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I’ve been using Plastiq for quite a while to occasionally pay bills with a credit card that I otherwise could not. I’ve used them to pay our mortgage, insurance, electric bill, and property taxes, all bills that I used to grumble about not being able to earn miles and points for.
There are fees involved, of course, so I don’t always use Plastiq, but there are plenty of times where it can really make sense. Like if you need to meet the minimum spend requirement on a newly acquired credit card, for example. At any rate, you need to make a conscious decision and crunch your own numbers to see if it’s a good deal.
Plastiq also has a nice referral program. And for a limited time, it’s even better. But first, let’s review how it works.
Plastiq’s Referral Program
You normally earn 400 fee-free dollars for each person you refer to Plastiq. After they setup an account and make a payment, you get 400 fee-free dollars deposited into your account.
This basically means that you can make a $400 bill payment without incurring the service fee. Given that the fee is normally about 2.5%, that essentially means you are getting a $10 credit for each person you refer. Not bad.
The person being referred normally gets $200 fee-free dollars.
Double Plastiq Referral Credits
From now until April 18, Plastiq is offering double referral credits. That means you’ll earn 800 fee-free dollars for anyone you refer between now and then, effectively doubling the credit to $20.
The key is that they need to use your referral code and make a payment of at least $20 by 11:59 PM EDT on April 18, 2017. I’m just guessing here, but to me it seems like this date might be nicely timed for tax season. Which of course would also be a candidate bill to pay with Plastiq.
The person being referred also gets the double bonus, so they get 400 fee-free dollars.
I would be happy to refer you and you can signup using my referral link here. Or I’ve also invited OMAAT readers to share their code in the comments, so feel to use one of those.
How To Use Your Fee Free Credits
Plastiq says it can take up to a business day for the fee-free credits to show up in your account. But anecdotally, I think it can be almost instantaneous. I mean, I don’t really know that because they don’t tell you the name of the person who earned you your fee-free credits, probably for privacy reasons. But one of the personal friends I referred was IM’ing me as he was setting up his account. Literally about a minute after he said he made his first payment, I got an email from Plastiq saying I had just earned $400 fee-free credits. Coincidence? Who knows.
Anyway, the credits show up in your account and are ready for use on your next bill payment pretty quickly. I seem to remember that Plastiq would automatically apply them to your next payment. But now you have to actually specify that you want to use them. Here’s how it looks before you apply the fee-free dollars.
And here’s how it looks after you click the button.
I don’t necessarily like having to remember to click this link, but I get the reasoning behind it. And I actually think they added this as a feature to benefit us, not them necessarily.
Since Plastiq occasionally runs promotions that reduce the service fee for paying your rent / mortgage, or for paying with a Mastercard, or whatever, you might actually choose to pay the reduced service fee and save your credits for later when there is no promotion running.
So the logic makes sense, and more features are better than fewer, but you still need to remember to click the button!
I’m a pretty big fan of Plastiq. I’ve used them to make a bunch of payments over the past year or so, and have had generally good experiences. In the times where I’ve had a question or a minor issue, their customer service team quickly worked with me to straighten it out. I also like their referral program and am excited to see this promotion where we can get double referral credits.
So remember to refer your friends! And feel free to leave your Plastiq referral code in the comments.