Plastiq Changes For Visa Transactions: Lower Limits Or Cash Advances

If you’ve been using – or were planning to use – a Visa card with Plastiq, there are some important changes effective from June 1 that you need to be aware of.

Plastiq Visa

  1. Payments using personal Visa cards issued by Chase will be subject to a lower limit of 20% of your credit limit.
  2. Payments using personal Visa cards from other issuers (other than Capital One) will code as a cash advance. That means you’d incur cash advance fees and wouldn’t earn any credit card rewards.

There are still some Visa cards that will be unaffected by these changes:

  • Capital One personal Visa cards.
  • Visa business credit cards.
  • Visa corporate, debit and prepaid gift cards.

Plastiq has advised that they’ll be contacting any customers with scheduled payments who’d planned on using a Visa card. They’re also advising that this is a temporary situation and that they’re working with Visa to ensure this isn’t an ongoing issue.

In the meantime, be careful with which type of Visa credit card you use for Plastiq payments. To check if you’ll be affected, they’ve produced this helpful guide listing most of the main Visa credit cards you might possibly use.

You can currently get fee-free Plastiq payments up to $250 when using a Mastercard and paying with Masterpass, so that’s a cheaper – and potentially safer – option.

About Stephen Pepper

Stephen Pepper is on a 5 year, 50 state road trip with his wife Shae and their dog Truffles. Finding opportunities to earn miles and points is one of the ways they can afford to do this, so he'll try to help you do the same for your own travels.

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ByronRobelStephen PepperThe Best Credit Card for Emergencies (Financial & Medical) [2018] - UponArrivingPlastiq makes a nice gesture to make up for Visa change - Frequent Miler Recent comment authors

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Emmanuel Ruiz
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Emmanuel Ruiz

Has anyone of you tried the Alliant Visa Card?

Alan
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Alan

Is visa business includes “small business”

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[…] Beware of Plastiq changes! I still have not opened the account, their salesman is still going after me… […]

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[…] incur a cash advance fee when paying with a personal Visa card. See his post for more details (Plastiq Changes For Visa Transactions: Lower Limits Or Cash Advances). In that post, Stephen notes that Plastiq will reach out to customers with affected payments. It […]

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[…] no annual fee cards without foreign transaction fees but their Visa cards are not subject to the recent Visa restrictions on Plastiq. This means that if you have a Capital One card, you’ll be able to use Plastiq to pay for […]

Robel
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Robel

What does “Lower credit limit” mean exactly?

Byron
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Byron

I had two charges on Plastiq for a total of $1000 being charged to a single VISA card. The credit limit is $28000. Both charges were halted, even though I am way below 20% of credit line. I changed each over to Mastercard