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A couple of weeks ago, we announced that American Express is running a promotion for 2X Rewards at small businesses through the end of the year. If that wasn’t already good enough, it turns out that Plastiq qualifies as a small business for this promotion! In case you haven’t heard of it, Plastiq is a service that allows you to pay your bills by credit card in cases when you wouldn’t normally be able to do so. For example, you can pay your rent through Plastiq even If your landlord only accepts checks or bank transfers.
Do you see the possibilities here? Using this combination of Amex and Plastiq means that you can earn double points through the end of the year on payments that you normally wouldn’t be able to earn points on at all. Best of all, this isn’t a glitch; Plastiq itself has begun advertising the promotion!
How To Take Advantage of This Promotion
Taking advantage of this promotion is easy, to begin earning double points on Amex purchases through Plastiq, follow these steps:
- If you haven’t already, enroll in the Amex Shop Small promotion
- Register for Plastiq
- Add your registered Amex card to your Plastiq account
- Use that Amex card to make payments through Plastiq until the end of the year
Nothing is Perfect — The Drawbacks
- The maximum spending you can earn rewards on during Amex’s Shop Small promotion is $100,000 on a personal account or $250,000 on a business account.
- Plastiq can take a week or two to process and deliver payments, so it may not work if your rent is due tomorrow, for example.
- Plastiq charges a service fee of 1% for debit transactions and 2.5% for credit transactions for U.S. credit cards. Canadian cards come with a 2.5% fee for either credit or debit. These fees mean that your points aren’t quite free, but the double points offer makes this a compelling promotion regardless.
Look at how you redeem your points to identify if the transaction fee is worth it. If you're consistently redeeming your earned travel rewards for more than the transaction fee paid, this is an easy one, do it. On the other hand, if you're not, then even though you could rack up more rewards, it wouldn't make sense.
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