There was a bit of a buzz recently when an outfit called RadPad offered to let you pay your rent with a credit card for no fee through the end of the year. The catch, if you can call it that, was that it required you to use Android Pay, meaning that us iPhone users were kind of locked out of the deal. But still, it was an incredible offer given that they usually charge 3.49% for the service. It almost kind of made me wish I was still a renter….
Well, it turns out that RadPad didn’t quite anticipate the amount of excitement they would generate. Apparently they had far more signups for the service than they expected, and worse yet, their payment processor supposedly jacked up the rates for handling the transaction. Talk about getting pounded from all sides.
So they did what they had to do, and pulled the deal early. Before I could write about it even. But coincidentally, or perhaps not, Plastiq has stepped in with a similar promotion of their own.
Pay Your Rent Or Mortgage For A 1.75% Fee
For rent and mortgage payments scheduled between now and September 30th, Plastiq is charging a reduced fee of 1.75% so long as you schedule at least six payments. Note that the payments themselves only need to be scheduled by September 30th, but can actually be for any point in the future.
From the email I received:
Is This A Good Deal?
There are two categories of situations where this might make sense.
First, if you are trying to meet the minimum spend to trigger a large signup bonus on a newly acquired credit card, it might be worth it to pay the fee so that you can do a big chunk of the spend at once. Just note that the transaction isn’t going to post until the date that it is scheduled for, so if you have four months to meet the minimum spend, only the first four of your scheduled payments would count, not the last two.
The second situation where it makes sense is if you value your points at more than 1.75 cents each. Hopefully that’s obvious by now.
My Experience With Plastiq
I’ve been using Plastiq occasionally for about a year now and have had mostly positive experiences. Early on, they had some serious lags in delivering payments, but that seems to have been corrected for the most part. And even that didn’t really bother me, because the check always got there eventually.
I’ve generally used Plastiq to pay our mortgage, and usually only when I had a few extra gift cards that I needed to liquidate. Earlier this week, for example, I wrote about how OfficeMax and Office Depot were offering a $15 instant rebate on the purchase of $300 or more in Visa gift cards. That basically made the cards free, and in some cases you could even make money on the deal because the instant rebate more than covered the activation fee. Alas, Plastiq is messing with us by only making this offer available when paying with a MasterCard, so these deals aren’t compatible. But you get the idea.
You can pay your rent or mortgage with Plastiq for a 1.75% fee so long as you schedule at least six payments with a MasterCard by September 30th. Normally the fee is 2.5%, so this represents some real savings.
Is this as good as the RadPad promotion? Of course not. But it’s sustainable, and that’s a good thing.
Will you be taking advantage of this promotion?