Plastiq payments coding as 3X with the Chase Ink Business Preferred Card

Housing is probably the biggest expense most of us have, so it’s no wonder most people in this hobby try to find a way to earn miles on rent payments. Plastiq is the service I’ve used over the past few years to make mortgage payments. You can pay virtually anyone using Plastiq, which accepts all major credit cards. The best part? Right now, all Plastiq payments made with the Chase Ink Business Preferred earn 3x points.

Are 3X points worth the Plastiq fees?

Plastiq imposes a 2.5% fee, which can be tough to justify when you’re only earning 1 mile per $1 spent. It’s certainly worth it if you’re trying to meet credit card spending requirements, but outside of that it doesn’t always make sense. However, at 3x points per $1 spent it can absolutely make sense to make Plastiq payments using an Ink Business Preferred Card.

For starters, you’re earning Ultimate Rewards points which are very valuable, thanks to an extensive partner transfer list. Redeeming points through the Ultimate Rewards Travel portal with a Sapphire Reserve would get you the equivalent of 4.5 cents worth of value. That’s well worth the 2.5% Plastic fee you’d spend to earn those miles.

Ink Preferred Plus 3X points 

If 3x Ultimate Rewards points doesn’t sound like much, it adds up fast. If you make $3,000 worth of monthly payments through Plastiq, you’ll earn 108,000 Ultimate Rewards points per year. Redeeming those points through Ultimate Rewards Travel alone would get you a minimum of $1,620 worth of value.

Redeem those points for an international roundtrip business class ticket and you’ll get well over $2,500 worth of value out of your points. That’s pretty incredible, considering that $36,000 worth of Plastiq payments would incur $900 worth of fees. At 3X points, you’re coming out way ahead by using your Ink Plus Preferred Card for Plastiq payments.

Comparing Plastiq Ink Preferred’s 3X points with manufactured spending

How does the Ink Preferred Plus Card’s fee per point earned compare to to common manufactured spending techniques? The cost ends up being higher than buying gift cards from most other merchants using a credit cards that earns 1 mile per $1 spent.

However, keep in mind that Plastiq is one more way to diversify your credit card spending and possibly keep shut-downs at bay. If you’re earning Fee-Free Dollars via referral links, your out of pocket cost could be even lower (or $0!).

Plastiq Ink Preferred: $8.33 per 1,000 points

Simon Mall: $7.90 per 1,000 points

Giftcards.com: ~$4.38 per 1,000 points

Office Supply Stores: ~$5.97 per 1,000 points

Should you get an Ink Plus Preferred Card?

Coming from someone who doesn’t have referral links to hawk – it’s totally worth it to pick up a Chase Ink Plus Preferred Card in order to earn 3X points on Plastiq payments. It’s not the only thing you should use the card for, but if you can earn 3X on rent, student loan and other payments, why would you pass that up?

If you’re able to off-set Plastiq fees by referring your friends and family to the service, it can be a cheap way to earn miles on everything at very little out of pocket cost. It also helps that the card is currently offering 80,000 bonus points after $5,000 spent in 3 months. If that spending requirement scared you away before, Plastiq should alleviate those fears.

Have you picked up a Chase Ink Plus Preferred Card in order to earn 3X points on Plastiq payments? Why or why not?

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