Plastiq is a less interesting tool than Paytm, but it can be very useful in some cases, especially since there is currently an interesting promo.
Before talking about this promos, I’ll explain briefly what Plastiq is. While Paytm only works with their app, Plastiq is the opposite: they have no phone app, only a website.
While Paytm has a limited number of suppliers, Plastiq allows you to pay literally any bill with a credit card.
Rent, condo fees, taxes, mortgage … anything. If you have a supplier bill, no matter who, Plastiq will allow you to pay using a credit card. In the case of Plastiq, Visa and American Express are allowed (except for mortgages, that’s MasterCard only).
But beware. Plastiq is not free, unlike Paytm.
Normally, with Plastiq you will have to pay a fixed rate of 2.5%, regardless of the credit card used.
One of the basic rules of travel hacking is knowing how much Points are worth to know when such opportunities are profitable.
Cards that give you more than 2.5% back are quite rare, so it’s not for everyone, but there are such cards. There are situations where it is worthwhile, provided you have the right cards. We’ll talk about it in an article shortly.
But most importantly, there are a few ways you can pay no fee (and you can always have at least the first bill without charge).
First $500 free payment
In fact, again, if you create an account, use our referral code 813533 to get a bonus, a first payment of $500 without any fees.
They call it Fee-Free Dollars (FFD), so basically, to encourage you to create an account, they allow you to have 500 FFD and therefore pay a first bill of $500 without paying the 2.5% fee, with any credit card.
It may be two separate transactions, but in total, you must pay a minimum of $500 and you will pay the 2.5% fee on anything over $500, but say your bill is $550, it will cost you $1.25 in fees. It’s a good deal, a lot less than the Points you’ll earn by paying $550 with credit card (otherwise change cards!)
This is not a promo as such, it is always available using our referral code 813533 on the Plastiq website.
When it pays to pay the Plastiq fee
First, it’s worth it if you have a card that gives you a good return on your daily purchases. This will be our next articles on travel hacking: accumulation on everyday purchases, bonus categories and the best cards for all of that. For example, I have the AMEX SPG card which gives me 1 SPG Point per dollar. And SPG Points are worth about 2.7 ¢ / point, just above 2.5 ¢ per dollar Plastiq costs (2.5% fee).
So it’s profitable if you use your Points well, but it’s not the deal of the century, it’s not necessarily worth the effort. There are other cards that are definitely worth it if you have them, like the American Express Gold SME Version (which would give you about 3.0 ¢ / dollar, so more than the 2.5 ¢ fee).
But there are other situations where Plastiq is very interesting. As if you have to reach the minimum amount to unlock a welcome bonus. But it is to be use as a last resort, because of the fee they charge… and most importantly, there are better ways to unlock the welcome bonuses for free.
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