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The Offer
- Schedule 3 monthly mortgage payments to be paid via Plastiq with a Mastercard and pay just 1.5% processing fee (instead of the standard 2.5% processing fee)
This promotion works differently than previous promos: you’ll pay the regular 2.5% fee at time of transaction, and the extra 1% will be rebated back to you in the form of a check mailed to the address on the credit card used for the payment.
Another important thing to note is that if you use Fee-Free-Dollars to cover part of the fee, you won’t get the full 1% back. Without getting too complicated, basically, this promo won’t really stack well with using FFD (though you could end up with a partial rebate).
The Fine Print
- Must have all 3 payments scheduled to be paid before the end of the year. For example, you can schedule today to have one payment pay on October 15, one on November 15, and one on December 15.
- Rebate check will be sent by January 5, 2018
- Max $200 rebate (that would be a total of $20k in mortgage payments)
- Mastercard only
- The screen will show you clearly if you are eligible for this promo
Our Verdict
Could be a small moneymaker if you use a Mastercard like the 2% Double Cash or the 2.1% Arrival+ card. Especially worthwhile for someone with a large mortgage or someone looking to meet some sort of spend requirement. Just note that all three charges will be on a single card, you can’t swap it out each month.
Check out our review of Plastiq here and see details on the Fee-Free-Dollar referral program here.
Email received tonight that rebate check is in the mail!
Same here.
Got the same email on the same date. Has anyone actually received a check yet?
When I added my mortgage provider, the Business Category automatically displayed “Other” instead of “Mortgage”. As such, I did not get a message that I was qualify for the rebate. Has anyone else encountered this? How do I correct the Business Category? I’ve contacted Plastiq but no response.
I checked my Drop app and it looks like there’s a 200 points per $100 billed offer on Plastiq. However, the terms also say “Offer cannot be combined with any other offers with Plastiq.”
Assuming this topic — Mortgage 1.5% with Mastercard — is an “offer with Plastiq,” then you wind up choosing between 1% off the rate, vs. ~2% back in Amazon credit for your Mortgage.
(and for any non-Mortgage payments, no reason not to take advantage of the Drop offer and use a linked card)
Nice catch shaky, and nice “doc” has built a new post off of it. (with your caution that this promo may not be combined w/ other plastiq offers – like the 1.5% w/ mc payment of mortages)
I don’t follow you though when you note: “vs. ~2% back in Amazon credit for your Mortgage.”
Where did this 2% reference come from? Isn’t it really just (.)2% –? or .002 cents on the dollar? If it is indeed a full 2%, then I’m on board…. if not, the 1% off wins. (assuming they’re not combinable)
whoops just saw this response to my screwup. Yep it’s clearly .2%, not 2%, and with the Drop cap at $5 it won’t even be that!
Still, a little extra juice.
What about using AMEx Plastiq for the margin loan I have at a brokerage firm.
For those setting this up but not seeing the rebate banner, try logging in and clicking on the advertisement in the left column to pay mortgage/rent. Setting up my own payment last week didn’t work, but I tried again this morning by clicking on that banner and the promotion came up when I got to the payment confirmation.
Rebate is only on first three payments right? After three payments it will be back to 2.5%?
I’m not sure. I just e-mailed Plastiq about it, because if I can get 1.5% for years on my Citi Double Cash, I’ll do it.
Here’s the response I got from Plastiq customer service about which payments get the 1.5% rate and whether or not you can take advantage with multiple mortgages:
Hi there,
Thank you for reaching out to customer support!
You will only be able to take advantage of this offer if you schedule payments only until the end of the year so 3 or 4 payments (Sept, Oct, Nov, Dec or Sept, Oct, Nov or Oct, Nov, Dec). You much use a MasterCard and this will allow you to get a rebate check in Jan 2018 to make your effective rate 1.5%
You can schedule multiple series for different mortgages but the offer is capped at $200 for a rebate check.
Feel free to let me know if you have any other questions!
Miguel \ Manager of Member Services
Is any mastercard coding as 3X points back? or 3% back? Any bonus points?
Thanks
https://www.doctorofcredit.com/huntington-voice-credit-card-pick-your-own-3-cash-back-category/
Huntington Voice has 3% back on a category of your choice, but only on $2000 per quarter of spend in that category for a $60 maximum rebate per quarter. Utilities is a possible category, and my test payment worked ( https://www.doctorofcredit.com/plastiq-pay-mortgage-mastercard-just-1-5-fee/#comment-474435 & https://www.doctorofcredit.com/plastiq-pay-mortgage-mastercard-just-1-5-fee/#comment-474834 ), so I’m giving this offer a try. On a longer basis with the 2.5% fee versus 3% rebate on only $2000 per quarter (net $10/quarter), I do not see it as worthwhile.
So for people doing this – did you have any issues ‘pausing your’ typical ACH payment direct to (say Wells Fargo) each month? I feel like they would get salty if they realize youre not going to pay them for a few months (though they would still be getting a check from Plastiq in this case…)
Last time I used Plastiq with WF, there were no problems. I have used Plastiq to pay in full, and other times, I sent a combination of Plastiq & ACH payments that sum to my monthly payment to minimize Plastiq fees. I put something in the respective memo lines about one being the 1st of 2 checks and the other being the 2nd of 2 checks.
I know rent doesn’t work, but what about a home equity line payment?
What’s the current situation with the Citi Att card…is it getting 3% back for mortgage payments through Plastiq?
Outandout says it’s still working. But it’s always been YMMV, so do a test first on your own provider.
thanks