We recently put together a guide to earning points by paying bills with Plastiq, a favorite tool for many who want to earn points on rent, mortgage, student loans, and other payments. This week has brought disappointing news that Visa cards will no longer be accepted for mortgage payments.
For a couple months, using Plastiq to pay your rent or mortgage was earning 3 points per dollar when paying with the Chase Sapphire Reserve℠ Card or Ink Business Preferred℠ Credit Card. Even with the 2.5% processing fee charged by Plastiq, this was worth it for many people.
In the last ten days, these Chase cards have stopped earning bonus points when using Plastiq, but that’s not even the worst news. These cards are also on the Visa network which now prevents cardholders from even using a service like Plastiq to pay mortgages to help hit the minimum spend and earn a sign-up bonus.
Understandably, many are upset with this change as Chase Ultimate Rewards are some of the most valuable points on the market because of their amazing redemption options. Considering mortgages are a major monthly expense for homeowners, this is particularly frustrating as it takes aways a simple way to earn Ultimate Rewards on these expenses.
If these changes weren’t disappointing enough, we saw another big change to a Citi card yesterday.
The Citi Access More card has been a favorite of many as it has earned 3 points per dollar on rent and mortgage payments through Plastiq for over a year. Yesterday, cardholders received an email notifying them that this would no longer be the case as of July 22, 2017.
On this date, this Citi card will only earn 1 point per dollar on “rental and real estate” payments.
This change is even more frustrating when you consider the fact that this card offers an anniversary bonus of 10,000 ThankYou Points if you spend $10,000 by your account anniversary every year.
When paired with the Citi Prestige Card or Citi Premier Card, the points earned with the Citi Access More could be transferred to any of the ThankYou Points airline transfer partners and redeem for award flights. This made for a fantastic Citi card combo.
Both the changes to Visa cards and the Citi Access More card are leaving cardholders wondering how they can continue earning points on some of their biggest expenses. With Plastiq’s 2.5% processing fee for credit cards, it’s usefulness is limited to helping people earn a sign-up bonus with cards on the MasterCard or American Express processing network.
We do see one possible option to continue earning points on rent and mortgage payments. This is with the new The Blue Business℠ Plus Credit Card from American Express which earns 2 points per dollar on all purchases up to $50,000 per calendar year.
Hot Tip: If you fly in business or first class, the points you redeem from The Blue Business℠ Plus Credit Card from American Express can more than offset the fee incurred with Plastiq.
For those who are new to Plastiq, you can even earn some fee-free dollars by signing up via referral. Once you pay $500 in bills, you will receive 500 fee-free dollars which means you won’t pay a fee on the next $500 in bills you pay.
While these recent changes are certainly disappointing, there is a path forward to earning points on rent and mortgage payments. Rest assured, we’ll keep an eye out for ways to earn points on all of your expenses and update you whenever we find something.