Confirmed: Plastiq no longer accepts Visa for mortgage payments

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Yesterday, a Reddit poster shared the news that Plastiq would no longer support mortgage payments paid with Visa credit cards.  MasterCard, Amex, Discover and even Visa debit card payments are still fine.  Further, Redbluefire shared the following from Plastiq’s customer service: “We are complying with recent directives from VISA regarding not allowing mortgage payments via use of a VISA card with Plastiq.”

I reached out to a contact at Plastiq to see if the information was correct.  Yes, she confirmed it, as written.

Interesting.  I don’t know why Visa doesn’t want their cards to be used to pay mortgages, but I’d guess this is an extension of the rule in which they (and the other payment networks) also ban the use of credit cards for paying credit card bills.  Is Visa being overcautious, or is it just a matter of time before MasterCard, Amex, and Discover add similar rules?  I don’t know.

For now, if you have repeating payments setup, they should still work as long as you don’t change the credit card assigned to those payments.  Otherwise you’ll have to use non-Visa credit cards when paying your mortgage.

I’ve updated the Complete Guide to Plastiq with this new information.

Hat Tip: Miles to Memories

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