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Plastiq Lowers Limit on Fee-Free Masterpass Transactions

May 30, 2018
3 min read
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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.

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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.

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

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Cons

  • $95 annual fee
  • Lacks travel protections that other travel rewards cards come with
  • For a limited time, earn 80,000 bonus ThankYou® Points after you spend $4,000 in purchases within the first 3 months of account opening
  • Earn 3 Points per $1 spent at Restaurants and Supermarkets
  • Earn 3 Points per $1 spent at Gas Stations, Air Travel and Hotels
  • Earn 1 Point per $1 spent on all other purchases
  • Annual Hotel Savings Benefit
  • 80,000 Points are redeemable for $800 in gift cards when redeemed at thankyou.com
  • No expiration and no limit to the amount of points you can earn with this card
  • No Foreign Transaction Fees on purchases
Best starter travel card
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

3XEarn 3 Points per $1 spent at Restaurants and Supermarkets
3XEarn 3 Points per $1 spent at Gas Stations, Air Travel and Hotels
1XEarn 1 Point per $1 spent on all other purchases
  • Intro Offer
    For a limited time, earn 80,000 bonus ThankYou® Points after you spend $4,000 in purchases within the first 3 months of account opening

    Earn 80,000 ThankYou® points
    60,000 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.

    670-850
    Excellent, Good

Why We Chose It

The Citi Premier’s 3 points per dollar spent across a wide range of popular categories is one of the more lucrative offerings in the world of points and miles. The Citi Premier comes with a $95 annual fee and is currently offering a solid sign up bonus of 80,000 points after you spend $4,000 on purchases within the first three months. It also has some valuable transfer partners to make the most of your rewards. Add in access to Citi Entertainment plus a $100 hotel credit for any single-stay hotel booking that exceeds $500 or more, excluding taxes and fees, booked through the Citi travel website, there are few reasons why the Citi Premier should not be in every traveler’s wallet.

Pros

  • Earns 3x points on restaurants, supermarkets, gas stations, air travel and hotels.
  • $100 annual hotel savings benefit (on single hotel stay bookings of $500 or more, excluding taxes and fees, booked through thankyou.com)
  • Points transfer to 16 airline programs, from JetBlue to Virgin Atlantic.
  • World Elite Mastercard benefits, extended warranty, damage and theft protection.

Cons

  • $95 annual fee
  • Lacks travel protections that other travel rewards cards come with
  • For a limited time, earn 80,000 bonus ThankYou® Points after you spend $4,000 in purchases within the first 3 months of account opening
  • Earn 3 Points per $1 spent at Restaurants and Supermarkets
  • Earn 3 Points per $1 spent at Gas Stations, Air Travel and Hotels
  • Earn 1 Point per $1 spent on all other purchases
  • Annual Hotel Savings Benefit
  • 80,000 Points are redeemable for $800 in gift cards when redeemed at thankyou.com
  • No expiration and no limit to the amount of points you can earn with this card
  • No Foreign Transaction Fees on purchases