Earn 3x Points on Plastiq Payments With Ink Business Preferred

Jul 4, 2018

This post contains references to products from one or more of our advertisers. We may receive compensation when you click on links to those products. Terms apply to the offers listed on this page. For an explanation of our Advertising Policy, visit this page.

Update: Some offers mentioned below are no longer available. View the current offers here.

Sign up for a free Plastiq account here

If you use a rewards credit card to make rent or business payments through the bill-paying service Plastiq, you usually will earn the non-bonus category rewards rate on the transaction — typically just 1 or 2 points per dollar depending on the card you use.

In these cases, the transaction fee Plastiq charges — 2.5% — would effectively wipe out any rewards you earn. You may still find the service useful if you need to boost spending to earn a welcome bonus or an annual bonus or when Plastiq offers a promotion that offsets a portion of its fee on credit card transactions.

But for the last few months, owners of the Ink Business Preferred Credit Card have reported receiving 3 points per dollar spent using the service. That has continued, although there’s no telling how long it may last.

Ink Business Preferred pays 3x points on the first $150,000 spent in combined purchases on travel; shipping purchases; internet, cable and phone services; and advertising purchases made with social media sites and search engines each account anniversary year. All other purchases earn 1x points. So all payments through Plastiq are presumably being coded as internet purchases to earn the 3x rewards.

This benefit could prove extremely valuable, as the Ink Business Preferred Card is part of the Ultimate Rewards program. UR points are worth 2.1 cents each, according to TPG’s most recent valuations. Try to pay your monthly utility, contractor or vehicle lease payments through Plastiq, and you could earn 3x points on hundreds, if not thousands, of dollars in spending you otherwise wouldn’t have collected rewards on. (Note: You can’t make mortgage payments through Plastiq using a Visa card.)

One entrepreneur even recently bought a Tesla through Plastiq and earned 180,000 UR points. Those points could be worth $3,780 or more when you transfer them to an airline or hotel partner, well more than the Plastiq fee.

Even if your spending budget doesn’t include a $60,000 car payment, this might be worth a look. Just remember, the 3x coding can end at any time, so be prepared to accept 1x rewards, which is valued slightly below the transaction fee Plastiq charges.

Marriott Bonvoy Business® American Express® Card

Receive 1 Free Night Award every year after your Card account anniversary. Plus, earn an additional Free Night Award after you spend $60K in purchases on your Card in a calendar year. Awards can be used for one night (redemption level at or under 35,000 Marriott Bonvoy points) at hotels participating in the Marriott Bonvoy program.

Apply Now
More Things to Know
  • Limited Time Offer: Earn 125,000 Marriott Bonvoy Bonus Points after spending $5,000 in purchases on your new Card in your first 3 months of Card Membership. Offer expires 8/31/22.
  • 6x points at hotels participating in the Marriott Bonvoy™ program.
  • 4x points for purchases made at restaurants worldwide, at U.S. gas stations, on wireless telephone services purchased directly from U.S. service providers and on U.S. purchases for shipping.
  • 2x points on all other eligible purchases.
  • Receive a 7% discount off standard rates for reservations of standard guest rooms at hotels that participate in the Marriott Bonvoy program when you book directly. Terms and Conditions Apply.
  • Receive 1 Free Night Award every year after your Card renewal month. Plus, earn an additional Free Night Award after you spend $60K in purchases on your Card in a calendar year. Awards can be used for one night (redemption level at or under 35,000 Marriott Bonvoy points) at a participating hotel. Certain hotels have resort fees.
  • Enjoy Complimentary Marriott Bonvoy Gold Elite Status with your Card.
  • Terms apply.
  • See Rates & Fees
Regular APR
17.99% - 26.99% Variable
Annual Fee
$125
Balance Transfer Fee
N/A
Recommended Credit
Excellent/Good
Terms and restrictions apply. See rates & fees.

Editorial Disclaimer: Opinions expressed here are the author’s alone, not those of any bank, credit card issuer, airlines or hotel chain, and have not been reviewed, approved or otherwise endorsed by any of these entities.

Disclaimer: The responses below are not provided or commissioned by the bank advertiser. Responses have not been reviewed, approved or otherwise endorsed by the bank advertiser. It is not the bank advertiser’s responsibility to ensure all posts and/or questions are answered.