Skip to content

Plastiq Lowers Limit on Fee-Free Masterpass Transactions

May 30, 2018
3 min read
Plastiq Lowers Limit on Fee-Free Masterpass Transactions
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.

Sign up for a free Plastiq account here

The bill-paying service Plastiq has cut the limit on its fee-free transactions using Masterpass, citing "high demand for our latest promotion."

Late last week, the company began sending out emails to some users announcing the change, which will lower the transaction threshold at which Plastiq will waive its 2.5% fee — from $500 to $250, according to Miles to Memories. A company spokesman confirmed the change on Tuesday.

Here's the full text of the email:

"Due to the high demand for our latest promotion, conducted in partnership with Mastercard, we wanted to give you advance notice of an upcoming update. Starting June 1, 2018, the promotion will apply to any bill or invoice, up to a maximum of $250 each, instead of $500.*
"If you’ve already scheduled payments with this promotion, we will still honor the promotional fee applied to those payments. But please note that editing these scheduled payments will result in a loss of the promotional fee.
"If you haven’t taken advantage of this promotion yet, this is your time to do so! Don’t forget to make sure the payment is delivered by September 30, 2018 to qualify."

The change means a $500 payment made with your travel rewards credit card will incur a $6.25 fee or 2.5% of $250.

On its website, Plastiq said the current promotion would end May 31, 2018. The new promotion is not live, so if you try to schedule a payment after June 1, you may see no discount — as I did. The company said payments scheduled on or after June 1, when the new promotion goes into effect, should see the fee waived on transactions up to $250.

Sign up for our daily newsletter

If you signed up via a referral code, you'll see the same fee I was asked to pay. You'll have to make $500 in payments before you're eligible for the fee-free promotion. Plastiq will waive that requirement if you sign up here.

How to Sign Up

If you don't have Masterpass, signing up for the digital wallet is easy. Just visit Masterpass.com and create an account for free, then add your credit cards to the Masterpass account. Finally, log in to your Plastiq account, click on your default card at the top left corner of the page, then click “Add New Card.” Above the card icon, select “More Ways to Add,” which will prompt you to add a card from Masterpass.

Plastiq says the new promotion will be good on payments submitted or scheduled on or after June 1, 2018, and the payment delivery date must be on or before September 30, 2018. Cards must be successfully billed by Plastiq and remain in good standing to qualify for a promotional credit. You can’t transfer the credit, nor may you sell it or barter it.

Photo by Farrel Nobel on Unsplash

Featured image by Photo by Farrel Nobel on Unsplash

Top offers from our partners

How we chose these cards

Our points-obsessed staff uses a plethora of credit cards on a daily basis. If anyone on our team wouldn’t recommend it to a friend or a family member, we wouldn’t recommend it on The Points Guy either. Our opinions are our own, and have not been reviewed, approved, or endorsed by our advertising partners.
See all best card offers

TPG featured card

Best for earning alternative rewards for travel purchases
TPG Editor‘s Rating
Card Rating is based on the opinion of TPG‘s editors and is not influenced by the card issuer.
3 / 5
Go to review
Apply for Credit One Bank Wander® Card
at Credit One Bank's secure site

Rewards

1 - 10X points
10XEarn 10x points on eligible hotels and car rentals booked through the Credit One Bank travel partner site
5XEarn 5x points on eligible travel, dining, and gas
1XEarn 1x points on all other purchases

Intro offer

Earn 10,000 Bonus Points
Earn 10,000 bonus points after spending $1,000 on eligible purchases in the first 90 days and redeem for a $100 statement credit, gift cards, or travel

Annual Fee

$95

Recommended Credit

Fair/Good
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 revamped Wander Card from Credit One Bank earns cardmembers up to 10 points per dollar spent on eligible travel purchases. With no foreign transaction fees, the card is also great for international travel. However, points earned from this card can only be used at a fixed value, so it may not be the best option for those striving to get maximum value from their rewards.

Pros

  • This card has no foreign transaction fees and earns up to 10 points per dollar on travel purchases through the Credit One Bank travel partner site.

Cons

  • While cardholders can earn a significant amount of points on travel purchases, there isn't any way to redeem points from the Wander Card for maximum value (beyond 1 cent per point).
  • Earn 10,000 bonus points after spending $1,000 on eligible purchases in the first 90 days and redeem for a $100 statement credit, gift cards, or travel
  • Earn 10x points on eligible hotels and car rentals booked through the Credit One Bank travel site
  • Earn 5x points on eligible travel, dining, and gas
  • Earn 1x points on all other purchases
  • Redeem your reward points for statement credits, gift cards, merchandise, flights, hotels, and more
  • With $0 Fraud Liability, you won’t be responsible for unauthorized charges
  • Free Online Credit Score and Credit Report summary, terms apply
  • If you are a Covered Borrower under the Military Lending Act, you may get a different offer
  • See Rates & Fees
Apply for Credit One Bank Wander® Card
at Credit One Bank's secure site
Terms & restrictions apply. See rates & fees
Best for earning alternative rewards for travel purchases
TPG Editor‘s Rating
Card Rating is based on the opinion of TPG‘s editors and is not influenced by the card issuer.
3 / 5
Go to review

Rewards Rate

10XEarn 10x points on eligible hotels and car rentals booked through the Credit One Bank travel partner site
5XEarn 5x points on eligible travel, dining, and gas
1XEarn 1x points on all other purchases
  • Intro Offer
    Earn 10,000 bonus points after spending $1,000 on eligible purchases in the first 90 days and redeem for a $100 statement credit, gift cards, or travel

    Earn 10,000 Bonus Points
  • Annual Fee

    $95
  • 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.

    Fair/Good

Why We Chose It

The revamped Wander Card from Credit One Bank earns cardmembers up to 10 points per dollar spent on eligible travel purchases. With no foreign transaction fees, the card is also great for international travel. However, points earned from this card can only be used at a fixed value, so it may not be the best option for those striving to get maximum value from their rewards.

Pros

  • This card has no foreign transaction fees and earns up to 10 points per dollar on travel purchases through the Credit One Bank travel partner site.

Cons

  • While cardholders can earn a significant amount of points on travel purchases, there isn't any way to redeem points from the Wander Card for maximum value (beyond 1 cent per point).
  • Earn 10,000 bonus points after spending $1,000 on eligible purchases in the first 90 days and redeem for a $100 statement credit, gift cards, or travel
  • Earn 10x points on eligible hotels and car rentals booked through the Credit One Bank travel site
  • Earn 5x points on eligible travel, dining, and gas
  • Earn 1x points on all other purchases
  • Redeem your reward points for statement credits, gift cards, merchandise, flights, hotels, and more
  • With $0 Fraud Liability, you won’t be responsible for unauthorized charges
  • Free Online Credit Score and Credit Report summary, terms apply
  • If you are a Covered Borrower under the Military Lending Act, you may get a different offer
  • See Rates & Fees