(Update: Offer Changed) Visa SavingsEdge: Get 1% Back On First $2,500 In Plastiq Payments

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Update 9/30/20: Plastiq has updated the terms of this Visa SavingsEdge offer. When it was first launched, they offered the first $2,500 of payments free. As Paul noted in the comments below, they’ve since changed it to only getting 1% back as a statement credit on the first $2,500 of payments.

That means you’ll only be getting back $25 now rather than $71.25, so not as good of a deal. However, with a net fee of 1.85% for the first $2,500 of payments, it might still be worth taking advantage of the offer if the points/miles/cashback you receive are worth more than 1.85%, especially if you’re working on meeting the minimum spend requirement on a new Visa business card (e.g. the $15k spend required on the Chase Ink Business Preferred card).

I initially interpreted this new offer as only being valid on the first $2,500 ever spent on a Plastiq account. Greg interpreted it differently, believing that any Plastiq user (both new and existing) will get the 1% back on for the first $2,500 spent on their account during the promotion dates. When rereading the terms, Greg’s interpretation certainly makes sense, so hopefully that’s how the offer ends up working out. I haven’t seen any data points of people actually receiving statement credits yet since we first reported this last week, so let us know if and when you receive credits on your account for Plastiq payments.

If you’re new to Plastiq, consider using our referral link with our thanks: plastiq.com/frequentmiler.

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Plastiq used to offer a generous referral program for both the person referring a new user and the person being referred.

That was greatly devalued on both sides earlier this year, but if you don’t currently have a Plastiq account, there’s a new incentive which is worth a look courtesy of Visa SavingsEdge.

Plastiq mobile featured image

The Deal

  • Pay no fees on your first $2,500 in payments with Plastiq via Visa SavingsEdge. Get 1% back on your first $2,500 in Plastiq payments.
  • Direct link to offer.
  • If you’re new to Plastiq, consider using our referral link with our thanks: plastiq.com/frequentmiler.

Key Terms

  • Expires December 31, 2020.
  • The standard 2.85% Plastiq fee will be automatically credited to your Visa Small Business Card enrolled in SavingsEdge and Plastiq for up to $2,500 in cumulative Plastiq payments using your enrolled Visa Business Card between 9/15/2020 and 12/31/2020.
  • 1% of your Plastiq payment will be automatically credited to your Visa Small Business Card enrolled in SavingsEdge and Plastiq for up to $2,500 in cumulative Plastiq payments using your enrolled Visa Business Card between 9/15/2020 and 12/31/2020.
  • Enrollment into Plastiq and the Visa SavingsEdge program required if not already enrolled.
  • Valid for U.S. Visa Small Business Cards making payment to U.S. recipients.

Quick Thoughts

As far as we can tell, Plastiq isn’t currently offering any incentive for someone being referred to their service by another user, so getting $2,500 in fee-free dollars is a great opportunity.

This partnership is with Visa SavingsEdge which is a program for cardholders with a Visa business card. It’s a card-linked program, so you need to set up a free account with Visa SavingsEdge, then link any and all Visa business cards you have to ensure you get all potential savings in the future. The savings come as a statement credit on your account rather than being an instant discount.

For example, we’ve registered my wife’s Chase Ink Business Preferred with Visa SavingsEdge. We recently used that card to pay for a stay at a Days Inn (I know, we live the high life). Days Inn is one of Wyndham’s brands and all their brands participate in Visa SavingsEdge. We therefore earned 3x Ultimate Rewards on the stay (as the card earns 3x on travel) while also getting a 4% statement credit a couple of days after our stay. With it being a card-linked program, we were also able to earn cashback through a shopping portal when booking the stay.

Note that the statement credit is based on the total spend on the card, so it includes the taxes and fees you pay on hotel stays too.

Going back to this particular Plastiq offer, sending $2,500 in payments would usually cost $71.25 based on a 2.85% fee. That’s therefore a decent amount in savings which could be used to help you meet the minimum spend requirement on a new credit card at no additional cost. Seeing as this is a card-linked offer, you’ll only receive the statement credit when putting the spend on a Visa business card though.

If you’re thinking of applying for a new Visa business card to take advantage of this offer, check out our Best Credit Card Offers page. We recently updated it to display personal and business cards side-by-side (on desktop) to make it easier to scroll through the offers. They’re sorted in order by the estimated value you can get in your first year of card membership, with 7 of the top 10 business card offers being Visa cards right now.

One other potentially noteworthy point. Although the description is listed as you paying no fees on your first $2,500 of payments with Plastiq, there’s a chance that’s not strictly enforced seeing as it’s a card-linked offer. That means existing users with a Visa business card registered with Visa SavingsEdge might also be able to take advantage of this offer, even if they’re a seasoned Plastiq user.

It could depend on how this offer gets tracked. If it’s done on Visa SavingsEdge’s end and they simply track Plastiq spend on Visa business cards linked in your account, it might work. If it’s done on Plastiq’s end and they notify Visa SavingsEdge of eligible transactions, it probably won’t work.

I think the greater likelihood is that it won’t work for existing users, but I’m sure some people will be willing to give it a try.

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