When it comes to earning credit card points, there’s no faster way of doing so than by reaching sign up bonuses. Sign up bonuses have minimum spends that you need to meet in order to get the points. The better the offer, the higher the minimum spend is required to get the points. The quickest way then, by that logic, would be to put your biggest expenses on the card, which for most people would be their housing payments. Unfortunately, depending on the card you use, it may be difficult to pay with a credit card, due to merchants not taking credit cards, or certain credit card institutions blocking the payment, or counting it as a cash advance.
Visa happened to be one of those banking institutions that blocked the use of rent. If you tried to pay your rent with a service such as Plastiq, it would code a a cash advance, and you would not earn any points on your Visa of choice.
Luckily, we’e gotten word from Plastiq that Visa cards will no longer code as a cash advance for rent, commercial rent, taxes & government fees, utilities, and tuition. Unfortunately, while rent should be good and clear, Mortgage payments will still cause problems.
However, while you shouldn’t have any problems using Visa cards in the future from services like Plastiq, it’s ultimately up to the merchant how they code the purchase. Luckily for us, before sending a payment over, Plastiq will warn you f there will be a weird issue.
The most important thing to remember on your quest for more credit cards points is that it’s never worth it to spend more money than the points are worth to get more points. While you can definitely earn points by paying your rent with services like Plastiq, it’s crucial that you keep in mind there are also fees you will incur to do so. If your rent is $1,000, and you’re paying $30 dollars in fees, the points you earn would have to be worth AT LEAST $30 for it to make sense to pay the rent like this. Otherwise, you’re wasting money.
The one exception of course that I give are sign up bonuses where the bonuses more than make up for it. Even so, every fee you pay eats away at the reward that you’re ultimately earning. Still, if you can make it work, this is definitely good news and a step in the right direction for you!
Can you make use of this deal using a Visa card with Plastiq? Let us know below.