it adds $58 to your amount. Utilizing a rewards card that earns say, can reduce that cost, but you'll very difficult to get rid of it unless you are collecting an incentive to sign up through the purchase. Secondly, if you can't afford to pay off the $2,058 bill in the course of your credit card's bill cycle, you'll be hit with the card's ongoing interest rate. And rewards cards typically have the highest annual percentage rates, many in excess of 20%. >> MORE: Nerdy Tip Your credit card's can buy you time to prevent you from incurring interest. Grace periods are the time period between the end of your billing cycle and when your payment is due. Grace periods don't apply to cash advances made by credit cards however, they may be applicable to a payment service such as Plastiq. Be aware, however, that when you have a balance, your card issuer will eliminate your grace period. The bottom line, Plastiq is a service which is best utilized strategically. It can help you hang in cash reserves when you require to use them in the short-term and is relatively inexpensive when compared to other options for quick cash. But making use of it to pay for expenses you're not able to manage to pay in the first instance is costly and not sustainable once revolving credit card interest begins to accrue. About the author: Melissa Lambarena is a credit card journalist at NerdWallet. Her work has been covered on The Associated Press, New York Times, Washington Post and USA Today. On a similar note... Find the perfect credit card for you. Whether you want to lower your interest rate or earn higher reward points, the right card is out there. Answer a few simple concerns and we'll refine your selection for you. Explore even more in credit Cards Get more smart money moves delivered right to your inbox. Join us and we'll send you Nerdy posts on the financial topics that are important to you along with other ways to help you get more from your money. Take all the appropriate money-making decisions

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