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How to Get Your Plastiq Bill Payment Fee Waived

May 18, 2018
3 min read
How to Get Your Plastiq Bill Payment Fee Waived
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Sign up for a free Plastiq account here

If you’re a small business owner, you may find that the convenience of using Plastiq is worth the price all on its own. However, if you’re a rewards junkie, you should keep in mind that there’s a cost to the rewards you earn by using the bill-payment service to pay your rent or other bills. In that case, there are a few sound reasons why points and miles enthusiasts would use the service:

But there is a way to get your fee for using Plastiq waived in part or in full: Get your friends, family or business contacts to sign up and use the online payment service.

For each person you get to register and complete payments worth at least $500, you'll get 1,000 so-called Fee-Free Dollars (or FFDs), while your contact will receive 500 FFDs. The offer is valid for first-time users only.

You'll have to do this by sending your contacts a referral code. Sign in to your account, go to your "Rewards & Referrals" section from the pull-down menu on the top right-hand portion of the Plastiq website and click "Refer Friends, Pay Less Fees."

You can send your code to individual email accounts, look up email contacts or post the code via social media channels.

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Once your friend or contact signs up using your referral code and makes payments totally $500, your Plastiq account (and your friend's) will be credited within two business days.

Making Payments Using FFDs

Once you have FFDs in your account, you can apply them to one-time or recurring payments. On the final review screen prior to payment submission, click the link that mentions FFDs. That will automatically apply to your payment, whether or not you have enough FFDs to cover your entire payment.

Here's how it works:

  • If you have a $1,000 payment and 1,000 FFDs, your total fee for the transaction will be $0.
  • If you have a $1,000 payment and 500 FFDs, your fee will be based on the half of the payment you aren't able to cover with FFDs. In this case, your fee would $500 x 2.5% = $12.50 for an effective fee on your full payment of 1.25%.

In both cases, the rewards you earn will probably be greater than Plastiq's fee, especially if you use a credit card like the Chase Freedom Unlimited or The Platinum Card® from American Express, both of which have high points values, according to TPG's latest valuations.

One important thing to keep in mind: You need to use FFDs quickly or they will expire. If you don't earn or use them for 90 consecutive days, Plastiq says your balance will be set to 0. Earning or using any points will reset the clock to 90 days.

Feature photo by Bench Accounting via Unsplash.

Featured image by (Photo by Bench Accounting via Unsplash)

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How we chose these cards

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TPG featured card

Best card for premium perks while traveling
TPG Editor‘s Rating
Card Rating is based on the opinion of TPG‘s editors and is not influenced by the card issuer.
4 / 5
Go to review

Rewards

2 - 10X points
10XEarn unlimited 10X miles on hotels and rental cars booked through Capital One Travel
5X5X miles on flights booked through Capital One Travel.
2X2 Miles per dollar on every purchase, every day

Intro offer

75,000 bonus miles
Earn 75,000 bonus miles when you spend $4,000 on purchases in the first 3 months from account opening, equal to $750 in travel

Annual Fee

$395

Recommended Credit

740-850
Excellent
Credit ranges are a variation of FICO© Score 8, one of many types of credit scores lenders may use when considering your credit card application.

Why We Chose It

The Capital One Venture X card is one of the best all-round travel credit cards ever launched. Not only is it offering a tremendous welcome bonus, but cardholders can earn tons of miles on everyday spending and receive a 10,000-mile anniversary bonus to boot. Its annual fee is $395, but cardholders can count on up to $300 in statement credits toward travel booked through Capital One Travel each year and other valuable benefits like access to Priority Pass lounges and Capital One’s own growing family of airport lounges.

Pros

  • Excellent welcome offer worth 75,000 miles after you spend $4,000 on purchases in the first three months.
  • Up to $300 in annual travel statement credits toward bookings make through Capital One Travel.
  • 10,000 bonus miles (worth $100 toward travel) each account anniversary.

Cons

  • The $395 annual fee might be expensive for some, but this card’s benefits provide much more value than that.
  • If you don’t travel frequently, this might not be the best card for you.
  • Earn 75,000 bonus miles when you spend $4,000 on purchases in the first 3 months from account opening, equal to $750 in travel
  • Receive up to $300 back annually as statement credits for bookings through Capital One Travel, where you'll get Capital One's best prices on thousands of options
  • Get 10,000 bonus miles (equal to $100 towards travel) every year, starting on your first anniversary
  • Earn unlimited 10X miles on hotels and rental cars booked through Capital One Travel and 5X miles on flights booked through Capital One Travel
  • Earn unlimited 2X miles on all other purchases
  • Unlimited complimentary access for you and two guests to 1,400+ lounges, including Capital One Lounges and our Partner Lounge Network
  • Receive up to a $100 credit for Global Entry or TSA PreCheck®
  • Use your Venture X miles to easily cover travel expenses, including flights, hotels, rental cars and more—you can even transfer your miles to your choice of 15+ travel loyalty programs
  • Named editors' choice for "Best New Credit Card of 2021" by The Points Guy
  • Earn 10 miles per dollar when you book on Turo, the world's largest car sharing marketplace, through May 16, 2023
Best card for premium perks while traveling
TPG Editor‘s Rating
Card Rating is based on the opinion of TPG‘s editors and is not influenced by the card issuer.
4 / 5
Go to review

Rewards Rate

10XEarn unlimited 10X miles on hotels and rental cars booked through Capital One Travel
5X5X miles on flights booked through Capital One Travel.
2X2 Miles per dollar on every purchase, every day
  • Intro Offer
    Earn 75,000 bonus miles when you spend $4,000 on purchases in the first 3 months from account opening, equal to $750 in travel

    75,000 bonus miles
  • Annual Fee

    $395
  • Recommended Credit
    Credit ranges are a variation of FICO© Score 8, one of many types of credit scores lenders may use when considering your credit card application.

    740-850
    Excellent

Why We Chose It

The Capital One Venture X card is one of the best all-round travel credit cards ever launched. Not only is it offering a tremendous welcome bonus, but cardholders can earn tons of miles on everyday spending and receive a 10,000-mile anniversary bonus to boot. Its annual fee is $395, but cardholders can count on up to $300 in statement credits toward travel booked through Capital One Travel each year and other valuable benefits like access to Priority Pass lounges and Capital One’s own growing family of airport lounges.

Pros

  • Excellent welcome offer worth 75,000 miles after you spend $4,000 on purchases in the first three months.
  • Up to $300 in annual travel statement credits toward bookings make through Capital One Travel.
  • 10,000 bonus miles (worth $100 toward travel) each account anniversary.

Cons

  • The $395 annual fee might be expensive for some, but this card’s benefits provide much more value than that.
  • If you don’t travel frequently, this might not be the best card for you.
  • Earn 75,000 bonus miles when you spend $4,000 on purchases in the first 3 months from account opening, equal to $750 in travel
  • Receive up to $300 back annually as statement credits for bookings through Capital One Travel, where you'll get Capital One's best prices on thousands of options
  • Get 10,000 bonus miles (equal to $100 towards travel) every year, starting on your first anniversary
  • Earn unlimited 10X miles on hotels and rental cars booked through Capital One Travel and 5X miles on flights booked through Capital One Travel
  • Earn unlimited 2X miles on all other purchases
  • Unlimited complimentary access for you and two guests to 1,400+ lounges, including Capital One Lounges and our Partner Lounge Network
  • Receive up to a $100 credit for Global Entry or TSA PreCheck®
  • Use your Venture X miles to easily cover travel expenses, including flights, hotels, rental cars and more—you can even transfer your miles to your choice of 15+ travel loyalty programs
  • Named editors' choice for "Best New Credit Card of 2021" by The Points Guy
  • Earn 10 miles per dollar when you book on Turo, the world's largest car sharing marketplace, through May 16, 2023