Have you ever wanted to pay a bill using a credit card to maximize on some sweet rewards, but find yourself unable to do it directly? Some examples of bills that usually don't have credit card support are income taxes, mortgages, and some utility bills, among others.
Plastiq is a third-party service that changes this. You can add one or more credit cards to your Plastiq account, and use their service to pay a whole array of bills that were previously out of reach.
Plastiq features
Here’s a rundown of what Plastiq has to offer:
Why You Want It
Earn your favourite credit card rewards on all purchases + Zero merchant fees.
Eligibility
- Canadian citizen
Provinces
ALL
Features
Pay Utilities?
Pay Mobile Bill?
Pay Other Bills?
Pay Income Taxes?
Pay Property Taxes?
Pay Mortgage?
Pay Insurance?
Pay Tuition?
Pay With Credit Card?
Pay With Debit Card?
Pay By Interac E-Transfer?
Pay With Paypal?
Pay In Person?
Credit Card Fee
2.9%
Debit Card Fee Minimum
2.9%
Debit Card Fee Maximum
N/A
Interac E-Transfer Fee
N/A
Paypal Fee
N/A
Security Features
- You have to enter the 3-digit number from the back of your credit card the first time you use it to make a payment
- You can set up optional 2 factor authentication
- You can set a PIN for account recovery in case you ever get locked out
Desktop App?
Mobile App?
Plastiq rating: 5.0 stars
We’ve given Plastiq a 5.0 star rating for being relatively easy to use, usable for a wide range of payment types, allowing you to earn “Fee Free Dollars” through a referral program, and having an easy-to-understand flat fee.
We'd like if Plastiq offered more options (like PayPal), and not offering any kind of rewards program is disappointing.
Rating methodology
To calculate our Genius Ratings, we compare the features of the account or product in question with other similar products in Canada. We give each feature a score out of 5 based on that comparison. Once we’ve rated all the features, we run them through our proprietary algorithm to produce a final rating out of 5.
Learn more about our rating methodology.
The pros of Plastiq
While not quite perfect, Plastiq has plenty of benefits:
Pros
Easy to use
Setting up Plastiq is a snap. You simply create an account, add whatever credit or debit cards you want to use, search for billers you want to pay, and set up a payment. It’s a nice, streamlined, modern web app that’s very straightforward and easy to understand.
Wide variety of accepted payees
As shown in the feature table above, you can pay pretty much anything you want through Plastiq, with the only clear exception being that you can’t pay your mortgage with credit cards from all issuers. You can even use Plastiq to make your CRA payment. That said, there seem to be relatively few Canadian payees in their system, making it significantly less useful given payment delays (we go over this below).
Easy to set up recurring payments
If you’re setting up a payment more than 7 days in advance, it’s easy to have Plastiq simply make that a recurring payment, so you never have to think about it again.
The cons of Plastiq
So what are the drawbacks to using Plastiq?
Cons
Many Canadian payees are not in their system
While you can pay pretty much anyone you want through Plastiq, they’re not a Canadian company and have relatively few Canadian payees in their system. You can still use Plastiq to pay these companies, but you’ll have to give Plastiq their postal address so they can send them a paper cheque in the mail, which takes a while to deliver and process.
Only accepts debit and credit cards as a payment method
Most of Plastiq’s competitors allow you to use payment methods other than credit cards, such as using cash, Interac e-Transfers, and more. Plastiq only supporting a few options is a significant drawback.
They store your payment information
When you add a credit card to your Plastiq account, you include your name, credit card number, expiration date, and the 3-digit CVV security code. This information is then stored by Plastiq so they can use it to make your requested payments. While this isn't an uncommon or un-secure practice, not everyone is comfortable having this personal info stored by third-party services like this.
No welcome bonus or rewards program
It would be relatively easy for Plastiq to offer a few Fee Free Dollars as a signup bonus to entice people to come in and give the service a try without having to spend any of their own money, but they offer no incentives like this. There’s also no rewards program associated with Plastiq other than their referral program.
Plastiq alternatives
Let’s take a look at a couple of Plastiq’s competitors and see how it measures up:
 |  |  | |
|---|---|---|---|
| Account | Plastiq | PaySimply | Chexy |
| Genius Rating | |||
| Why You Want It | Earn your favourite credit card rewards on all purchases + Zero merchant fees. | Earn credit card rewards on your bills + Keep all your expenses in one place. |  $10 GeniusCash + Earn cashback or credit card points by paying your rent, bills and taxes + Referral bonuses. |
| Pay Utilities? | | | |
| Pay Mobile Bill? | | | |
| Pay Other Bills? | | | |
| Pay Income Taxes? | | | |
| Pay Property Taxes? | | | |
Show More | |||
| Apply Now See more Plastiq products Compare | Learn More See more Paysimply products Compare | I Want This Deal See more Chexy products Compare |
Plastiq FAQ
Is Plastiq a safe way to pay your bills?
Plastiq is generally as safe as most online service providers. That said, they do store your credit card information, and that’s something a lot of people aren’t comfortable with, given the number of data breaches and hacks we hear about every week. Your level of comfort is entirely up to you.
Can I use Plastiq to pay my income taxes or property taxes?
You can, but remember that you’ll pay a 2.9% fee to Plastiq for the privilege, and you’ll end up carrying that debt on your credit card, which likely has a high interest rate. Given that the fees and interest payments are likely to offset (or even swamp) any value you get from the credit card rewards you earn for these payments, you’d probably be better off finding another, lower interest and lower fee, way to pay those bills.
How quickly are my bills paid if I pay through Plastiq?
It depends on what method Plastiq is able to use to make the payment. Electronic transfers generally take 3 business days, which is average, but if they have to send a paper cheque, it can take upwards of 8 business days for your payment to arrive. And it could even take longer for that to be reflected on your account, depending on how long it takes the payee to process that payment.
Editorial Disclaimer: The content here reflects the author's opinion alone, and is not endorsed or sponsored by a bank, credit card issuer, rewards program or other entity. For complete and updated product information please visit the product issuer's website.
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