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.

Chase Sapphire Preferred® Card

WELCOME OFFER: 80,000 Points

TPG'S BONUS VALUATION*: $1,650

CARD HIGHLIGHTS: 2X points on all travel and dining, points transferrable to over a dozen travel partners

*Bonus value is an estimated value calculated by TPG and not the card issuer. View our latest valuations here.

Apply Now
More Things to Know
  • Earn 80,000 bonus points after you spend $4,000 on purchases in the first 3 months from account opening. That's $1,000 when you redeem through Chase Ultimate Rewards®. Plus earn up to $50 in statement credits towards grocery store purchases within your first year of account opening.
  • Earn 2X points on dining including eligible delivery services, takeout and dining out and travel. Plus, earn 1 point per dollar spent on all other purchases.
  • Get 25% more value when you redeem for airfare, hotels, car rentals and cruises through Chase Ultimate Rewards®. For example, 80,000 points are worth $1,000 toward travel.
  • With Pay Yourself Back℠, your points are worth 25% more during the current offer when you redeem them for statement credits against existing purchases in select, rotating categories.
  • Get unlimited deliveries with a $0 delivery fee and reduced service fees on eligible orders over $12 for a minimum of one year with DashPass, DoorDash's subscription service. Activate by 12/31/21.
  • Count on Trip Cancellation/Interruption Insurance, Auto Rental Collision Damage Waiver, Lost Luggage Insurance and more.
  • Get up to $60 back on an eligible Peloton Digital or All-Access Membership through 12/31/2021, and get full access to their workout library through the Peloton app, including cardio, running, strength, yoga, and more. Take classes using a phone, tablet, or TV. No fitness equipment is required.
Regular APR
15.99%-22.99% Variable
Annual Fee
$95
Balance Transfer Fee
Either $5 or 5% of the amount of each transfer, whichever is greater.
Recommended Credit
Excellent/Good

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.