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[Friendly reminder] If you really need to use Plastiq to complete some spending, it’s a good idea to schedule future check payments before July 1. Payments scheduled in advance are still charged the 2.5% fee; after that, it will be 2.85%. Compared with a welcome bonus, 2.5% is only a very small haircut. For those who couldn’t go out during the pandemic and don’t like online shopping, this may be the best available workaround.

[The quick update below was originally published on 06/24]

A little while ago, we had just posted this quick update:

Now Plastiq has started extending its “reach” to its US users as well. According to DOC, Plastiq will raise the fee for credit card payments from 2.5% to 2.85% starting July 1. Plastiq also recently redesigned its interface. It looks pretty nice, but the old refer-a-friend page seems to be gone. The referral bonus is still around, though: the referrer now gets $100 FFD. According to the latest terms, users who sign up through a referral link no longer receive $500 FFD (if it’s not written, then it’s not included). However, PQ does not seem to be strictly enforcing the new referral terms yet. If you sign up now, there is still a chance you may receive $500 FFD (note that you must first complete $500 in spending). We expect this to be fully enforced in the future, with the reward removed completely.

If you signed up before but never really used the account, then you should still have the bonus under the old terms. Usually, if you complete the required spending within 90 days after registering, you can still get the previous signup bonus.

Overall, Plastiq has captured a huge share of the credit-card bill-pay market, and after raising funding some time ago, it has started monetizing that user base more aggressively. If you have bills to pay in the near term, it’s best to schedule them before the fee change, while the old 2.5% rate is still available. If you haven’t signed up yet, it may still be worth doing so. Who knows what PQ might change next—earning value from Plastiq could become even harder later on. Recently, PQ has also been sending out Fee Free Dollar promotions from time to time. Many people have probably also received this offer: spend $1,000 and get $1,000 FFD waived: